Lottemart on an expansion spree

South Korean conglomerate Lottemart, the new owner of cash-and-carry discount store operator CTA Makro, is planning to open three new stores this year and increase the number of outlets in the country to 200 over the next 10 years.

The South Korean retailer acquired a 100 percent stake in CTA Makro for 1.28 billion yuan a year back. Makro operated six supermarkets in Beijing and two in Tianjin, under the Chinese brand name Wankelong.

Lottemart has spent most of last year in renaming and consolidating all the outlets. The six outlets in Beijing saw revenue going up by 10 percent last year to 1.5 billion yuan.