Business · Companies · 3 hrs ago
Shinsegae to buy Lotte’s Centum City store and develop a Busan complex
Shinsegae has agreed to buy Lotte’s Centum City department store in Busan, South Korea.
The deal was signed by Shinsegae and Lotte Shopping, and the companies have filed for competition approval.
The Lotte store, which opened in 2007, has struggled to grow alongside the much larger Shinsegae store nearby.
Lotte says the sale is part of a plan to focus investment on stronger locations, including its Busan main store and Lotte Mall Dongbusan.
Shinsegae plans to connect the site with its existing store and combine shopping, culture, tourism and entertainment.
It also plans hotels, offices and residences on a nearby site now used for outdoor parking.
The deal must pass a competition review before it is completed, and the Lotte store will remain open until then; its closing date has not yet been set.
Shinsegae has agreed to buy Lotte Department Store’s Centum City store in Busan.
The companies signed a transfer agreement on October 29 and filed a business combination report with South Korea’s Fair Trade Commission.
The deal must pass regulatory review, and the store will continue operating until the transaction is completed.
Shinsegae plans to connect the store with its existing Centum City location and develop a mixed-use complex with retail, cultural, tourism and entertainment facilities.
Lotte said the sale is part of a strategy to focus investment on other key stores and improve operating efficiency.
- Who
- Shinsegae is buying the store from Lotte Shopping.
- What
- The companies signed an agreement for the sale of Lotte Department Store’s Centum City store. Shinsegae plans to develop a larger mixed-use complex in the area.
- When
- The agreement was signed on October 29, 2026. The transaction is subject to regulatory review.
- Where
- Centum City in Busan, South Korea.
- Why
- Lotte said the sale would help it focus resources on key stores and improve efficiency. Shinsegae aims to create a combined shopping, cultural, tourism and entertainment destination.
This story does not have two clearly opposing sides.
Shinsegae and Lotte Shopping signed the transfer agreement and submitted a business combination report to the Fair Trade Commission.
The transaction is expected to close after the required procedures are completed, and the store will operate normally until then.
- Buyer
- Shinsegae
- Seller
- Lotte Shopping
- Store
- Lotte Department Store Centum City
- Agreement date
- October 29, 2026
- Planned C-site development
- Luxury hotel, prime offices and premium residences
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What people are saying
This acquisition has great significance in that it has created a management environment in which both companies can develop further beyond competition.
As part of a strategy of choice and focus to respond to the rapidly changing retail environment, we decided to sell the assets of the Busan Centum City store and end its operations.