All Lotte retail outlets join five-day discount period this week

By Lim Chang-won Posted : November 16, 2017, 15:18 Updated : November 16, 2017, 15:18

[Courtesy of Lotte Department Store]


All retail outlets affiliated with South Korea's largest retail conglomerate, Lotte, will hold a grand sale festival called "LOTTE BLACK FESTA" this week, presenting price cuts for a record amount of products.

The five-day bargain period begins on Friday at about 11,000 outlets run by Lotte's 11 subsidiaries including Lotte Department Store and Lotte Mart. Price cuts will be made for products worth 530 billion won ($479 million).

Lotte said premium home appliances such as TVs, freezers and washing machines will get a discount of up to 30 percent.

LOTTE BLACK FESTA follows an agreement announced by Seoul and Beijing on October 31 to normalize their relations which have been soured by the deployment of an American missile shield.

China's trade and economic retaliation intensified in April. Lotte has been the prime target of China's retaliatory onslaught because of a land swap deal to let US troops set up a missile shield in its golf course.

Many department stores, large retail chains and duty-free shops participated in the annual Korea Sale Festa that began on September 28 for a 34-day run, but they failed to post any meaningful growth in sales partly due to the absence of Chinese visitors. Last year, more than 60 percent of sales during the festival came from some 280,000 Chinese shoppers.



 
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