Lotte Group acquires entire stake in Ministop Korea for $263m

Lotte will take over 2,600 Ministop stores across South Korea.

The South Korean retail giant, Lotte Group, has acquired the entire stake in convenience store operator Ministop Korea for $263m (KRW313.37b), Yonhap reported.

Under the deal, Lotte’s holding company Lotte Corporation will take over some 2,600 Ministop convenience store outlets across the country and 12 logistics centres from Japan's Aeon Group, seeking to strengthen its retail business.

Lotte's affiliate Korea Seven currently operates 11,750 7-Eleven convenience store outlets. The group also operates the country's biggest department store chain and the second-biggest large discount store chain in terms of sales.

Ministop is an affiliate of the Japanese retailer and opened its first Korean convenience store outlet in South Korea in 1990.