(LEAD) Lotte Shopping targets 20 tln won sales in 2030

Lotte Shopping Co., an affiliate of South Korean retail giant Lotte Group, said Friday it is targeting to achieve 20 trillion won (US$14.8 billion) in sales in 2030 through the "value-up" program. Lotte Shopping aims to earn 3 trillion won of the sales target in 2030 from overseas markets, while targeting an operating profit of 1.3 trillion won in the same year, the company said in a statement. The 2030 targets are up from sales of 14.55 trillion won and an operating profit of 508.4 billion won it reported last year. To achieve the goals, Lotte Shopping will upgrade its eight major department stores into luxury goods-focused ones, develop next-generation complex shopping malls, strengthen e-commerce platforms, and open more shopping malls in Southeast Asia, the statement said. Lotte Shopping Holdings (Singapore) Pte. Ltd., which has operated the retailer's businesses in Southeast Asia, will focus on expansion and profitability in those new-growth markets, it said. Lotte Shopping is the operator of the c ountry's biggest department store chain and the third-biggest discount store chain. Its businesses also include home shopping, movie theaters, and online shopping malls. In the short term, the company has revised down its business targets for 2026 to reflect an economic slowdown and weakening domestic consumption. It has lowered its sales and operating targets to 15.2 trillion won and 800 billion won, respectively, in 2026 from the previously targeted 17 trillion won and 1 trillion won. To enhance shareholder value, the company plans to increase shareholder returns to 35 percent of its annual net profit starting this year from 30 percent. It also plans to provide at least 3,500 won per share in dividends. On Friday, the news sent Lotte Shopping 1.9 percent higher at 63,100 won, far outperforming the broader Korea Composite Stock Price Index's 0.09 percent loss. Source: Yonhap News Agency