Lotte to buy GS Retail's businesses for $1.15bn

Retails sales in South Korea up 15%. (SUPPLIED)

Lotte Shopping, South Korea's biggest department-store owner, agreed to buy GS Retail Company's department- and discount-store operations for $1.15 billion (Dh4.22bn).

Lotte signed the agreement to buy GS Retail's three department stores and 14 discount stores, GS said in a statement. Retail sales growth in South Korea accelerated to 15 percent in December.

 

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