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outh Korea-based retailer, Lotte Mart, plans to open four new stores in Jakarta by the end of this year as part of its long-term strategy to run 1,000 stores worldwide by 2018.

“We will expand our business in Indonesia by opening four new outlets this year,” Moon Young-pyo, executive managing director for Lotte Mart Southeast Asia, said at the opening of Indonesian product exhibition for Lotte Mart at the Trade Ministry on Thursday.

According to Moon, Lotte Mart is now operating 24 stores in Indonesia. The four new outlets will comprise one wholesale and three retailer stores.

Lotte Mart director of global sourcing Kim Young-kyun said that under his company’s long-term strategies, the planned operation of 1,000 stores would increase its sales to US$50 billion from an estimate of $10 billion this year.

“Lotte Mart will run 700 international stores by 2018 with total annual sales of $25 billion. We will also run 300 stores in Korea with $25 billion in sales,” Kim said.

Lotte Mart plans to establish 100 of the 700 international stores planned in Indonesia. Another 500 Lotte Mart outlets will be established in China, 30 stores in Vietnam and 70 stores in India. China and India currently host 85 and 2 stores respectively.

Lotte Mart began its business in Indonesia in 2008 after acquiring 19 outlets from Dutch wholesaler Makro nationwide.

In addition to expanding its business in Southeast Asia, Moon said Lotte Mart also aimed to market products from its neighboring host stores in the Korean market.

“We hope to introduce the best products from Indonesia to Lotte Mart stores, either in Korea, Vietnam and China. We have had the responsibility of building solid cooperation with Indonesian suppliers. We will grow together,” Moon said.

Hesti Indah Kresnarini, the director general of export product development at the Trade Ministry, welcomed Lotte Mart’s plan to display Indonesian products in stores in Korea.

“It will be an opportunity for us to enter the Korean market through Lotte Mart’s stores. If we are able to enter the Korean market, which is very competitive, we will be able to enter other countries’ markets,” Hesti said. The Trade Ministry on Thursday, in collaboration with the Indonesian Embassy in Seoul and the ASEAN-Korea Center, held an Indonesian products exhibition to facilitate Lotte Mart by selecting a number of Indonesian products to be displayed in its two biggest outlets in Seoul: Seoul Station and Jamsil-Lotte World. (rcf)