A memorandum mentions the possibility of acquiring Lotte Shopping... Hanwha “Nothing has been decided”

A memorandum mentions the possibility of acquiring Lotte Shopping... Hanwha “Nothing has been decided”

(Seoul = Yonhap News) Reporter Jeong Soo-yeon and Byun Seon-jin = It is reported that the sale of the Time World branch of the Galleria Department Store in Dunsan-dong, Seo-gu, Daejeon is being promoted.

According to the distribution industry on the 14th, Hanwha Galleria Time World, a subsidiary of Hanwha Galleria, is internally reviewing a plan to sell the Time World branch, a department store in Daejeon.

On the 11th, Hanwha Galleria Time World held an employee briefing session after sending an official letter to the labor union stating, "We intend to begin discussions regarding the transfer of Time World stores."

Galleria Time World is a Daejeon department store operated by Hanwha Galleria Time World.

It started at Dongyang Department Store in 1997, but in 2000, when Hanwha Distribution, the predecessor of Hanwha Galleria, acquired Dongyang Department Store, the branch name was changed to Galleria Time World.

Since then, Time World has played the role of a department store attracting premium consumers in the Chungcheong area, but its growth has slowed as Lotte Department Store and Shinsegae Department Store have entered the market.

In the real estate industry, Lotte Shopping is being mentioned as one of the counterparties for the acquisition of Time World.

The reason is that the Daejeon branch of Lotte Department Store uses a leased building rather than its own store, but some point out that it is not highly feasible considering the slowdown in the domestic economy and the situation in the real estate industry.

A Hanwha Galleria official said, “Nothing has been decided at this time.”