April 24, 2024

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[THE INVESTOR] Lotte Mart, the third-largest discount store chain in Korea by revenue, said on Dec. 14 that it will stop selling cigarettes next year.

Lotte Mart CEO Kim Jong-in said the decision is part of his company‘s commitment to transform itself into a health-oriented enterprise.

Lotte Mart said it will expand the number of wholesome foods at its shelves and invest in developing new health products.

The company said its cigarette sales account for less than 0.1 percent of its total revenue.

Lotte Mart’s move could give a boost to Korea’s anti-smoking policy.

  By Alex Lee and newswires (alexlee@heraldcorp.com)