[THE INVESTOR] Korean retail giant Lotte’s fast-food chain, Lotteria, opened its first Mongolian store in the country’s capital Ulaanbaatar last week, the firm said on June 25.
The launch of the new store came after Lotte GRS signed a franchise agreement with cinema equipment supplier Eugenetek Mongolia in September last year.
Lotte GRS said it plans to operate up to 10 Lotteria outlets in Mongolia by 2022.
Founded in 1979, the food affiliate of Korea’s fifth-largest conglomerate has thousands of stores under six brands nationwide, including the hamburger chain Lotteria and the cafe chain Angel-in-us Coffee.
The latest inroads into Mongolia raised the number of overseas countries with the firm’s presence to eight, including Vietnam, China and Indonesia.
By Song Seung-hyun and newswires (
ssh@heraldcorp.com)