Japanese c-store chain, Ministop, has sold its business in South Korea to Lotte Group, which is also the operator of the 7-Eleven chain in the country.
The acquisition, valued at about US$263 million, will see the transfer of ownership of 2600 Ministop convenience store outlets across the country and 12 logistics centres from Japan’s Aeon Group to Lotte Group.
The deal is expected to help Lotte Group ramp up the competition in the market, which is dominated by BGF Retail’s CU and GS Group’s GS25. The South Korean retailer currently operates 11,750 7-Eleven convenience stores in the country.
Meanwhile, Ministop also plans to sell its remaining stake in Robinsons Convenience Stores, the operator of 460 Ministop convenience stores in the Philippines.
Ministop opened its first South Korean convenience store outlet in South Korea in 1990.