Convenience store chain "Ministop" announced that it will sell its Korean convenience store business to local Lotte for about 30 billion yen.
Our policy is to concentrate our management resources on our main domestic businesses, whose business performance is sluggish due to intensifying sales competition and corona damage.
According to the announcement, Ministop will sell all the shares of the subsidiary that operates the convenience store business in South Korea to the local Lotte for about 313 billion won = Japanese yen for more than 30 billion yen.
MINISTOP entered South Korea in 1990 and currently has about 2,600 stores, which exceeds the number of stores in Japan, but its business performance has deteriorated due to the decrease in the number of customers due to the corona disaster.
Also, regarding the convenience store business in the Philippines, it has decided to withdraw by selling all 40% of the shares of the joint venture that operates the business to a local joint venture partner.
In addition to intensifying sales competition, Ministop's business performance has been sluggish, with the financial results up to the fiscal year ending February 28, last year falling into the final deficit for the fourth consecutive year, and Vietnam's mainstay domestic and market growth is expected. I would like to concentrate management resources on the business in Vietnam and increase profitability.