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Lotte adding e-commerce department to operations

Lotte Shopping Co. Ltd. is adding an e-commerce department to its operations in an effort to keep up with South Korea's growing online retail market, Yonhap News Agency reported July 30.

This comes after the Lotte Corp. unit announced in May that it would inject 3 trillion South Korean won into its e-commerce business and planned to consolidate its online malls being operated separately by affiliates into a single shopping platform.

The new department is set to be launched Aug. 1 and will be tasked with managing the new platform, which includes Lotte's department store and discount chain businesses, and has a sales target of 20 trillion won by 2022. It is reportedly expected to have around 1,400 employees, with 400 more to be hired by 2019.

Future plans for the e-commerce department include debuting a mobile app in 2020, according to the report. Kim Kyoung-ho, head of the new operation, said the app would use data gathered from the nearly 22 million customers who shop Lotte online monthly to provide "optimized services."

As of July 30, US$1 was equivalent to 1,116.27 South Korean won.