S.Korea's fast-food chain Lotteria opens 3rd store in Mongolia

Lotte GRS, the food affiliate of Lotte Group, said on Thursday that it opened its third Lotteria restaurant in Ulaanbaatar, Mongolia, last Friday.

Lotteria Mongolia’s newest store was opened near the Zaisan Memorial in the south of the capital city..

The opening of a Lotteria store is the first in three years since the opening of the second one in 2019.

Lotte GRS previously signed in 2017 a master franchise agreement with Eugene Tech Mongolia LLC, a local company, opened its first store in 2018, followed by a second one in 2019.

A company official explained that the recent popularity of Lotteria food in Mongolia led to the opening of a third store. According to Lotte GRS, Lotteria sales in Mongolia increased by more than 70% until November this year from the same period last year.

The same official added, "We will accelerate our search for new markets as our effort slowed down due to the COVID-19 pandemic while adding more locations in existing countries."

Write to Kyeong-je Han at hankyung@hankyung.com