Lotte Hi-Mart
A South Korean specialty retailer of consumer electronics, digital products, and home appliances operated within the Lotte Group.
Last updated August 26, 2026
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Overview
Lotte Hi-Mart is a South Korean specialty retail brand focused on electronic goods, household appliances, and related digital products. The business emerged from the restructuring of Daewoo Electronics after that company entered bankruptcy proceedings in 1999. Seon Jong-koo, a former Daewoo Electronics employee, joined the spin-off operation that developed into Hi-Mart and helped establish it as an independent electronics-retail business. The company’s retail model centers on dedicated stores offering a broad assortment of consumer electronics and home appliances. Its range has included products such as televisions, computers, mobile and digital devices, refrigerators, washing machines, air conditioners, kitchen appliances, and other household electrical goods. This broad category coverage distinguishes the chain from department-store electronics counters and from single-category specialists. Hi-Mart has also operated an online retail presence alongside its physical stores. A major ownership transition took place in June 2008, when Eugene Group acquired a 32.4 percent stake in Hi-Mart. The company went public in June 2010, creating a listed platform for expansion and providing greater visibility for the business. By 2012, Hi-Mart had approximately 290 stores in South Korea and was reported as controlling about 35 percent of the domestic electronics-retail market. Lotte became the decisive owner in 2012. On July 6 of that year, Lotte Corporation acquired a 65.3 percent interest in Hi-Mart. The transaction brought the electronics chain into the Lotte corporate group and combined Hi-Mart’s specialist retail footprint with Lotte’s broader retail, distribution, and financial resources. The Korea Fair Trade Commission approved the transaction in October 2012. Following the approval, the company announced that its stores would be renamed Lotte Hi-Mart, connecting the established Hi-Mart retail identity with the Lotte brand architecture. The acquisition occurred during a period of controversy surrounding founder and chief executive Seon Jong-koo, who was accused in reporting associated with the transaction of embezzlement totaling approximately $228 million. The same period also included an investigation-related incident involving a witness. These allegations and events formed part of the context surrounding the change in ownership, although they should not be confused with the ordinary retail operations of the brand. In December 2014, Seon Jong-koo was replaced as chief executive by Lee Dong-woo. Lee was described as Hi-Mart’s second-largest shareholder and as having strong employee support. The leadership change represented a further stage in the company’s post-acquisition development. Lotte Hi-Mart remains positioned as a South Korean electronics specialist serving consumers through stores and digital commerce, while its precise current store count, financial performance, executive roster, and listing status require verification from current corporate or regulatory sources.
History
Lotte Hi-Mart traces its origins to the corporate restructuring that followed the bankruptcy of Daewoo Electronics in 1999. Seon Jong-koo, who had previously worked for Daewoo Electronics, joined a spin-off operation that became Hi-Mart. The new company developed as an independent electronics retailer rather than remaining a conventional internal division of the former electronics manufacturer. Hi-Mart built its business around specialist stores selling a wide selection of electronic goods and household appliances. Its assortment covered both consumer and domestic-use categories, including televisions, computers, digital products, refrigerators, washing machines, air conditioners, kitchen appliances, and related merchandise. The chain’s broad product mix allowed customers to compare brands and categories in one retail environment. It also developed an online sales channel alongside its physical store network. The company underwent a significant ownership change in June 2008, when Eugene Group acquired 32.4 percent of Hi-Mart. Hi-Mart subsequently became a publicly listed company in June 2010. Listing increased the company’s access to capital and made its ownership and performance more visible to public-market investors. By 2012, Hi-Mart had grown into one of South Korea’s largest electronics retailers. It was reported to operate 290 stores nationally and to hold approximately 35 percent of the Korean electronics-retail market. Its scale made it strategically attractive to larger retail groups seeking a stronger position in consumer electronics and home appliances. Lotte Corporation acquired a 65.3 percent stake in Hi-Mart on July 6, 2012. The transaction placed the specialist chain within the Lotte Group, whose wider businesses included retail and distribution. The Korea Fair Trade Commission approved the deal in October 2012. After regulatory approval, the company announced that its stores would be renamed Lotte Hi-Mart. This naming decision preserved the recognition of the Hi-Mart retail business while associating it with Lotte’s corporate and retail platform. The takeover occurred amid controversy involving Hi-Mart founder and chief executive Seon Jong-koo. He was accused in connection with alleged embezzlement estimated at approximately $228 million. Reporting also referred to an investigation-related incident in which a witness jumped from an apartment window after questioning by South Korean justice authorities about alleged bribery involving Seon. These events formed part of the public context around the transaction and leadership transition. In December 2014, Seon Jong-koo was replaced by Lee Dong-woo. Lee was identified as Hi-Mart’s second-largest shareholder and was reported to have strong support among employees. His appointment marked another step in the company’s development under Lotte ownership. The brand’s documented history therefore consists of three broad phases: its emergence from Daewoo Electronics’ 1999 restructuring, its development as an independent and listed Korean electronics retailer, and its integration into Lotte following the 2012 controlling-stake acquisition. Current details concerning its store network, financial results, senior management, and corporate listing require confirmation from up-to-date company and regulatory records.
- 2014
Lee Dong-woo became chief executive
[1]Lee Dong-woo replaced Seon Jong-koo as chief executive in December.
- 2012
Lotte acquired control of Hi-Mart
[1]Lotte Corporation acquired a 65.3 percent stake on July 6. At the time, Hi-Mart was reported to have 290 Korean stores and approximately 35 percent of the domestic market.
- 2012
The Lotte Hi-Mart name was adopted
[1]The Korea Fair Trade Commission approved the transaction in October, and the company announced the renaming of its stores as Lotte Hi-Mart.
- 2010
Hi-Mart went public
[1]The company became publicly listed in June 2010.
- 2008
Eugene Group acquired a substantial stake
[1]Eugene Group acquired 32.4 percent of Hi-Mart in June.
- 1999
Hi-Mart emerged from the Daewoo Electronics spin-off
[1]Following Daewoo Electronics’ bankruptcy, a spin-off operation associated with former employee Seon Jong-koo developed into Hi-Mart.
Products and positioning
Specialty electronics and home-appliance retailer
Consumer electronics
Televisions and home entertainment
Lotte Hi-Mart’s specialist retail assortment includes televisions and related home-entertainment equipment. These products fit the chain’s role as a multi-brand electronics destination, where consumers can compare display technologies, sizes, and connected entertainment products in stores or through the company’s online channel.
Digital electronics
Computers and digital devices
The retailer sells computers, peripherals, and other digital products. This category supports Hi-Mart’s broader positioning as an electronics specialist rather than a retailer limited to large domestic appliances. Specific current brands and product ranges are not established by the supplied reference material.
Home appliances
Large home appliances
Large appliances form a central part of the business and include refrigerators, washing machines, air conditioners, and other household equipment. The category gives the chain a substantial home-improvement and domestic-consumption role in addition to its sales of personal and digital electronics.
Small appliances
Small kitchen and household appliances
Hi-Mart also carries smaller electrical appliances for kitchens and general household use. These products complement its major-appliance and electronics ranges and allow the retailer to serve multiple household purchase occasions through the same specialist network.
Controversies
2012
Allegations involving founder Seon Jong-koo
The Lotte acquisition was conducted amid allegations that founder and chief executive Seon Jong-koo was involved in embezzlement totaling approximately $228 million. Reporting also described a witness’s death after questioning related to alleged bribery. The supplied reference does not establish the final legal disposition of every allegation.
Brand decisions
2012
Lotte acquired a controlling stake in Hi-MartM&ABackground
Hi-Mart had become a large Korean electronics retailer, with a reported 290 stores and about 35 percent of the domestic market. The transaction occurred during controversy surrounding founder and chief executive Seon Jong-koo.
Action taken
Lotte Corporation acquired 65.3 percent of Hi-Mart on July 6, 2012.
Aftermath
The Korea Fair Trade Commission approved the deal in October 2012, and the stores were subsequently announced as changing their names to Lotte Hi-Mart.
Acquisition value. $1.1 billion (2012 acquisition; amount reported in the supplied reference)
2012
Stores were rebranded as Lotte Hi-MartStrategyBackground
Following regulatory approval of Lotte’s acquisition, the new owner sought to connect Hi-Mart’s established specialist identity with the Lotte retail group.
Action taken
The company announced that Hi-Mart stores would adopt the Lotte Hi-Mart name.
Aftermath
The rebranding established the current combined brand identity, although the supplied material does not document the full timetable or operational effects.
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