(MENAFN) South Korea's retail firm Shinsegae said it plans to spend USD3.1 billion this year as it's preparing to launch mega malls and gear up against local rivals Amazon and Alibaba, Yonhap News reported.
The planned amount of investment is around 50 percent higher than the USD364.76 billion spent last year, and bigger than its previous record investment of USD374.53 billion in 2013.
The retail conglomerate said the investment is part of its broader business aiming to raise its sales and investment by USD14.33 trillion and USD5.11 trillion, respectively, by the year 2023.
"E-mart plans to establish six online logistics centers by 2020 to overcome the limits of existing online shopping malls. We plan to counter major global e-commerce companies through these efforts," it said.
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