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Lotte Shopping has agreed to sell its Centum City department store in Busan's Haeundae district to rival Shinsegae Group, a first-ever asset deal between the two retail giants, Yonhap and Dong-A Ilbo report on Oct. 29. Shinsegae, which operates a store next door, plans to build a large complex called 'Shinsegae Town' combining shopping, culture, tourism and lodging, while Lotte frames the sale as 'selection and concentration' to boost competitiveness and efficiency, per Yonhap. Lotte Shopping confirmed the sale Thursday as part of its business reorganization, Korea Times reports. Korean media note the deal is unprecedented between the two competitors, with Shinsegae expanding development and Lotte pursuing asset efficiency.