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Shinsegae Department Store has agreed to acquire Lotte Department Store's Centum City branch in Busan's Haeundae district, a deal announced on October 29, 2026. The acquisition, which involves a contract signed late last month and a merger report filed with the Fair Trade Commission, will see Shinsegae link the existing Shinsegae Centum City store with the acquired building and nearby Centum City Mall and C-site development to create a large complex called 'Shinsegae Town' combining shopping, culture, tourism, and accommodation. Yonhap and Korea Times report the move is part of Lotte Shopping's business reorganization and asset efficiency, while Dong-a Ilbo notes it is an unprecedented asset transaction between the two top department store rivals, with Shinsegae expanding and Lotte focusing on efficiency. Korean media, including Maeil Business and Chosun Ilbo, describe the deal as reshaping Busan's retail landscape, ending a 17-year rivalry in the Centum City area, with Shinsegae's Centum City store already generating annual sales of around 2 trillion won.