The reason why Chengdu Lotte did not withdraw is that it signed a management cooperation agreement with Wangfujing Department Store.

According to the agreement, Chengdu Wangfujing Department Store will take over the management of Lotte Department Store's store in Chengdu Global Center.

During the six-month transition period expected from September 2022, the Wangfujing team will come in to assist the original team in business management in terms of investment promotion, operation, planning and other aspects.

There will be no financial and personnel transfers involved during the administration period, and the company will continue to use the "Lotte Department Store" brand during the administration period and will not change its name to Wangfujing Department Store for the time being.

Therefore, Lotte Department Store did not withdraw from Chengdu, but operated and managed jointly with Wangfujing Department Store.