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The Korea Herald
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THE INVESTOR
July 22, 2024

Market Now

Lotte opens major shopping complex in Vietnam

  • PUBLISHED :September 24, 2023 - 09:45
  • UPDATED :September 24, 2023 - 09:45
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Lotte Mall West Lake Hanoi in Hanoi, Vietnam (Lotte Shopping)

Lotte Shopping, the retail arm of South Korean retail giant Lotte Group, said it held the grand opening ceremony for its shopping complex Lotte Mall West Lake Hanoi on Friday, following the company's efforts to expand its presence in the Vietnamese market.

Standing on a 354,000-square-meter site, and considered one of the largest shopping complexes in Vietnam, the commercial complex is comprised of a wide selection of facilities -- ranging from a shopping mall, supermarket, hotel, aquarium and cinema.

"Since the shopping complex's pre-opening period, which began on July 28, the cumulative number of visitors to the shopping mall in Lotte Mall West Lake Hanoi has reached nearly 2 million," said an official from Lotte Shopping.

"Considering that the population of Hanoi is estimated to be some 8.4 million, one in five Hanoi residents must have paid a visit (to the shopping mall during the pre-opening period)," he added.

According to Lotte Shopping, Lotte Mall West Lake Hanoi's diverse composition of merchandise and entertainment facilities it provides for family consumers, along with the facilities' works of art by renowned artists, largely contributed to the shopping mall's success during the trial pre-opening run.

"We will continue to promote Korea's excellent shopping culture to local customers and tourists in Vietnam through Lotte Mall West Lake Hanoi as a representative company of Korea, and continue our journey to becoming Asia's No. 1 retailer," said Kim Sang-hyun, vice chairman of Lotte Shopping.

According to Lotte Shopping, Lotte Group Chairman Shin Dong-bin, who attended the shopping complex's grand opening ceremony, is scheduled to tour local business sites later in the day. He will also meet with Vietnamese political and business officials to seek ways to strengthen Lotte's business in Vietnam, while asking for their support in Busan's bid to host the 2030 World Expo.

Lotte Shopping raised 190 billion won ($142 million) in sales in the Vietnamese market during the first half of 2023. Currently, it operates 16 supermarkets, two department stores and one shopping complex in Vietnam.

By Lee Yoon-seo (yoonseo.3348@heraldcorp.com)

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