'This Is Why You Can't Ignore Chinese Tourists'... Department Store Sees 40% Surge in Foreign Sales

[Financial News] Thanks to the influx of Chinese tourists, Lotte Department Store has seen its foreign customer sales jump by 40% just this month. This surge is attributed to the overlap of the National Day of the People's Republic of China holiday and the recent visa-free entry policy for Chinese tour groups.
According to Lotte Department Store on the 12th, sales to foreign customers from the 1st to the 9th of this month increased by 40% compared to the same period last year.
In particular, at the Lotte Department Store Main Branch located in the tourist hotspot of Myeong-dong, sales to Chinese customers rose by 45% year-on-year. The KINETIC GROUND, a K-fashion specialty section at the Main Branch, typically sees about 50% of its sales from foreign customers, but this figure soared to 80% during the recent holiday period.
With a Lotte gift certificate promotion targeting foreign customers, sales of luxury goods to international shoppers increased by around 50%. Notably, sales to Chinese customers surged by 90%.
The combination of the National Day holiday and visa-free entry led to increased spending by Chinese tourists. Lotte Department Store Jamsil also saw a 40% rise in foreign sales. However, unlike Myeong-dong, most of these customers were from the United States, Singapore, and Russia, with less impact from Chinese tourists.
In response to the surge in foreign tourist demand, Lotte Town Myeongdong plans to introduce a new membership program for international visitors. The company also intends to improve infrastructure, including the creation of a lounge exclusively for foreign customers. At Lotte Department Store Jamsil, a combined tourism and shopping package will be offered to meet Christmas market demand. During the holiday period, approximately 1.8 million domestic and international visitors were reported at Lotte World Mall and Lotte World Tower.
A representative from Lotte Department Store stated, "We will continue to introduce a variety of new content to solidify Lotte Department Store as a must-visit shopping destination for foreign visitors, including additional tailored promotions during the upcoming APEC Economic Leaders' Meeting (APEC Summit) in Gyeongju later this month."
hwlee@fnnews.com Lee Hwan-joo Reporter