Lotte Department Store finds success in Vietnam ... Lotte Mall West Lake Hanoi tops 1 trillion won in sales

[Financial News] Lotte Mall West Lake Hanoi, operated by Lotte Department Store in Vietnam, has surpassed 1 trillion won in cumulative sales. This is the first time the South Korean department store industry has achieved 1 trillion won in cumulative sales since expanding overseas.
According to Lotte Department Store on the 2nd, Lotte Mall West Lake Hanoi reached 1 trillion won in cumulative sales last month, three years after opening. It recorded 100 billion won in cumulative sales in January 2024, just 122 days after opening, then topped 600 billion won last year. Since then, it has continued to post average quarterly sales growth of 20%.
Cumulative visitor numbers have also surpassed 41 million. That is 1.8 times the combined population of about 23 million in Vietnam’s five largest cities, including Ho Chi Minh City and Hanoi. The company says that, by attracting a broad customer base ranging from young consumers to high-income shoppers who favor premium shopping and families, the mall has established itself as a leading local shopping destination that draws at least 50,000 visitors a day on average.
Lotte Department Store cited continued investment in overseas businesses and localization strategies as the reasons behind this achievement. It currently operates a total of four stores in Vietnam and Indonesia and is expanding its offerings to match local consumers’ tastes and purchasing needs.
Lotte Mall West Lake Hanoi, in particular, sought to set itself apart with a premium shopping mall strategy. It built a mixed-use commercial complex in Tay Ho District, one of Hanoi’s most affluent areas, with a gross floor area of 353,719 square meters (107,000 pyeong)—roughly the size of 50 soccer fields. The complex combines shopping, culture and leisure.
Of the roughly 230 stores that opened at the mall, 52 were brands making their Hanoi debut, helping it stand out. It has also strengthened services for premium customers, including sharing benefits from Avenuel, its VIP service, in coordination with the nearby Lotte Department Store Hanoi branch.
A variety of experiential offerings and pop-up stores have also helped attract customers. Last year, the mall held Lotte Group’s first overseas recruitment event, the Global Job Fair, and drew thousands of visitors with a large Pepero pop-up store created in collaboration with Lotte Wellfood Co., Ltd.
The integrated mall format, which brings together facilities operated by various affiliates alongside shopping, is also considered a competitive advantage. Lotte Mart caters to shopping demand with fresh foods and stores tailored to tourists, while the aquarium draws visitors with underwater performances in a large curved tank.
Building on these results, Lotte Department Store will undertake a major revamp in the second half of this year. Key priorities include bringing in new brands, creating a landmark space and expanding K-culture offerings.
First, it will renovate around 50 stores, or about 20% of the total. New additions will include domestic fashion brands such as Matin Kim, WHO.A.U. and MARITHÉ FRANÇOIS GIRBAUD, as well as premium brands such as Barbour and Kenzo. Around 20 of these stores are planned to be the first locations of their brands in Vietnam or Hanoi.
The atrium plaza on the first floor will also be revamped. The existing pop-up store space will be upgraded and developed into a landmark venue for a range of offerings, including large-scale pop-up events and luxury brand exhibitions.
Kim Jun-young, head of Lotte Department Store’s overseas business division, said, “Lotte Mall West Lake Hanoi’s achievement of 1 trillion won in cumulative sales—the first such achievement by a department store overseas—will be a major milestone for our overseas business going forward.” He added, “Building on the success of Lotte Mall West Lake Hanoi, we will continue to consider opening additional locations in Vietnam.”

[email protected] Jang Yu-ha Reporter