Lotte Mall is fastest mall to hit 100 billion won in Vietnam

Industry

Lotte Mall is fastest mall to hit 100 billion won in Vietnam

Published: 22 Jan. 2024, 18:05

SEO JI-EUN
seo.jieun1@joongang.co.kr

Lotte Mall West Lake Hanoi [LOTTE SHOPPING]

Lotte Mall West Lake Hanoi logged 100 billion won ($74.7 million) in sales in about four months, becoming the quickest of Vietnam's shopping malls to reach the milestone.

Lotte Mall West Lake Hanoi, which opened on Sept. 22, stands out as the fastest among area shopping malls to achieve the 100 billion won sales mark, Lotte Shopping said Monday. With an area of 354,000 square meters (3.81 million square feet), the complex is a house of Lotte's retail chains — including a shopping mall, supermarket, hotel, aquarium and cinema.

“The swift attainment of 100 billion won within this brief period reflects a targeted approach to the preferences of Hanoi citizens,” said a spokesperson from Lotte Department Store. “There had been an absence of large-scale retail and commercial facilities in Hanoi. Lotte Mall West Lake Hanoi drew both domestic and international visitors with its distinctive space and quality tenants.”

The shopping center houses 233 brands. Forty percent, or 85 stores, made their Vietnam debuts in the mall, including cosmetics brand Lush.

The company attributed the West Lake Hanoi's success to its Korean vibe, which resonated particularly well with Vietnam's younger consumer demographic.

K-pop songs play in the background, and the mall has a Korean specialty dining area, offering foods like gimbap and tteokbokki, which has the added bonus of extending customer dwell time.

Additionally, the mall introduced a VIP membership program — a local rarity — called Avenuel. The program adapted to its customers' preferences, offering lounge access and free parking to encourage repeat visits.

Buoyed by the success of the new Vietnam mall, Lotte is considering further expanding its overseas operations in Southeast Asia. It plans to open one to two additional premium shopping centers in Vietnam, according to the Korean conglomerate.

Lotte Chairman Shin Dong-Bin acknowledged Lotte Mall West Lake Hanoi during a recent executive meeting, highlighting it as a noteworthy market example. Shin attended the grand opening of the shopping mall in September along with his eldest son, Shin Yoo-yeol.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]