Lotte Group’s Chairman Shin Dong-bin is focusing on the international market with the grand opening of the “Lotte Mall West Lake Hanoi” in Hanoi, Vietnam, set for Sept. 22 (local time). Covering an area of approximately 354,000 square meters, the shopping mall is equivalent to the size of 50 soccer fields, making it the largest mall in Vietnam.
Since its soft opening on July 28, 2 million visitors have frequented the venue. The key to its explosive popularity is its bold “Koreanization” strategy. Lotte Shopping is confident of achieving sales of 800 billion won by the end of the year.
Shifting its business focus from China to Southeast Asia, Lotte aims to establish Lotte Mall West Lake as a landmark in Vietnam, setting the stage for its leap as Asia’s top retail company.
During his visit to Vietnam, Chairman Shin will tour local facilities and meet with government and business leaders in Vietnam to discuss strengthening Lotte’s business in the country. He also plans to request support for the 2030 Busan World Expo.
Located in Tay Ho, a new urban area in the heart of Hanoi, Lotte Mall West Lake covers an area of about 354,000 square meters and is a mammoth commercial complex that includes a shopping mall, supermarket, hotel, aquarium, cinema, and other leisure facilities.
Lotte Shopping reported that the Lotte Mall West Lake, which had a pre-opening on July 28, has been receiving a warm response from both Vietnamese locals and foreign tourists. Considering Hanoi has a population of approximately 8.4 million, one in every five Hanoians has already visited. Notably, over half of the visitors are under the age of 35, making it immensely popular among Vietnam’s millennials and Gen Z.
One of the reasons for Lotte Mall West Lake quickly establishing itself as a landmark in Hanoi is due to its unique content offering. The mall specifically targets young families ranging from their 20s to 40s. The 233 brands that make up the mall are centered on brands preferred by the local youth. Brands like Nike Rise, Foot Locker, and others have opened their first stores in Vietnam, with 25 stores making their debut. Moreover, 28 brands, including Samsung Experience, Massimo Dutti, and TAG Heuer, have opened their first stores in Hanoi. The mall’s 3rd and 4th floors feature food and beverage outlets, with highlights like “The Food Hall,” which features local Vietnamese delicacies, and “K-Flavor,” a dedicated Korean cuisine dining area.
Following the trend of the Vietnamese MZ generation shifting their alcoholic preferences to wine, Lotte has opened its first overseas “Bottle Bunker” wine specialty store.
Lotte’s strategy is to use the Lotte Mall West Lake as a stepping stone for further expansion into Southeast Asia. “We’ve given a lot of thought to establishing a premium presence not only in Vietnam but also in other rapidly growing Southeast Asian markets like Cambodia and Laos,” said the representative. “Our future goal is not just a shopping mall centered on retail facilities but to develop a comprehensive asset that also incorporates housing businesses offered by Lotte Construction.”