Lotte Department Store said on the 29th that Lotte Mall West Lake Hanoi is on the verge of surpassing 600 billion won in cumulative sales two years after opening.
Lotte Mall West Lake Hanoi is an extra-large mixed-use mall that opened on Sept. 22, 2023, in the West Lake area of Hanoi. By the end of last year, its first year of operation, cumulative sales surpassed 300 billion won, and in the first half of this year they exceeded 500 billion won, showing steep growth. As of last month, cumulative sales totaled 570 billion won and visitors surpassed 25 million. That amounts to an average of about 50,000 people a day.
Lotte Mall West Lake Hanoi has directly and indirectly employed about 10,000 people through key facilities within the complex such as the shopping mall, hotel, and cinema, delivering a ripple effect to the local economy. Its proximity to Noi Bai International Airport, the increase in foreign tourists, and the fact that it is the only place in Hanoi to house all five major SPA brands—Zara, Uniqlo, Muji, Pull&Bear, and Massimo Dutti—are cited as drivers of its success.
It has also established itself as a "premium gourmet destination" by bringing together K-food and popular local eateries, and localizing and operating Lotte Department Store's VIP membership, "Avenuel," which has contributed to boosting customer loyalty.
Marking its third year since opening next year, Lotte Department Store plans to renovate about 20% of all stores and newly introduce global luxury and contemporary brands.
Kim Jun-young, head of Lotte Department Store's overseas business division, said, "Customers, the local community, partner companies, and employees will join forces to continue evolving and growing into a world-class mixed-use mall with overwhelming content competitiveness."