Lotte Department Store's Jamsil branch said on the 7th that on the 4th of this month it surpassed 3 trillion won in cumulative sales for the second consecutive year (based on transaction amount). The result came 21 days earlier than last year (on Dec. 25). Combining the Jamsil branch and the main branch (Myeong-dong), it achieved 5 trillion won in sales for the second consecutive year.
Lotte Department Store said sales at the Jamsil branch grew about 8% from January to November this year. From 2021, the first year it surpassed 2 trillion won, to this year, the five-year compound annual growth rate (CAGR) reached about 15%. It also said full-year sales are expected to approach 3.3 trillion won by the end of this month, making a new all-time sales record all but certain.
Lotte Department Store said its strategy to maximize the strengths of each platform that makes up the Jamsil site—"department store," "Avenuel," and "Lotte World Mall"—hit the mark.
"Lotte World Mall," which has been recording double-digit growth every year, restructured more than 60 stores this year. It newly introduced ultra-large new-concept SPAs such as "Musinsa Standard Sports" and "Arket," and brought in brands popular with teens such as "Trimming Bird," "Koiseio," and "Stand Oil."
Avenuel Jamsil upgraded key stores such as "Chanel" and reinforced its luxury watch and jewelry lineup with brands such as "Breguet."
In addition, the main department store building opened the second location of "Kinetic Ground," a K-fashion specialty hall targeting the global 20s and 30s demographic, with a size of 1,500 pyeong, and focused on diversifying content by expanding its running product category.
Foreign customer sales are also rising sharply, backed by the unique infrastructure of "Lotte Town Jamsil," including the supertall observatory, theme park, and Seokchon Lake. The Jamsil branch newly introduced global payment methods at Lotte World Mall, including Alipay, WeChat Pay, and LINE Pay, and from the second half added two Avenuel bar beverage vouchers as a benefit to the "Discover Seoul Pass," a tourist pass exclusively for foreigners. Lotte Department Store said foreign customer sales at the Jamsil branch grew 25% through November this year, maintaining strong growth.
The main Lotte Department Store in Myeong-dong achieved 2 trillion won in annual sales as of the 6th. In March, it strengthened its high-end jewelry stores by adding high jewelry brands such as "Graff" and "Van Cleef & Arpels," and in September unveiled, for the first time in Korea, a store for the Swiss ultra-luxury watch brand "Jacob & Co." As a result, this year's sales of the watches and jewelry category at the main branch more than doubled from a year earlier.
Jeong Hyeon-seok, CEO of Lotte Department Store, said, "'Lotte Town,' based on synergies among affiliates and collaboration with the local community, is Lotte's differentiated competitive edge," adding, "We will continue to deliver experiences that exceed expectations to customers through innovations at 'Lotte Town Jamsil' and 'Lotte Town Myeong-dong.'"