Lotte Department Store said on the 28th that the Incheon branch has completed a department store renovation as the first phase of building "Lotte Town Incheon" and will make the first bid in the western Seoul metropolitan area to become a department store with 1 trillion won in sales.
Lotte Department Store's Incheon branch will hold its grand opening starting May 1. The Incheon branch began its renovation in 2023 and unveiled the future-oriented food hall "Food Avenue" first in December of that year. In August 2024, it opened a 1,200-pyeong experiential premium beauty hall, and last year it successively revamped the western Gyeonggi region's largest premium kids hall, a women's fashion hall, and a luxury fashion hall.
The effect on performance improvement also clearly emerged. In the first quarter of this year, the Incheon branch recorded a growth rate in the 20% range, among the top across all branches. Last year, it achieved annual sales of 830 billion won, joining the ranks of stores in the 800 billion won range for the first time. Despite partial business suspensions in some merchandise categories due to three years of renovation work, last year's sales increased by more than 10% compared with 2022 before the renovation.
Leveraging the department store renovation, the Incheon branch will move to create Lotte Department Store's third "Lotte Town" after Myeong-dong and Jamsil. Lotte Town refers to a mixed commercial district that brings together shopping, culture, and entertainment functions.
Jeong Dong-pil, head of Lotte Department Store's Incheon branch, said, "The Incheon branch has wrapped up a three-year premium renovation, completing preparations to enter the 'next 1 trillion won department store' tier," and added, "Through ultra-innovation in customer experience, we will continue to grow as a next-generation premium department store with competitiveness that transcends the region."