Lotte Shopping sets overseas record as Hanoi megamall crosses $720 mil. milestone

Lotte Mall West Lake Hanoi has reached 1 trillion won ($720 million) in cumulative sales, setting a milestone for an overseas shopping complex operated by the Korean retail giant just three years after its launch.

The achievement underscores the success of parent company, Lotte Shopping, which has aggressively expanded its overseas footprint by tailoring tenant mixes and entertainment offerings to local consumers.

The Hanoi complex reached 100 billion won in sales just 122 days after opening in January 2024, passed 600 billion won last year and continued growing at an average quarterly rate of 20 percent before crossing the 1 trillion won threshold last month.

Cumulative visitor numbers have exceeded 41 million, with more than 50,000 daily average visitors, making the complex one of Hanoi’s major shopping and leisure destinations.

Located in Tay Ho District, one of Hanoi’s affluent neighborhoods, the complex combines shopping, culture and entertainment across a sprawling retail and leisure development.

At its opening, 52 of its roughly 230 stores were brands making their Hanoi debuts, while its partnership with nearby Lotte Department Store Hanoi allowed customers to share access to premium AvenueL VIP services.

The complex has also attracted international visitors through more than 60 promotional pop-ups annually, collaborations with luxury beauty brands and global intellectual property franchises, and events featuring Korean products and culture.

More than 1 million foreign tourists visit the property each year, according to Lotte Shopping.

The company plans to renovate about 50 stores, or roughly 20 percent of its retail lineup, beginning in the second half of this year, introducing brands including Matin Kim, WHO.A.U, Marithé François Girbaud, Barbour and Kenzo.

Next year, it also plans to open KOREA 360, a cultural experience center featuring K-beauty, K-pop and K-dramas, in cooperation with the Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency.

Kim Jun-young, head of Lotte Shopping’s overseas business division, said the milestone would serve as an important turning point for the company’s international expansion.

“Building on the success of Lotte Mall West Lake Hanoi, we will continue to consider additional store openings in Vietnam,” Kim said.

This article was published with the assistance of generative AI and edited by The Korea Times.