[Report] "Selling Experiences to Vietnam's Young Generation" Lotte Mall Hanoi Bustles with 2 Million Visitors

Lotte Mall Westlake Hanoi, Beyond Shopping to a 'Place You Want to Stay'
2 Million Visitors Within Two Months of Pre-Opening... Food Market Success
Grand Opening on the 22nd with Chairman Shin Dong-bin Attending... Future Southeast Asia Market Strategy

About 20 minutes by car from Noi Bai International Airport in Hanoi, Vietnam, heading south along a 10-lane road, a majestic lake appears beyond the Red River. This is West Lake (Seohu), with a circumference of 17 km. From above, 'Lotte Mall West Lake Hanoi' is located on the northwest side of West Lake, which has a heart shape. It is a massive commercial complex developed by Lotte Shopping in Hanoi, Vietnam, with a total floor area of approximately 354,000㎡ (about 107,000 pyeong). Although it is 7 to 8 km north of the central business district (CBD) near Hoan Kiem Lake, new town developments such as Ciputra, with a planned population of 45,000, are underway nearby. It is densely populated with luxury villa neighborhoods and foreign resident areas, and there are affluent neighborhoods favored by high-ranking officials and wealthy individuals. It is a place expected to grow based on solid underlying demand.

'Lotte Mall West Lake Hanoi' panorama [Photo by Lotte Shopping].

"Lotte World Mall of Vietnam, or even beyond"

The first impression of Lotte Mall West Lake Hanoi, visited on the afternoon of the 20th, was 'Lotte World Mall of Vietnam, or even beyond.' As soon as you enter the main gate, the light pouring through the skylight reflects off the artworks installed here, creating a spectacular scene. It was a magical space that made not only Vietnamese locals but also foreign tourists look up simultaneously. Not only the exterior but also the themes subdivided by floor, differentiated brand assortments never seen before in Hanoi or Vietnam, and family-friendly experiential content were at a level comparable to leading malls in Korea.

Since the pre-opening on July 28, the average daily visitors to Lotte Mall West Lake Hanoi have been 30,000. The cumulative number of visitors has already approached 2 million before the official opening. Considering Hanoi's population of about 8.4 million, one in five people in Hanoi has visited Lotte Mall West Lake Hanoi. More than half of the visitors are under 35 years old, gaining great popularity mainly among the younger generation. This is the result with about 60% of the mall opened, and it is expected that after the grand opening, the average daily visitors will easily reach around 40,000.

Lotte Mall West Lake houses not only a shopping mall but also a supermarket, hotel, aquarium, cinema, and various contents of the Lotte Group gathered in one place. It is said to be attracting attention as a 'one-day travel destination' for young families with small children, friends, and couples because it offers not only shopping but also cultural content in one place. Kim Sang-hyun, CEO (Vice Chairman) of Lotte Shopping, told reporters that day, "We have devoted all the capabilities of our affiliates," and expressed confidence that "it will become a new landmark of Vietnam."

Visitors are crowding inside Lotte Mall West Lake Hanoi
[Photo by Yuri Kim].

A form never seen in Hanoi... Beyond shopping, a place to stay

The basement floor 1 houses a supermarket and aquarium, the 1st floor features overseas contemporary and beauty brands, the 2nd floor is for young fashion, the 3rd floor for golf, living, and kids, the 4th floor is a complex cultural space and cinema, and the 5th floor hosts KidZania. The clear thematic division by floor allows intuitive use of the mall, which is a major strength compared to other shopping malls in Vietnam.

The competitiveness of the shopping mall's tenant brands was on par with Korea. You can shop Zara and Massimo Dutti at once, and the Nike flagship store and niche perfume stores such as Jo Malone and Diptyque opened for the first time in Hanoi. 40% of the entire MD was composed of Hanoi or Vietnam firsts, with flagship concept specialized content.

Especially, the 4th-floor complex cultural space consists of a design-specialized bookstore, gallery, DIY workshop, cooking classes, and a cultural center, as well as an art gallery, making it a place where customers stay for a while. After the pre-opening, the number of receipt punchings on the 4th floor accounted for 45% of the total, showing its popularity. KidZania and Champion1250 for children were also hot from the pre-opening reservation stage. Weekend sales are about 2.5 times higher than weekdays, and among them, kids-related sales are 4 to 5 times higher. KidZania has attracted great expectations, with more than 1,000 members joining within three days of starting pre-membership recruitment. Although there are 23 shopping malls and department stores in Hanoi alone, Lotte Mall is the most differentiated from Vietnam's Vincom and Japan's Aeon Mall, which focus only on shopping. Jung Jun-ho, CEO of Lotte Department Store, said, "The fact that attraction content accounts for 40% of the total area, similar to product content (45%), is a major differentiation point."

A long line is forming at the K-Food corner inside The Food Hall on the 3rd floor of Lotte Mall West Lake Hanoi.
[Photo by Lotte Shopping].

More than seven months of effort were made to attract local Vietnamese popular restaurants to the food and beverage (F&B) stores concentrated on the 3rd and 4th floors. As a result, 'Ph? T?n L? ??c,' a pho restaurant recognized by locals, opened its second branch in Lotte Mall after 77 years. 'C? Ph? Gi?ng,' the first egg coffee store in Vietnam, is the store with the highest monthly sales per square meter in the mall. Interest in K-culture is also hot. Among the total 36 Korean brands attracted across all product categories such as fashion, beauty, and F&B during the pilot operation period, six ranked among the top 10 in sales. In front of the 'Sibwonbbang' store presented by 'Ichadol,' long lines formed even on weekday afternoons.

The supermarket also opened as a specialized store with grocery items accounting for up to 90%, and the average daily visitors on weekends shortly after opening exceeded 20,000. It ranks among the top sales within Lotte Mart stores in Vietnam. The food court 'Yorihada Kitchen,' tailored to the Vietnamese market where dining out culture is common, attracted crowds even on weekday afternoons, focusing on K-food such as gimbap. During weekend peak hours, it is a spectacle to see people spreading mats on the mall floor and eating food bought there. Kang Sung-hyun, CEO of Lotte Mart & Super, emphasized, "We dispatched experts from Korea and conducted local chef training for more than a month."

Lotte World Aquarium also attracted an average of about 10,000 visitors per day during the Vietnamese Independence Day holiday from the 1st to the 4th. Lotte Cinema West Lake branch ranks first in cumulative viewers among all cinemas in Hanoi and second nationwide in Vietnam, showing a strong local response. With the addition of L7, which made its first overseas step as a 5-star hotel, it is expected to easily achieve this year's sales target of 80 billion KRW.

Visitors are crowding the 'Yorihada Kitchen' inside Lotte Mart Westlake Branch.
[Photo by Lotte Shopping].

Grand opening on the 22nd, expanding beyond Vietnam to the Southeast Asian market

The grand opening of Lotte Mall West Lake Hanoi on the 22nd will be celebrated with a ceremony attended by Lotte Chairman Shin Dong-bin and key executives from affiliated companies. Especially, Shin's son, Shin Yoo-yeol, Executive Director of Lotte Chemical, will also attend and cut the ribbon together, solidifying the succession structure. During this visit to Vietnam, Chairman Shin plans to tour local business sites with Executive Director Shin and meet with Vietnamese political and business leaders to explore ways to strengthen Lotte's business in Vietnam and request support for the 2030 Busan World Expo bid.

Lotte aims to grow Lotte Mall West Lake Hanoi into a landmark in Vietnam and plans to introduce new forms of complex malls by adding asset development capabilities in the Vietnamese market. They plan to open one or two additional sites within five years. This aligns with the 'six core competencies to achieve 1 trillion KRW operating profit by 2026' revealed by Vice Chairman Kim at the recent 'Lotte Shopping CEO IR Day,' which includes expanding business in Southeast Asia. Vice Chairman Kim said, "We will continue our journey to become the 'Asia's number one retailer' together with Lotte Mall West Lake."