Lotte GRS announced on the 29th that the restaurant area 'Sky31 Food Avenue' in Lotte World Tower, Songpa-gu, Seoul, has ceased operations.
Food Avenue ended its operations on the 26th and plans to pursue space renewal and generate revenue by converting to a leasing business. Food Avenue has been one of Lotte GRS's concession businesses, operating since the opening of Lotte World Tower in 2017. A concession business involves attracting and managing various food and beverage brands in multi-use facilities such as airports and hospitals.
A Lotte GRS official stated, "Even with a 10-year contract, it is common to renew after 5 to 6 years, and from this perspective, we chose to switch operations to leasing. Although the exact timing for leasing has not been decided, we expect a tenant to open around August."
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