Shin Executive Expands Footprint "Thinking About It"
Accompanies Lotte Mall Hanoi Opening Ceremony, Key Executives Shoulder to Shoulder
Year-End Sales Target 80 Billion KRW, Next Year 220 Billion KRW "To Be the Largest Mall in Vietnam"
Vietnam and Indonesia Key Markets for Lotte Group "Group-Level Business Expansion"
"My son is currently studying various things (laughs)."
Shin Dong-bin, Chairman of Lotte, is answering reporters' questions on the 22nd at the L7 by Lotte West Lake Hanoi Hotel in Hanoi, Vietnam. [Photo by Kim Yuri]
Shin Dong-bin, Chairman of Lotte, expressed his affection for his eldest son Shin Yoo-yeol, Executive Director of Lotte Chemical, who is receiving 'management lessons.' On the 22nd, at the L7 Hotel in Hanoi, Vietnam, Shin met with reporters and said regarding Shin's expanding role into distribution, accompanying him to the opening ceremony of 'Lotte Mall West Lake Hanoi,' "We are considering it going forward." He explained that Shin is currently studying various fields related to Lotte Group's management and plans to continue receiving lessons while overseeing domestic and overseas business sites, including distribution. By supporting Shin at the official event, he is effectively clarifying the succession structure.
At the opening ceremony of Lotte Mall West Lake Hanoi, Executive Director Shin stood shoulder to shoulder with key Lotte Group executives, including Chairman Shin, Kim Sang-hyun, Vice Chairman of Lotte Distribution Group, Park Hyun-chul, Vice Chairman of Lotte Construction, Lee Hoon-ki, Head of Management Innovation at Lotte Holdings, Ryu Je-don, CEO of Lotte Property & Development, Jung Joon-ho, CEO of Lotte Department Store, Kang Sung-hyun, CEO of Lotte Mart, and Kim Tae-hong, CEO of Hotel Lotte, participating in the ribbon-cutting ceremony.
Shin Yu-yeol, Executive Director of Lotte Chemical (second from the left), is cutting the ribbon together with Kim Jun-young, Head of Lotte Properties Hanoi, Jung Joon-ho, CEO of Lotte Department Store, and Kim Sang-hyun, CEO (Vice Chairman) of Lotte Shopping, at the opening ceremony of 'Lotte Mall West Lake Hanoi' in Hanoi, Vietnam on the 22nd. [Photo by Kim Yu-ri]
Shin Yu-yeol, Executive Director of Lotte Chemical, is moving after attending the opening ceremony of 'Lotte Mall Westlake Hanoi' on the 22nd. [Photo by Kim Yu-ri].
Chairman Shin expressed his satisfaction with the official opening of Lotte Mall West Lake Hanoi after a long period, saying, "Lotte Group's affiliates collaborated to create a great shopping mall," and added, "I am satisfied."
He emphasized that Lotte Mall West Lake Hanoi will actively operate not only in the distribution sector but also in various fields across the Southeast Asian market. Chairman Shin said, "The sales target for Lotte Mall West Lake Hanoi is about 80 billion KRW by the end of this year and about 220 billion KRW next year. It will probably become the largest shopping center in Vietnam." He continued, "Lotte Group will actively engage in various fields in key markets such as Ho Chi Minh City in Vietnam and Jakarta in Indonesia."
Shin Dong-bin, Chairman of Lotte, is answering reporters' questions on the 22nd at the L7 by Lotte West Lake Hanoi Hotel in Hanoi, Vietnam. [Photo by Kim Yuri].
Meanwhile, Lotte Shopping held the grand opening of the mega commercial complex Lotte Mall West Lake Hanoi in Hanoi, Vietnam, on the morning of the same day. The complex brings together various Lotte Group contents, including a shopping mall, mart, hotel, aquarium, and cinema. Since the pre-opening on July 28, major facilities have been operating on a trial basis, and over about two months, the cumulative number of visitors to the mall reached approximately 2 million, averaging 30,000 visitors per day. On the opening day, a flood of local Vietnamese MZ generation (Millennials + Gen Z) visitors also poured in.
In his opening remarks, Chairman Shin emphasized, "Lotte Mall West Lake Hanoi is a large-scale project that began site development in 2016, with an investment of 643 million USD (approximately 847.3 billion KRW)." He added, "It is a core project that gathered all the capabilities of Lotte Group." He further stated, "The facility includes not only a shopping mall and mart but also cultural contents such as cinema, aquarium, hotel, office, and service residences, establishing itself as a landmark in the beautiful city of Hanoi. We hope it will contribute to the local economy and the development of Vietnam."
Lotte Group first entered Vietnam in 1996 and now operates 19 affiliates nationwide in cities such as Ho Chi Minh City, Hanoi, and Da Nang, including department stores, marts, hotels, and cinemas.
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