Cumulative Visitors Surpass 25 Million
Cumulative Sales Expected to Reach 1 Trillion Won by End of 2026
Securing Mid- to Long-Term Growth Drivers for Overseas Business
Large-Scale Renovation and Ongoing Review of New Sites Planned for Next
Lotte Department Store announced on September 29 that Lotte Mall Westlake Hanoi, which opened in Hanoi, Vietnam in 2023, is emerging as a leading K-retailer, with cumulative sales approaching 600 billion won in just two years since its opening.
Lotte Mall Westlake Hanoi officially opened on September 22, 2023, in the affluent West Lake district of Hanoi. It is a massive, integrated commercial complex that brings together Lotte's capabilities in shopping, culture, and entertainment content.
By the end of its first year, the mall had achieved cumulative sales of 300 billion won, surpassed 500 billion won in the first half of this year, and reached 570 billion won by last month. The total number of visitors has exceeded 25 million, which is three times the population of Hanoi. On average, 50,000 people visit the mall each day, just two years after its opening.
The company explained that, considering the economic scale of Hanoi is only one-sixth that of Seoul based on Gross Regional Domestic Product (GRDP), these achievements are unprecedented. If this trend continues, it is projected that cumulative sales could reach 1 trillion won by the end of next year. The number of direct and indirect employees working at the shopping mall, hotel, cinema, and other facilities within the mega-complex has also reached about 10,000.
Visitors are crowding the outdoor plaza event at Lotte Mall Westlake. Provided by Lotte Department Store
Lotte Mall is the only shopping mall in the local market that houses all five leading SPA (Specialty retailer of Private label Apparel) brands-Zara, Uniqlo, Muji, Pull&Bear, and Massimo Dutti-at the top of sales rankings. The mall has also attracted a wide array of popular K-food and renowned local restaurants to capture the dining demand. The premium dining area, which brings together F&B (food and beverage) brands at Lotte Mall, is packed not only during Vietnamese national holidays such as Tet but also on both weekdays and weekends.
The number of "first-in-market" stores, which stood at 52 when the mall first opened, has increased to 64. These first-in-market brands now make up 30% of the more than 230 brands in the mall. The mall has also hosted approximately 150 pop-up stores in total, including exclusive new product launches for premium brands.
Lotte Department Store is transferring its expertise in premium customer management to Lotte Mall Westlake Hanoi. Notably, it has upgraded its VIP program, "Avenuel," to suit the local market, receiving positive feedback. In the second half of this year, the company plans to create the largest festival in the Hanoi area through a variety of gift pop-up events. From October 1, a large-scale "Pop Mart Official IP (Intellectual Property) Pop-up" will be held for one month, featuring limited-edition figures such as Labubu. At the end of the year, the mall will collaborate with the French luxury beauty brand Yves Saint Laurent Beauty to present a massive Christmas pop-up that combines products and experiences.
Visitors are flocking to the pop-up event held at Lotte Mall Westlake Hanoi. Provided by Lotte Department Store
Entering its third year next year, Lotte Mall Westlake Hanoi plans to renovate about 20% of its stores. The mall will upgrade popular stores to global flagship status and create spaces to introduce the first global luxury and contemporary brands in the market. In addition, the company will continue to explore new sites and review further openings to expand its business in Vietnam.
Kim Junyoung, Head of Overseas Business at Lotte Department Store, said, "Lotte Mall Westlake Hanoi is a successful case that has proven Lotte Shopping's overseas business capabilities to the world. By working together with customers, the local community, partners, and employees, we will continue to evolve and grow as a world-class integrated mall with overwhelming content competitiveness."
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