HANOI — Lotte Department Store’s flagship overseas venture in Vietnam, Lotte Mall West Lake Hanoi, has achieved a major financial milestone, recording cumulative sales of 1 trillion won roughly three years after its official launch, company officials reported on Monday.

The sprawling complex in Hanoi's upscale Tay Ho district quickly gained traction after opening, hitting the 100-billion-won sales mark in January 2024—just 122 days into business—before scaling past 600 billion won last year. Fuelled by a steady quarterly growth rate of roughly 20%, the shopping center officially broke the 1-trillion-won threshold last month. Foot traffic has also surged, drawing more than 41 million cumulative visitors to date, translating to an average of over 50,000 daily shoppers.

Currently, Lotte Department Store manages four retail locations across Vietnam and Indonesia. Industry analysts and company executives point out that positioning Lotte Mall West Lake Hanoi as a premier, ultra-modern commercial complex spanning a massive 107,000 pyeong was a pivotal strategy. The lifestyle hub currently attracts upwards of one million international tourists every year.

Looking ahead, Lotte Department Store intends to upgrade approximately 20% of the mall's retail spaces—totaling around 50 stores—by the end of the year. Furthermore, the company plans to unveil "KOREA 360," a sprawling 1,000-pyeong interactive K-culture experience zone developed in partnership with South Korea’s Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency, slated for the first half of next year.

Kim Jun-young, head of Lotte Department Store’s overseas business division, remarked that the proven success in Hanoi has paved the way for potential further expansions across the Vietnamese market.

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