Lotte Department Store to Invest 7 Trillion Won in Shopping Malls by 2030

Seoul: Lotte Department Store, a prominent player in South Korea's retail sector, announced plans to invest 7 trillion won (US$5.06 billion) in the expansion and enhancement of its shopping malls by 2030. The strategic initiative aims to diversify the company's business portfolio and strengthen its position in the competitive retail market. According to Yonhap News Agency, Lotte Department Store intends to increase its domestic shopping mall count from the current seven to 13 by 2030, with a target sales figure of 6.6 trillion won in the shopping mall sector. The company has outlined plans to upgrade its existing shopping malls and develop four new ones to align with evolving consumer demands. Lotte anticipates that its shopping malls, such as the Lotte World Mall in Jamsil, eastern Seoul, will become a cornerstone of its business. These malls, popular among younger consumers in their 20s and 30s, offer a mix of fashion, food, and experiential stores. In addition to its domestic expansion, Lotte Department Store operates an overseas shopping mall in Vietnam, Lotte Mall West Lake Hanoi. While the company has expressed intentions to open more international locations, specific plans have not yet been disclosed. The company aims to derive 60 percent of its total sales from department stores, 30 percent from shopping malls, and the remaining from outlet businesses by 2030. Currently, the department store division primarily generates revenue from department store and outlet operations. Lotte Shopping Co., a subsidiary of Lotte Group, manages South Korea's largest department store chain and the third-largest discount store chain.