South Korea’s Retail Giant Lotte to Expand Its Presence in Vietnamese Market

October 2023

In September 2023, Lotte announced the official opening of Lotte Mall West Lake Hanoi, a mega shopping mall that serves customers desiring to experience Korean products ranking from as K-food and K-culture.

Located across a remarkable 354,000 square meters, Lotte Mall West Lake Hanoi is the largest shopping mall in Vietnam. Since its first trial run in July, the mega-mall has attracted over 2 million people, equivalent to 25% of Hanoi’s population.

Possessing a prime location in a residential and commercial district of Vietnam’s capital, Lotte Mall targets to become a premier landmark and business hub in the city. The complex encompasses a wide range of facilities, including shopping malls, a supermarket, a hotel, an aquarium, and a cinema. The complex, accommodating 233 stores covering over 60% of the total area, will cater to the burgeoning young population in the new urban area.

Alongside the shopping area for several domestic and foreign retailers, Lotte also incorporated its famous supermarket chain, Lotte Mart, into the West Lake Mall, with a total area of over 4,300 square meters. The complex also includes a 23-story building that houses a hotel and office space. The L7 West Lake Hanoi By Lotte offers 264 rooms and 192 residences, with 5-star facilities and services.

The retailing giant is pursuing the strategy of “Koreanization”, which means transplanting Korean culture in Vietnam with K-food and K-music instead of localization. The Korean retailer will use Lotte Mall West Lake Hanoi as a stepping stone for expansion beyond Vietnam into other countries, eying on Cambodia and Laos in the near future.

(Source: The Korea Economic Daily)

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