Lotte Mall West Lake Hanoi (Image courtesy of Lotte Department Store)
SEOUL, Jul. 9 (Korea Bizwire) – Lotte Mall West Lake Hanoi, a massive commercial complex praised by Lotte Group Chairman Shin Dong-bin as a market-leading business model, has surpassed 200 billion won (approximately $150 million) in cumulative sales less than a year since its opening.
The mall’s success is largely attributed to its innovative merchandising strategy, which has attracted brands popular among younger consumers, and its Korean-style pop-up stores that have become a major draw.
Lotte Department Store announced on July 8 that the cumulative sales of Lotte Mall West Lake Hanoi, which had a soft opening in late July last year and fully opened on September 22, reached the 200 billion won milestone last month. This comes just five months after hitting the 100 billion won mark in early January. The mall has also welcomed over 8 million visitors to date.
In January, during the company’s Value Creation Meeting, Shin urged his executives to “create business models that can lead the market, just like Lotte Mall West Lake Hanoi.”
Vietnam’s demographic landscape, with 60% of its population under 40, has played a crucial role in the mall’s success. Lotte Mall West Lake Hanoi has curated a brand mix that appeals to younger consumers, with customers aged 25-35 driving the majority of sales.
Lotte Mall West Lake Hanoi (Image courtesy of Lotte Department Store)
The mall is the only location in Vietnam to simultaneously host popular global fast fashion brands such as Zara, Uniqlo, Massimo Dutti, Pull&Bear, and Mango. It also features local favorite F&B outlets like Sadhu, Pizza 4P’s, and Ten Thousand Cafe.
Lotte Department Store emphasized that it had successfully transplanted the DNA of Lotte World Mall in Jamsil, Seoul — known as the mecca of pop-ups among Koreans — to Lotte Mall West Lake Hanoi.
The mall has hosted about 30 large-scale pop-up events in its 827-square-meter indoor atrium plaza and 1,653-square-meter outdoor fountain plaza, featuring brands like Chanel Beauty, Dior Beauty, Lego, and Coach.
These events, which incorporated experiential content such as makeup shows and photo zones, have attracted over a million visitors, with an average of 30,000 visitors per event.
Looking ahead, the mall plans to introduce pop-up stores for Samsung, BMW, Swarovski, and Chanel in the second half of this year.
As temperatures in Vietnam approach 40°C this summer, Lotte Mall West Lake Hanoi aims to offer the quintessential “mall-cation” experience. The indoor temperature is maintained at a shopping-friendly 24°C, and the mall will introduce a “culture market” with craft-making experiences and summer-exclusive menus.
The adjacent L7 Hotel is offering special packages that incorporate mall attractions such as the cinema, aquarium, and KidZania, catering to “hotel vacation” customers.
Lee Hee-seung, the mall’s general manager, expressed his commitment to further differentiate Lotte Mall West Lake Hanoi as a representative shopping complex not just for Hanoi, but for all of Vietnam.
Ashley Song (ashley@koreabizwire.com)
