Recently, the Donga newspaper (South Korea) reported that Lotte Mall West Lake has emerged as a popular destination for the younger generation in Vietnam. Since its grand opening in September 2023, it has become a prominent landmark in Vietnam, attracting 6 million visitors within 6 months.
Currently, the mall welcomes an average of 30,000 visitors on weekdays and over 50,000 during weekends. Notably, it took only 122 days for Lotte Mall West Lake to surpass 100 billion Won (approximately 1.839 billion VND) in revenue.
Vietnam is considered a country in the “golden population age” with the proportion of people of working age (15 to 64 years old) reaching 70% of the total population. Lotte Mall West Lake is home to 233 famous brands from South Korea and around the world.
Remarkably, capitalizing on the influence of the “Korean Wave”, including K-pop (Hanllyu), Lotte Mall West Lake has quickly captured the attention of young Vietnamese people, thereby contributing significantly to the economic development and cultural exchange between Vietnam and South Korea.
Vietnam is recognized as a potential consumer market. Mordor Intelligence, a global market research firm, predicts that the Vietnamese retail market will grow at a compound annual growth rate of 12.1% starting this year, reaching approximately $435.6 billion by 2028.
Lotte Mall West Lake was established in 2018 with a total investment of 787 billion Won ($570 million). As of the end of March 2024, the total number of visitors to the mall has exceeded 6 million. This figure represents over 70% of Hanoi’s total population of 8.4 million. Additionally, the number of cumulative purchase orders during the same period reached 800,000.
According to Donga, the store structure accurately reflects the needs of Hanoi residents. The mall’s first floor features global fashion brands such as Zara, Uniqlo, Muji, and Massimo Dutti. Among the 233 brands present, 85 stores, approximately 40%, are flagship stores making their debut in Hanoi.
Besides shopping, which has drawn consumers to Lotte Mall West Lake, approximately 90 food and beverage (F&B) outlets that families can enjoy, a vast array of experiential spaces like an aquarium, a cinema, an indoor playground, and KidZania, an edutainment theme park for children, have been strategically designed to attract visitors.
Mr. Lee Hee-seung, Director of Lotte Mall West Lake Hanoi, stated, “With the persistent persuasion of those in charge, we have attracted 18 famous restaurants, including the first egg coffee shop in Vietnam and a renowned pho restaurant favored by foreign visitors.”
On the opening day of the mall in September 2023, Lotte Vice Chairman Kim Sang-hyun, CEO of Lotte Shopping, said, “The company will develop Lotte Mall West Lake like Lotte Town in Jamsil (South Korea), where hotels, aquariums, and movie theaters are combined to create a synergistic effect. And it seems that Lotte’s goal is materializing as it gradually establishes a new consumer culture based on the concept of a “shopping mall” that has become prevalent in South Korea in Hanoi.
Source: Donga
