Lotte Young Plaza to be renewed into dining multiplex

[Photo by Han Joo-hyung]

South Korea’s Lotte Department Store plans to close Lotte Young Plaza, a hip youth-centered shopping center located in Myeongdong, 20 years after its opening and reopen it as a multiplex of trendy cafes and restaurants, targeting young consumers in their 20s and 30s, through a complete make-over.

According to the retail industry on Wednesday, Lotte is seeking to renovate the fashion mall to transform it into a dining multiplex after reviewing various options, said an official at the retailer.

The seven-story shopping center opened in November 2003 after Lotte’s takeover from Midopa Department Store. It immediately became a fashion mecca attracting young shoppers to its more than 120 fashion brands. However, shopping trends have changed over time and today’s young consumers prefer online shopping or small select stores for clothing from various brands gaining popularity through social media platforms instead of department stores.

Catching the trend change, Lotte has decided to create a dining multiplex to take back young consumers following delicious tastes. The new foodies’ heaven is expected to open with a slew of chain restaurants of already popular names across the nation.

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