Lotte partially opens $624 million retail complex in Vietnam

Lotte has partially opened its 800-billion-won ($624 million) hotel and entertainment complex in Hanoi, an initiative billed as the largest retail complex in Vietnam that combines a shopping mall with a hotel, cinema and aquarium.

Image of the Lotte Mall West Lake in Hanoi, Vietnam [LOTTE SHOPPING]

Lotte has partially opened its 800-billion-won ($624 million) hotel and entertainment complex in Hanoi, an initiative billed as the largest retail complex in Vietnam that combines a shopping mall with a hotel, cinema and aquarium.

The move marks Lotte’s pivot toward the Southeast Asian country amid the downsizing in China and stagnant sales in Korea.

The Korean retail group said Friday that some stores, the hotel and the multiplex theaters of Lotte Mall West Lake have already opened their doors in what the group calls its "pre-opening." An aquarium will open on Aug. 1 and Lotte Mart on Sept. 8.

All establishments will be operational by Sept. 22.

Located near West Lake, the largest freshwater lake of Hanoi that spans the city’s upscale neighborhoods, the site occupies a floor area of 354,000 square meters (3.8 million square feet), or the equivalent of 50 soccer stadiums.

The shopping center consists of seven above-ground floors plus two basement levels, with 233 stores including those of household names like Samsung Electronics, Apple, Uniqlo, Zara and luxury cosmetics such as Chanel and Dior.

The retail group will distinguish its offerings from those of local shops by selling products and fruits originated in Korea.

Next to the shopping mall is its hotel and office buildings, each with 23 floors.

Lotte Chairman Shin Dong-bin cited Vietnam as the company's major target market when he visited Ho Chi Minh last year to attend a groundbreaking ceremony of a residential project known as Lotte Eco Smart City Thu Thiem.

The project, which will cost $900 million, is a large commercial complex with a total floor area of 680,000 square meters. It will have a shopping mall with five basement floors and 60 floors above ground, with offices, hotels and apartments.

The plans are designed to boost its presence in Vietnam, where Lotte operates two department stores and 15 large supermarkets.

Vietnam is the second largest overseas market, after Indonesia, for Lotte Shopping, generating 1.2 trillion won in sales last year, up 22.5 percent over a year ago.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]