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[Alpha Biz=(Chicago) Reporter Kim Jisun] Lotte Shopping opened a super-large commercial complex in Hanoi, Vietnam
Lotte Shopping opened a super-large commercial complex in Hanoi, Vietnam, and announced its start for "Asia Shopping No. 1."
Lotte Shopping announced on the 27th that it will expand its Asian market by opening Lotte Mall Westlake in Hanoi, Vietnam on the 28th. The official opening date is September 22. Lotte Mall Westbrook is a Vietnamese version of Lotte Town where Lotte's major affiliates, including shopping malls, marts, hotels, aquariums and movie theaters, are gathered. It will be the largest in the West Lake New Town area, the center of Hanoi. The total floor area is about 354,000㎡ (about 107,000 pyeong), which is the sum of 50 soccer fields. Lotte Group's enterprise-wide capabilities, including distribution, tourism, leisure, and construction, have been deployed to the extent that it is called a "home settlement for affiliates."
The West Lake area, where Lotte Mall Westbrook is located, is famous for its high consumption level even in Vietnam, a land of "population of 100 million." According to global consulting firm McKinsey, Vietnam's middle-class consumer class, which spends at least US $ 11 a day, was less than 10% of the total population in 2000, but has now increased to 40% and is expected to increase to 75% by 2030.
The top two floors of the income pyramid, which spend more than $30 a day, are also expected to grow rapidly, accounting for 20% of the total population by 2030. In addition, there is an analysis that the urban population, which will contribute to the increase in consumption through the national urbanization policy, will increase by 10 million over the next 10 years. Among them, Hanoi, along with Ho Chi Minh, is a city where many high-income people in Vietnam live and where consumption is active.
Hanoi's West Lake region has been a rich village favored by high-ranking government officials and wealthy people since the past, and a large-scale new town development nearby has led to an influx of foreigners and young consumers.
Expectations are also high for revitalizing the economy at home and abroad and promoting friendship between Korea and Vietnam. Lotte Shopping predicts that the operation of Lotte Mall Westbrook will create more than 3,000 jobs. It also plans to help Korean companies enter overseas markets and expand their markets through the entry of various domestic brands, and to take the lead in spreading K-culture such as fashion, food and cultural life.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
