Lotte Department Store's 'Half-Price Luxury Goods' Sellout on First Day Surpasses Daily Target in Half a Day

On the 25th, when Lotte Shopping started offline sales for the duty-free luxury goods event, citizens hoping to make purchases lined up in front of Lotte Department Store in Nowon-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Seungjin Lee] On the first day Lotte Department Store began selling luxury stock duty-free goods, the unstoppable love for luxury brands continued as the daily sales target was achieved within half a day despite the rainy and gloomy weather.

On the 25th, Lotte Department Store announced, "As of 3 p.m., three locations including Lotte Premium Outlets Giheung and Paju branches, and Lotte Department Store Nowon branch recorded sales of 540 million KRW, achieving more than 100% of the daily sales target within 5 hours of opening."

One day before starting the sale of stock duty-free goods on the 26th, Lotte Department Store held a 'pre-open' event at three locations: Lotte Department Store Nowon branch and Giheung and Paju Premium Outlets, showcasing products in advance.

News that luxury goods would be sold at prices about 40% cheaper than the regular price drew crowds to the department stores and outlets from early morning. Especially since this was the first time stock duty-free goods were sold offline, customers eager to see the products in person and take them home immediately kept coming.

Anticipating the influx of visitors, Lotte Department Store distributed numbered tickets in order of arrival and allowed only 20 people to enter at a time with a limited shopping time of 20 minutes. At the Giheung branch, the first customer received ticket number 1 as early as 4 a.m., seven hours before opening. At the Paju branch, the 660 tickets prepared for the day were all distributed by around 10:40 a.m., and more than 600 customers gathered at the Nowon branch at the opening time of 10:30 a.m.

Due to this popularity, the sales amount set as the daily target by Lotte Department Store was exceeded within half a day. As of 1 p.m., the Nowon branch sold 150 million KRW worth of goods, and the Paju and Giheung outlets sold 120 million KRW and 100 million KRW respectively, approaching the daily sales target of 200 million KRW within 2 to 3 hours of opening.

Lotte Department Store had prepared luxury stock duty-free goods worth about 1 to 1.2 billion KRW at each event store and planned to continue the event until the 30th. To proceed as scheduled, about 200 million KRW worth of products needed to be sold daily, but this target was surpassed within half a day. Given this trend, there is a high possibility that the event will end over the weekend.

A Lotte Department Store official said, "The first day of offline stock duty-free goods release attracted a lot of attention," adding, "We will monitor the situation."

Meanwhile, Lotte Department Store will start selling stock duty-free goods in line with the 'Korea Together Sale' beginning on the 26th. In addition to the three stores that started sales a day earlier, sales events for stock luxury goods will be held at Lotte Department Store Yeongdeungpo branch, Daejeon branch, and Lotte Outlets Gimhae branch, Gwangju Suwan branch, and Daegu Isiapolis branch. Each store has prepared about 1 to 1.2 billion KRW worth of inventory.

This content was produced with the assistance of AI translation services.