Jung Jun-ho, Lotte Department Store CEO, Heads to Vietnam... Strengthening Overseas Business in the Endemic Era

Reviewing Store Status in Hanoi and Ho Chi Minh and Understanding Local Market
Exploring Business Directions Targeting Young Generation in Vietnam in the Endemic Era

Jung Junho, CEO of Lotte Department Store.

[Asia Economy Reporter Yuri Kim] Jung Junho, CEO of Lotte Department Store, chose Vietnam as his first overseas business trip destination. In the endemic era, he plans to both reorganize overseas business operations and embark on new business initiatives.

According to the distribution industry on the 24th, CEO Jung departed for a 3-night, 4-day business trip to Vietnam from the 22nd to the 25th. He will visit Lotte Department Store locations in Hanoi and Ho Chi Minh City and assess the local commercial districts.

Lotte Department Store has four overseas locations: two in Vietnam, one in Chengdu, China, and one in Jakarta, Indonesia. The Hanoi store, opened in 2014, is a key overseas location occupying the lower floors of the 65-story Lotte Center Hanoi. It offers a variety of contemporary product lines targeting young people in Hanoi. The Ho Chi Minh City store, acquired through the purchase of Diamond Plaza and opened in 2015, features a Korean-style department store layout attracting customers.

In the first quarter of this year, the sales growth rate of Lotte Department Store’s overseas stores compared to the same period last year was 7.6% in Vietnam, outperforming Indonesia (-0.9%) and China (-15.3%). Overall overseas department store operating profit also increased due to sales growth at existing stores in Vietnam and rent reductions in Indonesia. CEO Jung plans to strengthen the competitiveness of existing stores in Vietnam and explore additional expansion plans.

Similarly, Kang Sung-hyun, CEO of Lotte Mart, has begun reorganizing overseas stores in the endemic era. Last weekend, CEO Kang attended the CGF (The Consumer Goods Forum) Global Summit held in Dublin, Ireland, where Shin Dong-bin, Chairman of Lotte Group, and Kim Sang-hyun, General CEO of Lotte Distribution Group, participated in activities supporting the bid for 'Busan Expo 2030.' Afterwards, he will move to the UK to visit local distribution companies. In April, CEO Kang also visited Vietnam, inspecting 10 out of 14 Lotte Mart stores and checking the site of the new store in Binh scheduled to open next month.

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