Lotte Department Store Time Villas Continues the Success Story of Hanoi Mall

Editor's NoteAsia Economy awarded the '2025 Asia Consumer Awards' to distribution and food companies and brands that were loved by consumers last year. Now in its 19th year, the Asia Consumer Awards selects distribution companies that strive to protect consumer rights and convenience, lead the development of the consumer goods industry, and set trends in the era.

2025 Asia Consumer Awards Asia Economy Special Prize

Lotte Department Store was selected as the recipient of the Asia Economy Special Prize at the 2025 Asia Consumer Awards. The company received high marks for building futuristic shopping malls that span both domestic and international markets, providing consumers with new shopping experiences, and presenting a vision for the industry based on increased profitability and other achievements.

The most notable achievement is Lotte Mall West Lake Hanoi, which has emerged as a new landmark in Hanoi, the capital of Vietnam. It is being hailed as the 'second wave' that has transformed the local shopping culture. With its prime location overlooking West Lake, the largest lake in Hanoi, and its offering of premium brands, relaxation, experiences, culture, gourmet dining, and services rarely seen locally, it is known as a 'super shopping complex' that provides everything needed for shopping.

Lotte Mall West Lake Hanoi panorama. Provided by Lotte Department Store

Lotte Mall Westlake Hanoi exterior view (left). Visitors are exploring shopping facilities inside Lotte Mall Westlake Hanoi. Courtesy of Lotte Department Store

Lotte Mall West Lake Hanoi, which celebrated its first anniversary last year, surpassed 10 million cumulative visitors just 354 days after opening, exceeding the estimated population of Hanoi, which is about 8.6 million. In January last year, just 122 days after opening, it achieved sales of 100 billion KRW in record time. Only five months later, in June, sales surpassed 200 billion KRW, quickly establishing its presence in the local market. This performance is equivalent to 400,000 times the average monthly income of a Vietnamese worker, which is 500,000 KRW.

With the great success of Lotte Mall West Lake Hanoi, Lotte Department Store's overseas business sales in the third quarter of last year increased by 24.6% compared to the same period the previous year. Cumulative sales in Vietnam for the first to third quarters also rose by 180.8%. Based on the success of Lotte Mall West Lake, Lotte Department Store is considering expanding its overseas business by developing commercial facilities in Thu Thiem New Town in Ho Chi Minh City and seeking additional sites to expand its stores in Vietnam.

13 Shopping Malls Including 11 Time Villas to Be Built by 2030

Domestically, the future-oriented store 'Time Villas', which combines department stores and shopping malls, continues the success story of Lotte Mall West Lake Hanoi. In 2014, Lotte Department Store transformed its Suwon branch in Gyeonggi Province, which opened in 2014, into a landmark shopping platform for the region and reopened it as the first Time Villas branch in October last year.

Time Villas Suwon was considered the largest-scale renewal project in the history of Lotte Department Store, changing about 70% of the existing area. It was praised as a 'masterpiece of renewal' by presenting itself as a 'convergence-type premium shopping mall' that combines the strengths of department stores and shopping malls, and is strengthening its position as a regional shopping landmark not only in Suwon but also in southern Gyeonggi Province.

TIMEVILLAS Suwon exterior. Provided by Lotte Department Store

The interior of Time Villas Suwon is bustling with shoppers. Photo by Lotte Department Store

Meadow, an artwork by Dutch artist Drift installed at Time Villas Suwon. Courtesy of Lotte Department Store

TIMEVILLAS Suwon exterior. Provided by Lotte Department Store

With the grand opening of Time Villas Suwon, Lotte Department Store also announced its future plans for the 'futuristic shopping mall business' for mid- to long-term growth. Specifically, by 2030, it plans to invest about 7 trillion KRW in domestic and overseas shopping mall businesses to build 13 shopping malls, including 11 Time Villas, and achieve annual sales of over 6.6 trillion KRW.

To achieve this, Lotte Department Store plans to add four new shopping malls in Songdo (Incheon), Suseong (Daegu), Sangam (Seoul), and Jeonju (Jeonbuk) by 2030, and convert seven existing locations in Gunsan (Jeonbuk), Suwan (Gwangju), Dongbusan, Gimhae, and others into shopping malls through expansion and renewal, thereby expanding Time Villas nationwide. Overseas, it plans to diversify its shopping mall business through new openings and consignment operations based on the successful model of Lotte Mall West Lake Hanoi.

In addition, Lotte Department Store Jamsil, the largest super-sized shopping complex town in Korea, surpassed 3 trillion KRW in annual sales for the first time last year and is aiming to become the first department store in Korea to achieve 4 trillion KRW in annual sales by 2027.