Lotte Mart closes centre in Hanoi’s Mipec Tower

Lotte Mart closes centre in Hanoi’s Mipec tower.

According to a release Lotte Mart sent to VIR, the company has just sent an official notice to its tenants, partners, and customers on the closure of Lotte Mart Dong Da located in Mipec Tower at 229 Tay Son Street, Hanoi.

“The closure of Lotte Mart Dong Da is part of our plan to reshuffle our investment strategy and expand the network nationwide. This closure will not impact other centres in the Lotte Mart's network,” the release read.

Incentives and benefits of the membership cards of customers' registered in this centre will be available at other centres of Lotte Mart system.

“We are working to reduce inconvenience for customers and tenants shopping in this centre from now to July 1. We are welcoming customers to our two other Lotte Mart centres in Ba Dinh and Cau Giay districts,” it said.

Rumours of the closure of Lotte Mart Dong Da have been circling in the market for several months now, while inventories in this centre has been steadily reducing. In addition, Lotte Mart Dong Da's online store was also removed from the GrabMart application.

Lotte Mart Dong Da opened in March 2014 with a total space of 20,000 square metres and was upgraded in 2018.

After closing Lotte Mart Dong Da, Lotte Mart has two centres left in Hanoi and 14 nationwide.

Not long before closing Lotte Mart Dong Da, the South Korean retailer opened Lotte Mart Nha Trang Goal Coast, its second centre in Nha Trang in this April. The company is going to open another centre in Vinh city (Nghe An province) very soon.

Entering Vietnam as one of the first foreign retailers in 2008, Lotte planned to develop a network of 30 centres within ten years. However, after 13 years, the company now has 14 centres only.