Lotte Mart in landmark move to the capital

illustration photo

A source from Lotte Vietnam Shopping Co. Ltd. told VIR that Lotte Mart’s first outlet in Hanoi would be inaugurated in the first quarter of next year, instead of  late this year as initially scheduled.

 Thomas Hofer, general manager of Mipec Service and Management Joint Stock Company, which manages Mipec Tower in Dong Da district where the retail outlet is to be located, also confirmed the news.

“At present, Lotte Mart wants to concentrate on investing in its two supermarkets in Binh Duong and Phan Thiet that are expected to become operational in November and December this year” said the source from Lotte Vietnam Shopping.  

Hofer added that in the tough economic climate, shopping centres were experiencing difficulties in attracting customers, however “I do not think this will hurt this new supermarket”.

Four Lotte Mart supermarkets are operating in Vietnam, of which two are in Ho Chi Minh City, one in Dong Nai province and one in Danang.

Lotte Mart set up its first retail outlet in Vietnam in 2008 with the opening of Lotte Mart South Saigon, located in District 7 of Ho Chi Minh City. In 2010, it expanded with the second one – the Lotte Mart Phu Tho in District 11.

In  November and December last year respectively, Lotte Mart opened one outlet in Danang and another in southern Dong Nai province’s Bien Hoa.

Lotte Mart Danang is located  in Hoa Cuong Bac ward, Hai Chau district on 10,000 square metres with total investment capital of $30 million.

Meanwhile, Lotte Mart Bien Hoa is located in Amata Commercial Complex covering 8,300sqm and worth $40 million in investment capital.

The South Korean retailer aims to expand its network in Vietnam to 60 supermarkets nationwide by 2020.