South Korean retailer Lotte Mart continued its assertive push into Vietnam with opening of a $9 million supermarket in Tan Binh district, Ho Chi Minh City.
Lotte Mart Tan Binh opened on December 18 occupying 8,500 square metres over two floors. The new supermarket will offer over 30, 000 products, in which 90-95 per cent is Vietnamese.
Late last month, Lotte inaugurated a $34 million/10,000 square-metre shopping centre in the southern province of Ba Ria Vung Tau.
Lotte currently operates eight shopping centres – two in Ho Chi Minh City and Hanoi respectively, and one in Dong Nai, Danang, Binh Duong and Binh Thuan.
In October 2012, Lotte Mart bought out local partner Minh Van to become a wholly foreign-invested enterprise. The retailer has announced its goal of opening 60 shopping centres and supermarkets throughout the country by 2020.
By entering the market early, the company believed that it would be able to select the best strategic locations in Vietnam’s marketplace, Hong Won Sik, general director of Lotte Mart Vietnam told VIR.
Lotte Mart was founded in 1998 in South Korea. It has more than 243 trade centres, both at home and in China, Indonesia and Vietnam.