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Lotte Department Store Jamsil tops 3 tn won in sales

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Lotte Department Stores’ Jamsil branch in Seoul surpassed 3 trillion won ($2.08 billion) in annual sales for the first time, achieving double-digit growth despite sluggish domestic consumption. The store recorded 65 million visitors in 2024, the highest in its history, driven by the synergy of attractions in the “Lotte Town” complex, including Lotte Department Store, Lotte Tower, Lotte World Mall, and Seokchon Lake.

The department store’s strategy of appealing to a wide demographic - offering trendy content at Lotte Mall for younger generations and luxury goods at Lotte Department Store for older shoppers - has led to a surge in visitors.

On Thursday, Lotte Department Store announced that its Jamsil branch saw over 3 trillion won in sales, just two years after breaking the 2 trillion won mark in 2022. Sales have doubled in the past five years, rising from 1.5 trillion won in 2019.

The Jamsil branch experienced a sharp increase in revenue after incorporating Lotte World Mall in 2021. As domestic economic stagnation during the Covid-19 pandemic, the branch‘s annual sales were 1.47 trillion won in 2020. However, the integration of Lotte World Mall, previously operated by Lotte Asset Development, transformed the branch into a massive retail hub spanning over 165,000 square meters. This move boosted sales to 1.79 trillion won in 2021 and 2.59 trillion won in 2022. Following the easing of pandemic restrictions, the trend of pent-up spending further propelled sales to 2.76 trillion won lin 2023 and over 3 trillion won in 2024 for a growth rate in the double digits.

Lotte Town, which encompasses Lotte Department Store’s main and luxury branches, Lotte World Tower, and Seokchon Lake, has been a significant draw for customers. This massive retail and entertainment complex appeals to a broad range of shoppers, from luxury enthusiasts to younger generations seeking trendy brands and pop-up experiences. The addition of MZ generation-focused brands such as Ader Error, Mardi Mercredi, London Bagel Museum, Blue Bottle, and Apple Store has bolstered the store’s popularity. Over the past two years, 100 new stores have opened or been renovated within the World Mall, with more than 600 pop-ups held, further enhancing its appeal.

Visitor numbers to the Jamsil branch totaled 65 million in 2024, up 15 million from two years ago. A Lotte Department Store official noted that unique attractions, including the skyscraper observatory, Lotte World, and the nearby “Songridan-gil” commercial district connected to Seokchon Lake, provide advantages competitors cannot replicate. The store’s success in creating a vibrant space for all age groups has driven both visitor numbers and sales.

With the Jamsil branch crossing the 3 trillion won mark and its flagship Sogong branch surpassing 2 trillion won, Lotte Department Store now operates two locations in Seoul generating over 2 trillion won in annual sales. The company plans to continue bolstering its offerings to drive growth, even amid domestic economic challenges.

A significant renovation of the Jamsil branch, its first since opening in 1988, will begin in 2025, starting with the basement food court and progressing floor by floor until it is completed in 2027. Separate from the main store, World Mall and Avenuel, the luxury-focused wing, will also undergo enhancements to strengthen their respective identities as experiential retail spaces and luxury shopping destinations.
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