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.
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.
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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