Lotte makes expansion plans following Vietnam supermarket success

By Thi Ha, Dam Tuan   April 21, 2016 | 09:18 pm GMT+7

In 2015, revenue from Lotte Mart's 11 supermarkets in Vietnam increased over 30 percent to VND5 trillion ($225 million), and to keep up this rapid growth, Lotte Mart will open more stores in the future.

General Director of Lotte Mart Vietnam Hong Won Sik said at the opening ceremony of Lotte Mart Go Vap on April 21 that: “With 11 supermarkets in Vietnam, we receive more than 1 million customers each month and the number of customers has increased steadily over the years. In 2015, revenue reached $225 million, up 30 percent compared to 2014, and we welcomed 20 percent more customers.”

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Lotte Mart is booming with 12 supermarkets in Vietnam. Photo by Moveek

Hong Won Sik said that the Korean giant expects to open convenience stores in Vietnam, and at the end of this year, an e-commerce channel.

“By 2020, our target is to have 60 supermarkets in Vietnam, and each year, Lotte will open 4 to 5 new supermarkets,” Hong added.

Lotte will accelerate its participation in M&A deals including pursuing Big C and other potential deals, he said.

Lotte has more than 20 member companies with an investment size of over $2 billion. Recently, the group also invested in a $2billion-plus "super project" in HCM City's Thu Thiem Urbanized Area.

“Our total investment in Vietnam is up to $4 billion. In the recent meeting with HCM City's Party Secretary Dinh La Thang pledged to hand over land for us to implement the project this year, and no later than the beginning of 2017,” the general director said.

Lotte Mart Go Vap shopping mall has just opened on Nguyen Van Luong street in Go Vap district and covers 26,654 square meters. This is the 12th Lotte supermarket to open in Vietnam in eight years.

 
 
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