May 23, 2018 | By Alice Gividen
Big data meets consumer insights. Experience WGSN.
The biggest shopping mall in South Korea has opened in Seoul last week after several delays by the city government over safety and traffic concerns. Lotte World Mall, located in Jamsil, is a retail and entertainment complex spanning 200,000 sq m connecting to high-end department store Avenuel, the country’s largest cinema complex and aquarium, a concert hall and a 123-story entertainment tower that is still under construction.
More than 970 brands will open in the complex, including Louis Vuitton, Chanel and Hermes which have set up flagship stores. 20 of which are new to the South Korean market including H.Stern and Peck.
Lotte World Mall is positioned as a modern city landmark, designed with sculptural glassfiber ceiling, illuminated timber walls, motif lighting and outdoor gardens.
The mall opening comes in a time when South Korea is seeing one of its biggest tourist influx in history from the rest of Asia, particularly China. As of September 2014, the country has seen a 15.4% growth in overseas tourists number from the year before, according to Korea Tourism Organisation. Lotte estimates the mall will generate 1.5 trillion won (£867 million) in sales each year, as reported by Korea JoongAng Daily.
Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.