Lotte Department Store said Monday that its Incheon branch has completed a renewal project as the first step in creating "Lotte Town Incheon," positioning itself to become the first "1 trillion won department store" in the western Seoul metropolitan area.
The Lotte Department Store Incheon branch will reopen on May 1. The store began its renewal in 2023 and first unveiled a future-oriented food hall, "Food Avenue," in December of that year. In August 2024, it opened a 1,200-pyeong (about 3,960 square meters) experiential premium beauty hall, followed by the sequential renovation of the largest premium kids' hall in the western Gyeonggi region, along with women's fashion and luxury fashion sections last year.
The earnings improvement has been clearly evident. The Incheon branch recorded a sales growth rate in the 20 percent range in the first quarter of this year, among the highest of all Lotte Department Store locations. Last year, it achieved annual sales of 830 billion won ($610 million), crossing the 800 billion won threshold for the first time. Despite the suspension of operations for some product categories during the three-year renewal project, last year's sales grew more than 10 percent compared to 2022, before the renewal began, Lotte Department Store explained.
Using the renewal as a springboard, the Incheon branch will pursue the creation of Lotte Department Store's third "Lotte Town," following those in Myeong-dong and Jamsil. Lotte Town refers to a complex commercial district that combines shopping, culture, and entertainment functions.
In addition, Lotte Department Store will also push forward with a "terminal modernization" project starting in the second half of this year. The Incheon Comprehensive Bus Terminal, which is directly connected to the department store, is a large-scale transportation hub used by an average of 7,000 people per day and serves as the largest convenience facility in the region. Lotte Department Store plans to relocate the aged terminal to an adjacent site and construct a new terminal to enhance customer experience, and will also consider complex development of the existing terminal site in the future.
"The Incheon branch has completed its long three-year premium renewal and finished preparations to enter the ranks of the 'next 1 trillion won department stores,'" said Jung Dong-pil, head of Lotte Department Store's Incheon branch. "Through the ultra-innovation of customer experience, we will continue to grow it into a next-generation premium department store with competitiveness that transcends the region."
