[company] lotte department store "invests 7 trillion by 2030...there are 13 complex shopping malls in korea."

Lotte Department Store has decided to invest 7 trillion won by 2030 to increase the number of new complex shopping mall brands to 13.

Jung Joon-ho, CEO of Lotte Department Store, said at a press conference yesterday (23rd) that shopping malls will become the mainstay of the domestic distribution industry, overtaking department stores and outlets.

He then explained that Lotte's new shopping mall, Time Villas, is characterized by breaking the boundaries between department stores and shopping malls, and that shopping, entertainment, and cultural life can be experienced in one space.

Lotte Department Store plans to convert existing sites such as Sangam in Seoul, Songdo in Incheon, and Suseong in Daegu into new shopping mall business sites.