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.
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