Lotte Department Store tops $744 mil. in foreign customer sales

In a landmark achievement, Lotte Department Store has reported its foreign customer sales nationwide reaching over 1 trillion won, equivalent to $744 million, on Tuesday. This marks the first time a Korean department store operator has attained this significant milestone. The retailer had already surpassed the previous year's total of 734.8 billion won in July alone.

The surge in foreign sales is attributed to the increasing demand for luxury goods, as well as Korean fashion, food, and cultural experiences. A major contributor to this growth is the Myeong-dong shopping district operations in central Seoul, which generated approximately 520 billion won in sales to foreign customers.

To attract overseas visitors, the flagship store has expanded its Korean fashion offerings and introduced themed events. Additionally, the Jamsil complex in eastern Seoul saw a doubling of foreign customer sales compared to the previous year. Shoppers from North America and Europe accounted for 35% of these sales, a 15% increase from 2019.

The growth in foreign sales extends beyond Seoul, with a remarkable 150% increase in sales to foreign shoppers at the Busan stores, up from the previous year. Furthermore, sales at stores in the southwestern region, including Jeonju and Gwangju, doubled during the same period.