South Korea's Lotte Shopping bets big on SEA as overseas revenue surges

International operations now make up 12.9% of revenue.

Lotte Shopping is accelerating its expansion in Southeast Asia, with overseas operations becoming a major driver of growth.

In 2024, the company’s overseas revenue rose 5.1%, while operating profit more than doubled, up 114.9%. In the first half of 2025, international operations accounted for 12.9% of consolidated revenue and 18.1% of operating profit.

Vietnam is leading the charge. Lotte Mall West Lake Hanoi, launched in 2023, surpassed $71.9m (KRW100b) in sales in just 122 days, attracted over 10 million visitors in its first year, and turned a profit for two consecutive quarters.

Revenue in Vietnam jumped 20% last year, with operating profit up 216.9%.

Indonesia also saw year-on-year growth. In Singapore, Lotte Mart EXPRESS stores at FairPrice now feature private-brand products in over 100 locations and are exporting to 13 countries.

To build on this momentum, Lotte plans two to three new premium retail complexes in Vietnam by 2030 and will expand its LOTTE Mart EXPRESS shop-in-shop model across Southeast Asia.

An International Headquarters in Singapore will oversee regional strategy, marketing, HR, and finance, whilst supporting local partnerships and investments.

Domestically, Lotte is also strengthening core businesses and deploying AI to boost efficiency in merchandising and operations. Financially, the company has cut its debt ratio to 129%, lowered borrowing dependence to 38%, and introduced Korea’s first interim dividend in June.