Lotte Department Store

Shin Kyuk-ho established Lotte Department Store in 1979, launching the first location in Myeongdong, Seoul. That original site remains the Main Store today and sits directly above the Myeongdong Subway Station within one of the country's busiest tourism districts. The brand grew from that single point into South Korea's largest department store chain with 32 domestic branches by late 2024. It occupies a mid-to-high-end market segment distinct from its sister discount chains like Lotte Mart, competing directly with Shinsegae and Hyundai for luxury fashion, cosmetics, and gourmet food.

The company has consistently pushed beyond traditional retail boundaries by integrating hotels, cinemas, and theme parks like Lotte World into its complexes. This strategy creates self-contained destinations where dining, festivals, and shopping occur under one roof. In October 2024, leadership announced a 7 trillion won investment plan to develop new malls and revitalize existing properties through 2030. This capital injection aims to transform locations into experiential hubs rather than simple sales floors.

Recent strategic moves highlight an aggressive push toward global branding and younger demographics. On September 28, 2026, the retailer appointed BLACKPINK member Jennie Kim as its first advertising model in ten years. Simultaneously, the group opened a regional headquarters in Singapore to capture Southeast Asian markets while launching sports-themed events like Active Week in October 2026. Despite these expansions, the company introduced a second voluntary retirement program in September 2026 to adjust its workforce amid shifting consumer habits. [edit]