Lotte Department Store to shift focus from department stores to shopping malls, opening nine new locations at 7 trillion won (Korea)

Lotte Department Store has adopted the concept of a "future shopping mall" and announced that it will invest a total of 7 trillion won (approximately 772.27 billion yen) in the project by 2030.
"Looking at the current trends in the distribution market in Japan and Korea, it is shopping malls, not department stores, that are driving growth," said Jeong Jun-ho.
The company's futuristic shopping mall business will begin with the Time Villas Suwon store, a shopping mall that has just reopened after renovation from a department store.
From now until 2030, the company will invest 7 trillion won to build and expand 13 shopping malls in Korea and at least two overseas.
As a result, nine sites in Daegu, Incheon, and other areas have been converted into shopping malls.
The plan is to develop these areas into a complex that will include a shopping mall, residences, accommodation facilities, and offices.
The company's aggressive stance is likely due to a sense of crisis about its business situation.
Sales were down 0.6% from the same period last year to 1.5945 trillion won (approximately 176.076 billion yen), and operating profit was down 22.1% to 152 billion won (approximately 16.78496 billion yen).