Lotte Mall West Lake Hanoi in the West Lake area of Hanoi, Vietnam
HANOI – On a late summer day in Vo Chi Cong, Tay Ho district, a colossal commercial.
South Korea s Lotte Shopping opened a $250 million mega commercial complex in Hanoi Friday as part of Lotte Group’s continuous investment expansion in Vietnam.
Major retailers are eager to grow their wine businesses by purchasing overseas wineries, gaining price competitiveness and expanding overseas distribution networks, according to industry officials, Wednesday. According to Euromonitor, the size of the domestic wine market is estimated to have grown by 50 percent compared to 2020 to 1.5 trillion won ($1.19 billion) in 2021, and to 2 trillion won last year.
Hanwha and Doosan have recently launched their own wine businesses to compete with local retail giants. Doosan opened a large-scale wine bar called Tap Shop Bar at its Doota Mall in Dongdaemun, central Seoul, on Dec. 16. Customers can try various wines at the store and buy bottles of wine. Doosan said it wants to ride on the popularity of the wine-consuming trend among young consumers by opening the shop to revive its shopping mall, which has suffered a long slump due to the COVID-19 pandemic.
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