Dept. Stores Compete for Yeongdeungpo: Lotte Bids to Secure Station Space While Shoppers Drift to Times Square
Creatrip Team
19 days ago
Lotte Department Store’s Yeongdeungpo branch, once a southwest Seoul landmark, is seeing declining sales and quieter upper floors despite busy underground food halls connected to Yeongdeungpo Station. Lotte has submitted a sole bid in the fourth tender to operate the station’s commercial space (Yeongdeungpo Station commercial facility), hoping to leverage future growth from the 2027 Shinansan Line opening and local redevelopment projects. Annual lease bidding fell from 28.7 billion to 22.96 billion won after three failed rounds. Meanwhile, nearby Shinsegae Department Store Times Square draws younger shoppers and strong luxury sales—its combined complex (hotel, cinema, bookstore, big supermarket) and recent fashion hall renewals helped it post far higher revenues and host top luxury brands and watches. Industry observers say Lotte’s investment was limited by restrictive station facility rules and an expiring operating contract, but the area’s transport hub status keeps it attractive for future redevelopment and customer growth.
