South Korea's Lotte to open overseas HQ in Singapore

New office to oversee shopping mall chain's businesses in Vietnam, Indonesia from 2026

- Benjamin Lim

Lotte Shopping, which operates the largest shopping mall chain in South Korea, will open its international headquarters in Singapore in 2026 to capture the wave of growing interest in Korean culture sweeping through Southeast Asia.

The new office will oversee Lotte's businesses in Vietnam and Indonesia, where it has a sizeable retail presence.

An initial public offering (IPO) on the Singapore Exchange could also be on the cards as the company seeks funds to spearhead its future expansion in the region.

Lotte Retail group chief executive Samuel Sanghyun Kim told The Straits Times in an interview that he aims to position Lotte as the top shopping destination in Southeast Asia.

Lotte Shopping is a subsidiary of Lotte Retail Group. It aims not just to keep pace with the trends but also to set them, even as customer preferences continue to evolve.

The proliferation of South Korean pop music, films and TV shows here has deepened consumers' emotional connection to Korean culture, significantly boosting Lotte's retail business and helping the company maintain long-term ties with its customers here, Mr Kim said.

Mr Kim, who was in town for the company's CEO investor relations day, said the Republic was a "natural centrepiece" for Lotte's businesses in the region.

He cited Singapore's established infrastructure, its track record as a location for international headquarters and a strong talent pool to lead Lotte's regional operations.

The numerous consumer packaged goods companies and retailers based here also allow the group to capitalise on networking opportunities for future business growth, he added.

Mr Kim noted that Lotte will first focus on achieving financial stability and sustainable growth in the region.