Lotte Department Store Secures 10-Year Lease at Yeongdeungpo Station

Lotte Department Store has secured the operating rights for Yeongdeungpo Station in Seoul, ensuring that its Yeongdeungpo location will continue operations for at least the next 10 years.
 
Lotte Shopping announced on September 1 that it was selected as the new user in a bidding process conducted by the Korea National Railway Authority for the use of Yeongdeungpo Station. Once the new contract procedures are completed, Lotte Department Store will continue to operate at its current location.
 
This bidding process faced multiple failures earlier this year. The Korea National Railway Authority began seeking new commercial operators for Yeongdeungpo Station in February, but all three previous bids were unsuccessful. Lotte Shopping was the sole participant in the fourth public bidding, which closed in July.
 
With the renewal of its operating rights, Lotte has secured a stable operational period of at least 10 years.
 
The Yeongdeungpo location, which opened in 1991, is a key privately operated station store for Lotte Department Store. While it is directly connected to Yeongdeungpo Station, it faces competition from nearby stores such as Shinsegae Department Store's Times Square, making it essential to enhance its competitiveness in the area.
 
A Lotte Department Store official stated, “With this selection, we have secured a stable operating period of at least 10 years. We plan to enhance the competitiveness of the Yeongdeungpo store through differentiated product planning to become a leading department store in the western Seoul market.”