A corner inside the Pico Mall (now called Mipec Mall) trade centre. Lotte Mart has rented 20,000 sq.m of retailing space here. — Photo baodautu.vn

HA NOI (Biz Hub) ― South Korean retailer Lotte Mart has rented 20,000 sq.m of retailing space at the Mipec Tower in Ha Noi's Tay Son Street, according to cafef.vn.

Citing the property firm Knight Frank's second-quarter report, the website said that Lotte Mart's first supermarket in Mipec Mall would open its doors in the fourth quarter of this year.

The move is part of Lotte Mart's plans to invest in 60 supermarkets and trade centres across Vietnam until 2020 and some industry insiders have commented that it will be interesting to see if this development can bring about a future retailing renaissance.

According to Knight Frank, this is the first adventurous investment that the South Korean retailer has been involved in the Vietnamese market, as Mipec Mall (previously called Pico Mall) had failed to live up to expectations.

The trade centre was renamed last October after having being open for only just over a year. ― VNS