In an attempt to curb slowing brick-and-mortar sales, the Lotte Department Store has launched a new concept mall called Lotte El Cube. Unlike the retailer's other stores, the new venue will be relatively small in size and it will cater to younger, more fashion-conscious shoppers.
The mall itself will cover just under 6,800 square feet and it will include a curated selection of brands such as PlayNoMore, Pigment and Tomotom's. Because of its smaller size, Lotte El Cube can adopt different concepts and adapt to changing consumer needs. The inspiration for the concept mall comes from Japan's Isetan Department Store, which operates several smaller branches that cater to niche demographics.
With the rise of online shopping, the new department store concept demonstrates how traditional retailers can lure millennials back to brick-and-mortar locations.