Korean department store operator Lotte is banking on international expansion to take it into the top five global department store chains.

Lotte plans to open in Shenyang, China and Hanoi, Vietnam this year, taking its overseas store count to eight.

It is also scheduled to open a department store in Seoul in August and four outlet malls in Busan and Seoul during the remaining months to expand its current local network of 49 stores.

The retailer is also due to open a gigantic 123-storey Lotte World Tower in Seoul next year, to be anchored by Lotte Department Store, amusement park and retail stores.