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Retail Giants Evolving After Learning Hard Lessons from E-commerce Rivals

Retail Giants Evolving After Learning Hard Lessons from E-commerce Rivals

SEOUL, Jun. 18 (Korea Bizwire) — It is hard for consumers to live without online and mobile shopping, and for retailers already struggling with a slump in store traffic and the subsequent fall in direct to consumer sales, living up to the trend may be pronounced in the face of cutthroat competition with a slew [...]

Lotte Tapping Deeper into Southeast Asia, Advanced Markets

Lotte Tapping Deeper into Southeast Asia, Advanced Markets

SEOUL, May 28 (Korea Bizwire) — Retail and chemical giant Lotte Group is ramping up efforts to tap deeper into Southeast Asia and advanced economies amid falling sales in China, once its biggest overseas market, industry sources said Tuesday. Overseas sales of the conglomerate came to 8.9 trillion won (US$7.49 billion) in 2018, up 7.2 [...]

Lotte Invests Cumulative $4 bln in U.S.

Lotte Invests Cumulative $4 bln in U.S.

SEOUL, May 14 (Korea Bizwire) — Lotte Group, South Korea’s retail-to-chemicals conglomerate, has been accelerating its move to tap deeper into the United States, the world’s largest economy, with its cumulative investments reaching some US$4 billion in production facilities and other areas, industry sources said Tuesday. In its latest investment, Lotte Chemical Corp., the group’s [...]

Lotte to Invest 50 Tln Won, Create 70,000 New Jobs in Next 5 Years

Lotte to Invest 50 Tln Won, Create 70,000 New Jobs in Next 5 Years

SEOUL, Oct. 23 (Korea Bizwire) — Lotte Group said Tuesday it will invest 50 trillion won (US$44 billion) and create 70,000 new jobs in the next five years in its first major business decision after its chief returned to the helm of South Korea’s fifth-largest conglomerate. Lotte Corp., the business group’s holding firm, said that [...]

Lotte Unveils ‘Hand-pay’ Robot for 7-Eleven

Lotte Unveils ‘Hand-pay’ Robot for 7-Eleven

SEOUL, Aug. 28 (Korea Bizwire) — Korea Seven Co., the operator of convenience store chain 7-Eleven in South Korea, on Tuesday unveiled a robot that allows customers to pay with their hands as local retailers accelerate their move to take the lead in next-generation retail models using the latest technologies. The robot, dubbed Veny, was [...]

S. Korean Retailers Beef Up Marketing Efforts to Lure Chinese Consumers

S. Korean Retailers Beef Up Marketing Efforts to Lure Chinese Consumers

SEOUL, Aug. 16 (Korea Bizwire) — South Korean retailers are accelerating efforts to attract more Chinese consumers, companies said Thursday, as they strive to recover from the fallout from the diplomatic row between Seoul and Beijing over the stationing of a U.S. anti-missile system. Lotte Duty Free, South Korea’s No. 1 duty-free operator, said it [...]

Lotte Set to Launch New Department to Boost E-commerce Business

Lotte Set to Launch New Department to Boost E-commerce Business

SEOUL, Jul. 30 (Korea Bizwire) — South Korea’s retail giant Lotte said Monday a new department in charge of the business group’s online businesses is set to be launched this week as the conglomerate revs up efforts to cope with the rapid expansion of the country’s online market. Earlier in May, Lotte unveiled the plan [...]

Lotte Unifies Fashion Businesses, Launches New Apparel Arm

Lotte Unifies Fashion Businesses, Launches New Apparel Arm

SEOUL, May 31 (Korea Bizwire) — South Korean retail giant Lotte on Thursday said it has unified the management of its scattered fashion businesses under the group’s apparel affiliate to secure competitiveness in the local fashion industry. Lotte Shopping Co., the operator of the conglomerate’s department store chain, said shareholders of its fashion business unit [...]