SEOUL, Aug. 3 (Korea Bizwire) — Shin Dong-bin, the younger son and heir apparent of Lotte Group founder Shin Kyuk-ho, pledged Monday to do his best to resolve a bitter family conflict over control of the retail empire whose business spans from amusement parks and hotels to department stores in South Korea and Japan. “It [...]
SEOUL, July 5 (Korea Bizwire) – Nearly half of South Korea’s top 30 business groups reduced their workforces in 2014 due to sluggish business, data showed Sunday, despite the government’s effort to spur their employment. As of end-December, the combined workforce of the leading business groups came to 1.27 million, up a mere 0.6 percent, [...]
SEOUL, Apr. 28 (Korea Bizwire) — A young Seven Eleven employee in her twenties has been awarded 20 million won for coming up with a brilliant idea for a product. Jang Chae-Yoon, merchandise director of Seven Eleven’s beverages department, was awarded a Value Champion Award by Lotte Group president Shin Dong-Bin on April 27 at [...]
SEOUL, March 30 (Korea Bizwire) – The value of land possessed by South Korea’s top 10 business groups reached an all-time high of 63.29 trillion won (US$57.18 billion) at the end of 2014, up 4 percent from a year ago, a market researcher said Monday. The value of land owned by 95 listed companies under [...]
SEOUL, March 17 (Korea Bizwire) – Sinkholes, dropping water levels at the nearby Seokchon Lake and frequent safety accidents at Korea’s tallest skyscraper have raised questions about its safety. To dispel concerns over Lotte World Tower, which is scheduled to be completed by the end of next year, Lotte Group is contemplating the establishment of a [...]
SEOUL, March 16 (Korea Bizwire) — Lotte Group‘s construction of the 123-story Lotte World Tower is nearing completion, as the building reached its 100th floor on March 14. There are currently 20,000 regularly employed personnel and 4 million workers per year building the massive project, which requires high precision engineering. Here are some interesting facts about [...]
SEOUL, March 12 (Korea Bizwire) — South Korean retail giant Lotte Group said Thursday it has signed a 1.02 trillion won (US$906 million) contract to buy a car rental service firm, seeking to diversify its business portfolio. Lotte said it will fund the purchase of KT Rental by May via its hotel affiliate Hotel Lotte. Lotte [...]
“We shouldn’t hold back investment on the future even when business conditions are not bright. We have to find the momentum for growth by thoroughly preparing for trend changes.” – Lotte Group Korea chairman Shin Dong-bin SEOUL, Feb. 15 (Korea Bizwire) — Lotte Group, whose affiliates include retail, construction, chemicals and tourism, said [...]
SEOUL, Jan. 20 (Korea Bizwire) – As the growth of existing distribution channels such as department stores and big box discount stores reaches its limit, Korean retailers are rushing to open duty-free shops in an attempt to find new sources of revenue. According to industry experts, with the government planning to set up four more large-scale [...]
SEOUL, Jan. 20 (Korea Bizwire) — Samsung Electronics Co., South Korea’s largest firm by market value, has been considering splitting its stock to lower the high price tag of its shares but will look more into the long-term effect before making any decision, a senior executive said Tuesday. “(Samsung Electronics) has been looking into whether [...]