SEOUL, April 6 (Korea Bizwire) – Retail giant Lotte Group is seeking to sell more of its hotel unit’s stocks to retail and institutional investors in a move to improve its cobweb-like corporate governance, industry sources said Wednesday. Hotel Lotte Co., the group’s hotel unit, has been preparing to go public on the Seoul bourse as [...]
SEJONG, March 31 (Korea Bizwire) - The South Korean government on Thursday decided to extend the operational licenses of local duty-free stores to 10 years from the current five and have them automatically renewed in a bid to help the retail industry do business in a stable and predictable environment. In a minister-level meeting in Seoul, the [...]
SEOUL, March 29 (Korea Bizwire) – Ukrainian photographer Vitaliy Raskalov created a buzz after he posted a photo taken from the 123rd floor of Jamsil’s Lotte World Tower. On March 27, Raskalov posted a picture captioned, “Get ready for the new video. Seoul, Lotte World Tower, 610 meters tall”. As the glass walls of Lotte [...]
SEOUL, March 18 (Korea Bizwire) – The construction of the spire structure at the top of Jamsil Lotte World Tower (the second Lotte World) has been completed. The tallest building in Korea now stands proud at a record height of 555 meters. The last pillar of the new tower was placed on the 123 floor in [...]
SEOUL, March 17 (Korea Bizwire) – Another duty-free market upheaval looms as South Korea is toying with the idea of easing the licensing system to attract more foreign travelers, drawing a strong backlash from five companies given the right to open new shops. Less than a year after giving out three more duty-free licenses and changing [...]
SEOUL, Aug. 7 (Korea Bizwire) – Dropping water levels at Seokchon Lake in Songpa District, Seoul, have been caused by the construction of Lotte World Tower, Korea’s tallest skyscraper, and work on subway Line 9 nearby. The Seoul Metropolitan Government revealed its research into the lake’s dropping water levels on August 6. According to the city, [...]
SEOUL, May 12 (Korea Bizwire) — South Korean retail giant Lotte Group reopened parts of its namesake skyscraper in Seoul in a subdued ceremony on Tuesday, nearly five months after they were shut down due to safety concerns. The 123-story Lotte World Tower, set to be South Korea’s tallest structure upon its completion in 2016, [...]
SEOUL, May 8 (Korea Bizwire) — South Korean retail giant Lotte Group said Friday it plans to reopen its namesake skyscraper next week, about five months after the Seoul city government ordered its shutdown when a string of accidents stoked safety fears. The plan comes on the heels of an announcement by the city government [...]
SEOUL, April 12 (Korea Bizwire) – Lotte Group said Sunday it plans to relocate the offices of its founder and chairman to a 123-story skyscraper under construction in southeastern Seoul, in an apparent bid to ease the public’s concerns over the building’s safety. Under the plan, group founder Shin Kyuk-ho, and his son Dong-bin, the [...]
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 [...]