SEOUL, July 6 (Korea Bizwire) – Another sinkhole (one meter wide and two meters deep) has formed near the new Lotte World Tower, the latest landmark skyscraper in Seoul. Lotte World Tower is a 123-floor skyscraper in Jamsil, Songpa District, and is currently in the final stages of construction. The tower has received widespread public [...]
SEOUL, June 17 (Korea Bizwire) – While investigations into Lotte Group, one of Korea’s top five conglomerates, regarding slush funds are marring its reputation, the “skyscraper curse”, a popular belief that a country or a company that constructs a skyscraper eventually confronts a mishap, is in the public eye. Construction on the second Lotte World (Lotte [...]
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 [...]