SEOUL, Aug. 17 (Korea Bizwire) – Department store restaurants have long been a lucrative business. Accommodating hundreds of weary shoppers every day, they have sometimes been referred to as a ‘goose that lays a golden egg’. However, opening such a restaurant had been a near-impossible task without deep connections to the store’s higher-ups, until recently. [...]
SEOUL, July 20 (Korea Bizwire) – Lotte Confectionery Co., the largest confectionery manufacturer in South Korea, revealed on July 20 two new chocolate products made with lactic acid bacteria (LAB) strains obtained from kimchi – the first commercialization of such a product in the food industry. Since the successful launch of a lactobacillus-containing snack called Yo-Hi [...]
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 29 (Korea Bizwire) – Lotte Duty Free, South Korea’s largest duty-free operator, said Wednesday it has expanded its main branch in downtown Seoul, as part of efforts to make up for a sales shortfall from its other outlet in downtown Seoul which closed upon its license expiration. The main branch in Lotte Department [...]
SEOUL, June 23 (Korea Bizwire) – Lotte Group, South Korea’s fifth-largest family-controlled conglomerate, operates some four dozen overseas units in suspected tax havens, data showed Thursday, in a potential blow to the embattled group under investigation for alleged wrongdoing. According to the data by corporate tracker Korea 20000 Corporate Research Institute, 46 of Lotte’s 256 [...]
SEOUL, June 17 (Korea Bizwire) – The Lotte Group is suspected of giving business favors to a company controlled by its founder’s third wife Seo Mi-kyung, who is on the list of those being investigated as part of the retail giant’s slush fund allegations, industry watchers said Friday. The 57-year-old Seo is the 1977 winner [...]
SEOUL, June 14 (Korea Bizwire) – Amid an ongoing investigation into Lotte, one of Korea’s largest conglomerate groups, prosecutors have confiscated the secret safes of Shin Kyuk-ho, founder and general chairman of Lotte, and Shin Dong-bin, the second son of Shin senior and current CEO of Lotte. According to the prosecutors’ office and Lotte officials, [...]
SEOUL, June 14 (Korea Bizwire) – Prosecutors launched a second round of raids on affiliates of South Korea’s retail giant Lotte Group on Tuesday as their probe into the country’s fifth-largest conglomerate widens over the group’s alleged slush funds. The Seoul Central District Prosecutors’ Office said it raided a total of 15 places, including 10 [...]
SEOUL, June 10 (Korea Bizwire) – Large retail and distribution companies are rapidly expanding their presence in the manufacturing industry through M&A or Private Brands (PB). The rationale behind this phenomenon is that integrated management from planning and manufacturing to distribution of products saves costs and exerts greater influence in the market. Lotte Department Store launched [...]
SEOUL, June 10 (Korea Bizwire) – Prosecutors raided the headquarters of South Korea’s retail giant Lotte Group, as well as its seven affiliates, on Friday over allegations of embezzlement and malpractice. The Seoul Central District Prosecutors’ Office said it sent some 200 investigators to 17 places, including the group’s headquarters in central Seoul, its major [...]