Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Lotte pledges W7.5 tril. investment
By Park Jin-hai
Lotte Group, the nation’s fifth-largest conglomerate, said Sunday that it will make record investments this year to aggressively seek out future growth engines amid the economic slump.
The group said that it will invest a total of 7.5 trillion won ($6.82 billion), up more than 30 percent than the previous year, and is planning to hire more people this year.
The company will invest 3.4 trillion won in beefing up its retail business; 1.5 trillion won in construction and chemicals; 1 trillion won in food; and 1.1 trillion won in the tourism and services sectors.
Total investment is 32 percent more than last year and exceeds the previous record of 7 trillion won in 2010.
The company will also hire 15,800 people this year, slightly more than last year.
The conglomerate has been faced with a double whammy of falling sales and rumors involving Lotte World Tower, the nation’s tallest building, currently under construction in southern Seoul.
“Despite a tough market environment, including slow economic growth and regulations on the distribution industry, we wanted to revive the local economy by expanding investment and employment,” said the company in a statement.
Lotte Chairman Shin Dong-bin recently told a group of executives that they shouldn't hold back on investment for the future even when business conditions are not bright. "We have to find the momentum for growth by thoroughly preparing for trend changes," Shin said. “By preparing for trend changes preemptively we should work to secure growth momentum.”
The group's retail business is to get the biggest investment to establish an "omni-channel shopping" system, a global trend that ties together all tools for shopping, such as on- and off-line venues and mobiles.
In chemicals and construction, Lotte is scheduled to start construction of an ethane cracker plant in the U.S. state of Louisiana.
The group is also slated to open two tourist hotels in downtown Seoul and operate some 40 hotels in and out of the country by 2018.