Lotte Group chief urges discoveries of new opportunities in COVID-19 void

[Photo provided by Lotte Group]

Lotte Group Chairman Shin Dong-bin observed economic activities remain at 70 to 80 percent of the levels of last year under the influence of COVID-19 pandemic and pointed to the void as area for new business opportunities.

At a meeting with presidents called Value Creation Meeting (VCM) on Tuesday, he projected living “with coronavirus” would become a norm as the virus won’t easily die down.

The virus aftermath would be different from past crises in 1997-1998 and the wake of financial meltdown in 2008.

“It is important to achieve digital transformation, try new businesses and nurture future growth engines while strengthening competitiveness in mainstay areas,” Shin said.

Lotte is strong in retail, chemical, food and hotel.

Sources said Shin was pondering how to change the way the employees work while visiting 40 to 50 stores, malls and factories across the nation over the past couple of months.

He urged the chief executive officers of each affiliate to give top priority to enhancing efficiency and reducing waste and not to focus just on short-term performance but to have a long-term perspective to strengthen competitiveness.

“Although we established many manufacturing bases overseas to optimize production, reshoring has become a new trend as rebuilding reliable supply chain becomes important at this unstable time in terms of the international politics,” Shin said. Citing a quote of former British Prime Minister Benjamin Disraeli who said “I am prepared for the worst but hope for the best,” he encouraged the executives to join hands to overcome the crisis

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