What: the necessity for Lotte Group to undergo innovative changes and portfolio revisions to respond to the post-Covid-19 market changes.

Why it is important: South Korean Lotte Group is one of the biggest retail group but was not spared by the covid-19 pandemic. The group Chairperson Shin Dong-bin is firmly warning CEOs about the necessity to make drastic changes to the structure in order to respond to the retail group’s “sluggish performance”.

Shin Dong-bin also reprimanded executives that failed to defend the group’s previous lead in the retail market. “Those that succeed in the post-crisis era are those that manage to achieve innovation during crisis. […] Portfolio adjustment may be considered for companies that fail to innovate themselves. A company that only pursues survival has no future” he said.

In November, the group already carried out an executive reshuffle, replacing the chiefs of 13 out of its 35 affiliates.

Lotte Group chief calls for drastic changes in post-COVID-19 era-프린트화면