Jung Joon-ho, CEO of Lotte Department Store, said, "As a Chief Executive Officer (CEO), my dream is to promote the competitiveness of K-retail in overseas markets."
According to Lotte Department Store on the 20th, Jung presented his dreams and business ideas as a CEO through a video titled 'Where Dreams Come True' that was posted on Lotte Department Store's official YouTube channel the day before.
Lotte Department Store is accepting applications for recruitment of new employees for the first half of 2025 until the 25th. The video was also created to assist prospective candidates applying for the recruitment announcement, featuring six employees, including new hires, Head of Team, store managers, and the CEO, introducing their individual dreams.
Jung noted, "My dream is to lead an innovative change in South Korea's retail paradigm," adding, "The dream is for Lotte Department Store to build a foundation for K-retail to be recognized overseas, along with the overseas business expansion of various K-brands and the entry of K-talents into the global market."
At the same time, Jung stated, "As the beginning of that dream, Lotte Department Store is successfully operating large shopping malls in various Southeast Asian countries, including Vietnam, being the first in the domestic retail industry to enter these markets." According to Lotte Department Store, sales in the third quarter of its overseas department store business increased by 24.6% due to the success of Lotte Mall Westlake Hanoi, which opened in Vietnam last year. Cumulative sales for the first to third quarters in Vietnam rose by 180.8% compared to the same period last year.
In the video released that day, Jung highlighted enhancing the fundamental competitiveness of the retail industry through digital technologies as the first strategy. He explained, "Increasing the convenience and revenue of shopping through digital technologies such as artificial intelligence (AI) in both online and offline sectors is a crucial factor in the competitiveness of future retail businesses."
The second strategy identified by Jung is to foster a new concept shopping mall as a future growth driver. He said, "In the future, Lotte Department Store plans to focus its investment on launching a large shopping mall under the name 'Time Village.'"
Regarding the future of the retail industry, Jung expressed concerns that many jobs will disappear due to recent advancements in AI, saying, "However, I believe that as long as humanity exists, the retail industry will continue to exist. It will become a form of a competitive industry."
Finally, Jung recommended to prospective applicants, "If you are curious about how and why people consume, I recommend joining Lotte Department Store to become a retail industry expert."