GS Retail projected that there would be structural changes throughout the retail industry this year, announcing a strategy to focus on solidifying internal strength rather than external competition.
Oh Jin-seok, head of GS Retail's Platform Business Unit (vice president), attended the regular shareholders' meeting held at GS Retail's northeastern office in Gangdong-gu, Seoul, in his capacity as chair, and made this statement.
The vice president noted, "Despite the most challenging business environment, we achieved a meaningful result in sales growth," adding, "As a result of focusing on improving customer satisfaction based on our core business competitiveness."
He continued, "As 2025 is expected to bring structural changes across the retail industry, competition among companies for survival will likely intensify," presenting three response directions: ▲ strengthening customer-centric management ▲ bold investments to enhance fundamental competitiveness ▲ and enhancing communication with the field.
In particular, he expressed the commitment to focus on solidifying internal strength rather than external competition to lay the foundation for sustainable growth. He also said that instead of reducing unnecessary expenses, he would expand investments in infrastructure and business models for customers.
At the meeting, the appointment proposal of Heo Seo-hong as an inside director was passed. Heo, the fourth generation of the GS Group owners, is a fifth cousin of Heo Tae-soo, chairman of GS Group, and the son-in-law of Hong Seok-hyeon, chairman of JoongAng Holdings.
He joined GS Home Shopping in 2006 and received management training through various positions, including head of the GS Energy management support division and head of future business team at GS Corporation, and he was appointed as the representative of GS Retail in a personnel change last November.
Heo Yeon-soo, who had served as the representative of GS Retail since 2015, has stepped down.