Kim Sang-hyun, Vice Chairman of Lotte's retail division, noted, "While global volatility and uncertainties in the domestic economy present significant risks, there are opportunities, especially in times like these," and emphasized, "This is a time for the Korean retail industry to expand not only domestically but also globally."
According to Lotte's retail division on the 28th, Vice Chairman Kim attended the previous day's 'Milken Institute Korea Dinner' held at the Four Seasons Hotel in Jongno-gu as a speaker, addressing global institutional investors and stating, "Opportunities are coming to Korea as K-food and K-beauty are each surpassing $7 billion and $10 billion in global exports, respectively."
He mentioned, "There are difficult aspects to competing globally in the retail industry, but Korean retailers are successfully conducting business in countries like Vietnam, Indonesia, Mongolia, and the United States," while introducing the success story of Lotte Mall Westlake Hanoi.
He also said, "Korean content is not just about selling products but also includes providing emotions and experiences."
Vice Chairman Kim further noted, "Korea is one of the few countries where department stores and shopping malls are growing," and shared that approximately 55 million customers visit the Lotte Town in Jamsil each year.
He pointed out, "Recently, the number of customers visiting offline stores has recovered to pre-COVID-19 levels," and that "customer membership data and AI (artificial intelligence) tailored services have been able to resolve various issues in offline retail, and this is the secret to maintaining the competitive edge of the Korean retail industry, which is differentiated from other countries."
The Milken Institute, which holds the 'Milken Global Conference' annually in the United States, held its first institutional investor event in Seoul, inviting Vice Chairman Kim and others as speakers.
The event began with opening remarks from Financial Services Commission Chairperson Kim Byung-hwan and saw the participation of around 200 investors from over 80 domestic and international institutions, including global asset management companies. The closing remarks were made by Ambassador to International Financial Cooperation Choi Jong-koo.