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[Guest Report] In 50th year, Lotte is focused on future

Oct 31,2017
Lotte Accelerator, established in February 2016, has been running a networking program “Demoday,” which gives start-ups chances to gain follow-up investments. [LOTTE]
Despite difficult economic situations at home and abroad, Lotte is putting its effort into laying the groundwork for sustainable growth. For its 50th year, the company declared a new vision to be a “Lifetime Value Creator.”

In October, Lotte Group launched its newly created holding company Lotte Corporation. The company’s complicated corporate structure has been reorganization to fit the global standard. Lotte Group merged investment divisions of four listed companies, which simplified the cross-shareholding ring from 50 to 13, which increased the transparency of the company. Ultimately, it is expected that this decision will add value to the company and increase shareholder returns. Along with the foundation of Lotte Corporation, a new logo has been created.

To contribute to the national economy, Lotte Group is expanding its investment and recruitment. Beginning in 2017, the corporation plans to invest 40 trillion won ($35.5 billion) over the next 5 years and employ 70,000 new workers. Excluding new employees and interns recruited in the first half of the year through regular recruitment, Lotte employed 7,200 workers via affiliate companies and career employee recruitment. In addition, 6,100 workers will be employed in the second half of the year, making a total of 13,300 new employees hired this year.

Lotte Group is also focusing on discovering young start-up companies to contribute to job creation for young people. Lotte Accelerator, which was established in February 2016, has been investing in seed stage start-ups through “L-Camp”, which was first held in April 2016.

Through networking programs such as Demoday, Lotte Accelerator is providing start-ups with the opportunity to receive follow-up investments. A total of 40 start-ups have received investments, and 16 have attracted additional funding.

To prepare for the fourth industrial revolution, Lotte Group is also focusing on big data and artificial intelligence to develop technologies that can provide consumers with customized services, trustworthy product information and advice with expertise.

In order to achieve this, Lotte signed a business agreement with IBM and decided to utilize its Watson platform, a cognitive computing technology.

In addition, Lotte’s affiliate companies are also actively incorporating IT technologies, following the trends of the fourth industrial revolution. Lotte Department has introduced “SMART SHOPPER” for the first time in the retail outlet’s industry. The service enables shoppers to shop without a cart in the grocery section of the department store.

Last May, 7-Eleven launched a cutting-edge smart convenience store named 7-Eleven Signature. This convenience store employs diverse artificial intelligence technologies including a biometric speed gate, an unmanned checkout counter and fully automatic cold storage facilities.

By Yee Jae-eun [yee.jaeeun@joongang.co.kr]



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