Lotte heads relocating to World Tower

Lotte Group founder and General Chairman Shin Kyuk-ho and his son, group Chairman Shin Dong-bin, will relocate their offices to the controversial Lotte World Tower in Jamsil, southeastern Seoul, by the end of 2016, the company said on Sunday.

Two hundred employees of the group’s policy team, the brains behind the retail conglomerate, will also move to Lotte World Tower. The structure is currently still under construction and is scheduled to be finished next year.

The move is aimed at easing the latest worries over the 555-meter (1,820-foot) edifice’s safety in Jamsil following minor accidents and setbacks. The doors to the Lotte World Mall fell off earlier this year, injuring shoppers, and the news about water leaking in its aquarium unsettled the public, resulting in a sharp decline in the number of visitors.

Lotte declined to comment on the move, but insiders say the two chairmen’s offices are likely to be located between the 108th and 114th floors.

When finished, the building will be 123 stories high.

Other Lotte Group subsidiaries, including Lotte Mart, Lotte Hi-Mart and Lotte Chilsung Beverage, have already relocated to the nearby Jamsil area, and Lotte Supermarket is scheduled to move later this month.

BY LEE SO-AH, PARK JUNG-YOUN [park.jungyoun@joongang.co.kr]