Lotte Shopping CEO says earnings should rebound this year
Lotte Shopping CEO Kang Hee-tae on Tuesday said he expects the company’s earnings to rebound this year as consumer sentiment gradually recovers.
At a shareholders’ meeting held in Yeongdeungpo District, western Seoul, Kang said 2021 will be a year of reform for Lotte Shopping.
“Lotte Shopping wasn’t able to play the cash cow role last year as operating profit largely dipped as an impact of Covid-19,” said Kang. But the company “expects rebound in earnings this year as frozen consumer sentiment clearly improves from the eased social distancing regulations and improved sales trend.”
Kang added the company plans to renew six of its shopping malls and open two new stores in Uiwang and Dongtan in Gyeonggi.
On the same day, Lotte Shopping said it is jumping into the second-hand online shopping market. The company is investing 30 billion won ($27 million) in Joonggonara, the largest online second-hand store.
BY JIN MIN-JI [firstname.lastname@example.org]