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The group has revised its five-year plan and now aims to spend US$44bn (KRW50tn) through 2023.
Of the total investment, 25% will go to retail to be spent on ecommerce infrastructure, logistics, big data and AI. Lotte plans to hire 70,000 workers during the five-year period, mainly in the ecommerce sector. This big investment to bring physical stores online is a significant step up from its previous announcement.
The group also announced that 10% of the US$44bn will be invested on foods, which includes expanding across Asia. In China, Lotte’s retail business has been struggling with a boycott by Chinese consumers and Lotte may be moving on from China. The group said it will push into new markets and expand in Indonesia and Vietnam.
In a statement this week, Lotte Group, noted, "The plan reflects our will to quickly normalise management activities that recently slowed, secure competitiveness for future growth and to contribute to revitalising the national economy."
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