Food conglomerates to refine strategies during Chuseok


During the Chuseok holiday, leaders of major food and distribution conglomerates are expected to focus on refining their management strategies for the remainder of the year. The main goal is to address the challenges posed by a difficult business environment, such as high prices and interest rates, and to devise measures to enhance profitability and navigate the performance crisis in the coming months. Lotte Group Chairman Shin Dong-bin will be visiting Ulsan to pay respects at the memorial of the group's founder and then concentrate on his management strategy for the rest of the year, followed by overseeing key operations in Korea and Japan to address critical issues and identify new growth opportunities. Shin's recent efforts aim to create more synergy between Lotte subsidiaries in Korea and Japan, with a focus on elevating the company's chocolate snack Pepero to one of the top 10 global brands in the segment. Similarly, Shinsegae Group Chairman Chung Yong-jin is also expected to concentrate on management strategies during the holiday, particularly on enhancing profitability. The group aims to improve the performance of its core affiliates through cost-cutting measures, streamlined management, and personnel reorganization, with upcoming executive appointments expected to take place around the end of October or early November. Neither Shin nor Chung are expected to join upcoming economic delegations, including the one accompanying President Yoon Suk Yeol to the Czech Republic and the ASEAN economic delegation next month. Additionally, industry sources suggest that CJ Group Chairman Lee Jae-hyun and Hyundai Department Store Chairman Chung Ji-sun will also be refining their management strategies during the holiday season.


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