Lotte Duty Free Store in South Korea goes into emergency management, cutting staff and reducing sales floor space

Lotte Duty Free has entered into emergency management. Kim Jun-nam, the company's CEO, said, "Rising prices, a weak won, and rapid changes in the market have halted growth and caused profitability to deteriorate.
As part of these measures, we will restructure our organization to improve management efficiency and aim to stabilize profits by comprehensively managing the cost of goods and other costs."
Streamline the organization to create a faster decision-making process and reduce the salaries of all executives
The company plans to reduce its workforce by 20% in parallel with training to improve performance, in order to increase productivity.
As the first step in the emergency management system, on the 19th, Jamsil, Seoul
The Lotte Duty Free World Tower store in Seoul has decided to reduce the size of its tower wing sales floor. The tower wing sales floor of the store will be expanded by 2025 due to the increase in Chinese tourists and visitors to the World Tower.
It reopened in June 2017 with an expanded floor area of 4,599 square meters. It sells local specialties and products from small and medium-sized businesses, and takes up about 35% of the total floor area of the World Tower store.
Lotte Duty Free plans to cut costs, increase profitability, streamline customer flow to make shopping more convenient, and achieve its goals of restoring the value of its World Tower store.
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