13 January 2022
The Weekly
South Korea

Lotte Department Store is undergoing sweeping overhaul under the leadership of new CEO Jung Joon-ho. He explained the bold reorganization scheme to the employees on the company’s website on Friday. A product team will be divided into divisions, and each division will be led by experts promoted from inside or scouted from outside. To meet the fast-changing market demand and better appeal to customers, young leaders will be added to higher positions. Each division will be elevated to a higher status for better focus on individual organization. For example, the male sport division will be separated into three divisions of male fashion, sports and kids, all of which with higher status for better focus on each segment. The food and beverage team will also be demerged into fresh food division and food & beverage division; the foreign luxury brand team will be separated into three divisions. Lotte Department Store plans to seat more female leaders on managerial positions and to become more agile to customers’ demand.