Provided modernization of food industry and improved standard of living
As Lotte Confectionery that was the parent company was established, it provided the opportunity to modernize the food industry and improve the living standard of people. Lotte Confectionery that was the first investment made in Korea by Chairman Shin after the normalization of diplomatic relations between Korea and Japan in 1965 not only vitalized the atmosphere of the devastated homeland but also served the leading role for the development and advancement of the food industry in Korea.
1970s was the period when Korea grew as a new industrial country with rapid growth. During this period, Lotte realized advancement based on economic growth by expanding the food business while exerting efforts to satisfy the high and dynamic needs of consumers. Also in acceleration of business diversification, it spurred to provide the foundation for its growth into a world-renowned business.
In the 1970s, Lotte established Lotte Chilsung Beverage, Lotte Samkang, Lotte Ham/Milk, and Lotteria to develop as the largest food business in Korea and through the establishment of Hotel Lotte and Lotte Shopping, it constructed the basis of the modernization in the field of distribution and tourism industry that was regarded as wasteland at that time. In addition, Lotte Chilsung Beverage, Honam Petrochemical Corp., Lotte Engineering & Machinery MFG, Lotte Electronic, and Lotte Int’l were founded for the actual promotion to the national key industries.
In the 1980s, Lotte secured the best competitiveness in the field of distribution, tourism, and food industry based on accumulated capital and technologies and as a result, it became one of the 10 major businesses in Korea. Also, it expanded the business areas based on the rapid growth realized in the 1970s by setting the long-term strategy while paving the path for the promotion to the overseas market. During this period, Lotte completed the construction of Lotte World and established Lotte Hotel Busan and Lotte Corporation to secure the competitiveness of domestic distribution, and tourism industry while devoting all its energy for modernization. Moreover, it expedited the promotion to high-tech industry through the establishment of Lotte Canon and Korea Fuji Film. In the meantime, Lotte Giants and Daehong Communications were founded for the construction of cultural infrastructure in the group. The established Lotte Central Research Institute and Lotte Distribution business headquarters served the significant role for the R&D of new products and spread of distribution know-how.
1990s was the period of systematic preparation to leap as an excellent business in the 21st century based on the core strategic business areas. While securing No. 1 rank in the field of distribution, tourism, and food industries, it provided the foundation as a global business based on internally stable management and bold investment. The nationwide chains of Hotel Lotte and Lotte Shopping as well as promotion to a new business, it completed the domestic chain network of hotel and shopping and through the promotion to East Asia, Japan, and U.S. market, it accelerated market expansion in the world stage in the field of food & beverage industry along with the distribution and tourism industries. Meanwhile, Lotte Data Communication Company and Lotte.com were founded to expand the promotion of high-tech industry. Moreover, Korea Seven, Lotte Logistics, and Lotte Freshdelica were established as a way to create new distribution and living culture of the 21st century. Despite the ‘IMF crisis’ that started from the end of 1997, Lotte consistently continued its growth based on the best competiveness in the market and outstanding financial structure. Such was the outcome realized through Lotte’s strategy that carefully selected the things that were possible and concentrated and mastered all capabilities on the selected things. It was the period that realized the business philosophy that displayed the greatest strength in the best things by creating new culture in every participating area.
Lotte was established in the 1960s, which was regarded as the period of unexplored industry, based on the spirit of patriotic service by a business. Now, it was grown as a business equipped with the best competitiveness in the business circle both in name and reality while creating new history in the field of food, distribution, tourism, leisure, construction, and heavy chemical industries. However, Lotte doesn’t become complacent with what it has obtained; instead, it is expanding new areas in biotechnology and telecommunications that are the high-tech industries of the 21st century based on the stable financial structure and independent advanced management system. As a business that emphasizes priority to the value of the stockholders by maximizing benefit through responsible and internally stable management and actively responding to changes, Lotte promises to grow as the world-best business that represents Korea.
Lotte has repeated stable growth by practicing effective investment on major and related businesses based on thorough and internally stable management. Especially in 2010, it realized the status as a confident global business through active business expansion and accelerated overseas promotion for the realization of the vision [Asia top 10 global business]. By successfully managing 1 trillion won worth of large-scale M&A consecutively in the major business areas like distribution and petrochemistry, it reinforced the business competitiveness of the core businesses in and out of the country. Moreover, the businesses promoted in overseas countries like China, Russia, Vietnam, and Indonesia became stable and the foundation of global Lotte becomes more expanded through continuous business promotion to other areas. From this point onwards, Lotte will ensure internal stability as a renowned global business based on balanced organic growth along with investment to the existing core businesses and M&A.