The urgent message came during a meeting at Lotte World Tower on Thursday, attended by key executives including Lotte Department Store CEO Chung Joon-ho and Hotel Lotte Co. CEO Jung Ho-seok. The atmosphere was described as serious as the group grapples with challenges across its core businesses.
Shin pointed the finger at internal issues, specifically citing weakening competitiveness, rather than external factors. "This is the last chance for change," he emphasized.
The warning comes amid unsubstantiated liquidity concerns at some Lotte affiliates. The group faced particular scrutiny over its subsidiary Lotte Chemical.
In response, Hotel Lotte sold its lucrative rental car business for approximately 1.6 trillion won ($1.09 billion) last year. Further asset divestitures, potentially in hotels and duty-free operations, are expected this year.
The meeting also focused on global expansion strategies, which Shin identified as critical for future growth. His son, Shin Yoo-yeol, vice president of Lotte Holdings, attended the meeting after returning from CES 2025 in Las Vegas.
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