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COMPANY SUMMARY INTRODUCTION Company Logo Corporate Websites www.lotteshopping.com www.ir.lotteshopping.com Financial Summary, US$ thousands Year ended Year ended 31 December 2007 31 December 2006 Turnover 10,411.5 9,741.7 Operating income 806.5 806.1 Source: IGD estimates, Lotte Shopping at 31/12/07 Note: Figures are net as provided by Lotte in its 2007 and 2006 annual reports. Ownership The Lotte Group was established in 1967 with the founding of Lotte Confectionery. Lotte Trading, established in 1974, is the commercial arm of the group. The Lotte Group is vertically-integrated and active in the retail, food and beverage, tourism and leisure sectors. Please see the bottom of this page for a diagram of the Lotte Group structure. Lotte Shopping was founded as Hyeob-woo Industry Co. Ltd, with Kyeokho Shin as the largest shareholder (94% of the equity), in 1970. The name was changed to Lotte Shopping Co. Ltd. in 1979. It operates discount stores, supermarkets, department stores, cinemas and food businesses. Lotte Shopping is a public company, having made its IPO in 2006. It is listed on the Korea and London Stock Exchanges. Countries of Operation Europe NAFTA South and Asia Middle Africa Australasia Central East America Russia No No South No No No operations operations Korea operations operations operations Source: IGD, Lotte Shopping at 31/12/07 Note: Lotte opened its first stores in China in June 2008 and is set to enter Vietnam in H2 2008. Copyright IGD 2008 © 1 Store Portfolio By Region Region Stores Asia 219 Europe 1 Total 220 Source: IGD, Lotte Shopping at 31/12/07 By Format Format Stores Supermarkets 76 Others 66 Discount Stores 51 Department Stores 27 Total 220 Source: IGD, Lotte Shopping at 31/12/07 Group Structure Copyright IGD 2008 © 2 Source: Lotte Shopping Copyright IGD 2008 © 3 MANAGEMENT STRUCTURE Board of Directors Lotte Shopping's board is composed of 11 directors, six of whom are external. The board operates two committees responsible for auditing duties and the appointment of external directors. Shin Kyukho - Chairman, Lotte Group Shin Dongbin - Vice President, Lotte Group Lee Chulwoo - CEO, Lotte Shopping Lee Inwon - CEO, Corporate Headquarters, Lotte Shopping Shin Youngja - President, Lotte Shopping Park Mooik - CEO, Gallup Korea Research Institute Sohn Sungkyu - Professor, Yonsei University Yoon Sairee - Lawyer, Law firm Woo Yun Kang Jeong & Shan Jwah Sunghee - President, Gyeonggi Research Institute Kim Seho - Former Vice-Minister, Ministry of Construction and Transportation Other management positions: Yi Il-Min - Investor Relations and International Business Development Director Copyright IGD 2008 © 4 COMPANY STRATEGY Background The first Lotte Department Store opened in Seoul in 1979. The group first entered the supermarket business in 2001. In August 2006, Lotte Shopping acquired a 53.03% controlling stake in Woori Home Shopping, South Korea's fourth largest home shopping channel. Lotte listed on the South Korean and London Stock Exchanges in 2006. Group Strategy Lotte Shopping's strategy is based on: Strengthening the department store segment - Lotte Shopping claims a 43% share of the South Korean department store sector, and will expand in this sector by opening new stores in its domestic market and entering international markets with the format. Differentiating itself with new retail models - The company opened Young Plaza, a shopping centre targeted exclusively at young people, in 2003. Similarly, it launched Avenuel, targeted at affluent customers, in 2005. Its focus areas are specific target markets, category killer stores and shopping malls to differentiate itself from the competition. Private label - Lotte Shopping owns private brands such as Herbon, Laviat, Wiselect and Withone. It offers a range of private brands as a differentiation strategy. Operational efficiency - Lotte Shopping has opened purchasing offices in Shanghai and Shenzen in China to enable global sourcing. It continues to invest in technology to upgrade its information systems. By 2008, Lotte plans to convert its three distribution centres into two comprehensive large-scale distribution centres. Focusing on the customer - The group offers value-added services such as a loyalty card, events at its culture centres, individualised shopping spaces and 'most-valued-guest lounge' to its loyal customers. 2008 Strategic Focus The following strategies will play a key role in guiding Lotte's growth and profitability over 2008. Expansion Lotte will continue to invest in its core businesses of department and discount stores. It aims to operate 29 department stores by 2010 and 100 discount stores by 2011. Lotte plans to open seven discount stores and 15 supermarkets in major metropolitan areas across Korea in 2008. Expansion will also be a focus for other formats. Premium outlet malls will open in Gwangju and Gimhae and the first Zara stores will open in downtown Seoul. The first Toys R Us stores opened in December 2007 and Lotte believes this business has the potential to be a category killer. Around 10 new cinema multiplexes and four new Krispy Kreme doughnut shops will also open. Speaking in the local press, Lotte's Investor Relations and International Business Development Director, Yi Il-Min, has said "We see business opportunities in China, Vietnam and most emerging markets in Asia, with greater opportunities for the discount mart business particularly in emerging markets. Once we enter a new market, we aim to operate multiple stores for better efficiency. We ultimately aim to generate 30% of revenue from overseas stores". Lotte has also stated its intention to enter India at some point. It is currently sourcing and networking in the country as the Indian grocery market remains closed to 100% Foreign Direct Investment in multi-brand retail. Targeting emerging markets Lotte's global retail strategy targets emerging markets in particular. It entered Russia in 2007, China in 2008 and also plans to enter India and Vietnam. Private label and sourcing Copyright IGD 2008 © 5 Private label accounted for 10.6% of sales at discount stores in 2006 and rose to 12.2% in 2007. Key brands include Basic Icon, Withone, Wiselect and Wiselect Prime. Lotte also has private label brands in clothing. In October, it opened an 85,000 sqm distribution centre in Osan, to serve the South Korean capital Seoul and its region. By the end of 2008, a 54,900 sqm DC will open in Gimhae which will serve the southern half of the peninsula. Lotte is also working on a lean management programme that will cover 23 stores by the end of 2008 and all outlets by the end of 2009. In June 2008, Lotte announced the acquisition of Chocolaterie Guylian NV. Guylian will benefit from Lotte's distribution network in Asian markets, as well as its NPD knowledge. The move will enable Lotte to diversify on a product, channel and geographic basis and also allow it access to the European market. Guylian also has a strong brand in premium boxed chocolates and successful position in duty free outlets worldwide. Information systems Lotte completed major projects on Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) in 2006. Going forward, the group continues to upgrade its ordering, inventory management and CRM systems to improve efficiency and lower costs. Loyalty and merchandising In July 2006, Lotte completed the group-wide integration of its Lotte Membership programme. All Lotte affiliates now share a common customer base and holders of the Lotte Card can accumulate and use points on purchases at any group affiliate, or donate them to charity. At the end of 2007, Lotte Shopping held a 92.5% stake in Lotte Card (www.lottecard.co.kr). There were 7.7 million cardholders at the end of the year. The group's long-term aim is to exceed 10 million cardholders. Lotte's recently acquired home shopping business has a member base of nine million. Lotte's merchandising strategy is geared towards meeting consumers' increasingly diverse tastes. It continues to upscale its department store format, to cater for the high-end market, as well as expanding its ranges. Lotte differentiates its discount stores by launching private label ranges and expanding the number of exclusive brands it offers. Online Following the acquisition of Woori Home Shopping in 2006, Lotte will begin to integrate operations going forward, for example with initiatives such as co-marketing. Woori Home Shopping was relaunched in May 2008 as Lotte Home Shopping. In 2007, Lotte.com's strategy included stepping up co-operation with Lotte Department Stores, making processes more efficient and customer-centric and expanding the fashion ranges. The website will also be branching out into new areas such as hybrid online-offline shopping malls and overseas buying agent services. Lotte launched shopping by mobile phone in 2006 and by television in 2007. In September 2007, a partnership with Japanese department store operator Marui Co was announced, in which Marui will launch an online store in South Korea. The site will offer about 20,000 branded and private label SKUs, including women's and men's clothing, bags and shoes and will be operated by Lotte.com. Copyright IGD 2008 © 6 Source: Lotte.com The Lotte online site can be found at www.lotte.com Copyright IGD 2008 © 7 COMPANY HISTORY 2008 October, Lotte announces plans to launch Krispy Kreme franchise in China. June, Lotte opens first stores in China. 2007 September, Lotte opens first department store in Russia. Lotte forms a holding company in China: Lotte (China) Investment Co. The first department store - Le Tian Yin Tai - will open in Wangfuzing, downtown Beijing in summer 2008. The seven-floor complex will have a sales area of 36,860 sqm and stock groceries as well as luxury goods. Lotte announces that it will expand to Vietnam (Ho Chi Minh City) in 2008 and to India over time.
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