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LIFETIME VALUE CREATOR ANNUAL REPORT 2017 REPORT ANNUAL LOTTE SHOPPING AN INVITATION TO THE ENRICHED FUTURE OF RETAIL, CREATED BY THE NEW VALUES OF LOTTE SHOPPING Lotte Shopping Annual Report 2017 LIFETIME VALUE CREATOR Lotte Shopping established its vision of being a “Lifetime Value Creator”, which includes our pledge to offer REPORT OVERVIEW UNIQUE FEATURE customers the highest value for every purchase they make from us. In order to create new values that will make their lives 00 ABOUT LOTTE GROUP This annual report informs readers about Lotte Shopping’s This year’s report is designed to demonstrate 02 CEO'S MESSAGE more beautiful and enriched, we are leading the evolution of wide range of initiatives and achievements. In particular, Lotte Shopping’s commitment to adding new values to 06 INTERVIEW WITH THE CEO retail through continuous change and innovation. it introduces in detail our approach to realizing the future of customers’ lives with its new logo, Value Line. retail while strengthening our core competencies in channels, You will see the beautiful and luxurious image of the future innovations, customer satisfaction, and other areas, of retail, shown through the varied colors and shapes of in response to changes in trends, technologies, and lifestyles. Lotte Shopping’s Value Line logo. LEADING TRENDS IN RETAIL EXPERIENCE OMNI PAGE. 10-15 CONVERGING TECHNOLOGY AND INNOVATION EXPECT THE FUTURE OF RETAIL PAGE. 16-21 CREATING NEW LIFESTYLES AND VALUES ENJOY A FULLER LIFE PAGE. 22-27 Reader's Guide ABOUT LOTTE SHOPPING REVIEW OF OPERATIONS CSR MANAGEMENT 30 COMPANY PROFILE 62 LOTTE DEPARTMENT STORE 73 LOTTE SHOPPING’S CSR 32 FINANCIAL HIGHLIGHTS 64 LOTTE MART 74 CUSTOMER-CENTERED MANAGEMENT 34 GLOBAL NETWORK 66 LOTTE HIMART 76 ENVIRONMENTAL MANAGEMENT MORE INFORMATION 36 BOARD OF DIRECTORS 68 LOTTE SUPER 78 WIN-WIN PARTNERSHIPS Links to the related information of the contents in the report. 38 CORPORATE GOVERNANCE 69 LOTTE HOME SHOPPING 80 SOCIAL CONTRIBUTIONS 39 ETHICAL MANAGEMENT 70 LOTTE CINEMA 40 2017 NEWS HIGHLIGHTS 71 LOHB’S 44 KEY MARKET STRATEGY LINK TO WEBSITE Please click to go to the homepage. FINANCIAL REVIEW 83 INDEPENDENT AUDITOR’S REPORT 84 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 85 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 86 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 87 CONSOLIDATED STATEMENTS OF CASH FLOWS 89 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS INTERACTIVE PDF & PR VIDEO DOWNLOAD Click on the left-hand icon to download our Interactive PDF and PR videos. Click on Pages on the left-hand menu tab and Contents on the Contents page to move to the pages you want. ABOUT LOTTE GROUP ONE OF THE WORLD’S MOST HIGHLY RESPECTED BUSINESS GROUPS Lotte Group began with the founding of Lotte Confectionery in 1967. Over the past fifty years, it has grown into one of South Korea’s best-known business groups, expanding its business interests to include food, retail, tourism, BUSINESS AREAS http://www.lotte.co.kr petrochemicals, construction, machinery, finance, information and communications, and service operations. The Group is also expanding its operations across Asia and around the globe. FOOD Lotte Confectionery Lotte Chilsung Beverage Lotte Liquor MISSION Lotte Foods VISION Lotte-Nestle Lotte Asahi Liquor Lottelmsc WE ENRICH PEOPLE’S LIVES BY PROVIDING SUPERIOR PRODUCTS AND SERVICES Lotte R&D Center Lotte GRS THAT OUR CUSTOMERS APPRECIATE AND DEPEND ON. RETAIL Lotte Department Store The mission of LOTTE is to establish a foundation and baseline for our business activities. It plays a vital role in Lotte Mart strengthening the pride and unity of our employees and motivating them to work for a united cause. Lotte Super Lifetime Value Korea Seven Lotte Hi-Mart Lotte Home Shopping Creator Lotte.com LOHB’s Lotte Cinema FRL Korea Lotte International RICHNESS CONTRIBUTION EXPANSION To promote sustainable growth over the next 50 years, CHEMICAL/ Lotte MCC CONSTRUCTION/ Lotte E&C LOTTE has chosen to focus on qualitative growth “Richness” is the value The value of “contribution” propels Comprehensive expressions such as MANUFACTURING Lotte CM Business Division that LOTTE has endeavored to LOTTE forward to become “products and services” and “everyone, and declared a new vision.“Lifetime Value Creator” Lotte E&M provide our customers with since our a group that “customers appreciate everywhere” represent LOTTE’s represents our resolution to make LOTTE a brand Lotte Aluminum foundation, and which distinguishes us and depend on, which enriches unyielding desire to expand Lotte Fine Chemical that provides our customers with the very best value Lotte Advanced Materials from our competitors. people’s lives.” our scope of business. throughout their lives. Lotte Chemical Canon Korea Business Solutions KP ChemTech Fuji Film Korea TOURISM/SERVICE/FINANCE Global Logistics CORE VALUE Lotte Rental CORE VALUES ARE THE STANDARDS THAT ALL LOTTE STAFF SHOULD ASPIRE TOWARD SO THAT LOTTE CAN FULFILL ITS MISSION AND VISION. Lotte Logistics Lotte Resort Lotte Members > > Lotte Duty Free CHALLENGE RESPECT ORIGINALITY Lotte Foundation for Arts We focus on the nature of our task We respect different opinions, We quickly respond to changes, cooperate Lotte Property & Development CHALLENGE RESPECT Lotte Institute of Economy & Business Strategy and continue to challenge ourselves to communicate with others and observe with other fields without boundaries, Lotte Welfare Foundation accomplish higher goals. general rules to build a bond of trust and implement innovations to develop Lotte Samdong Welfare Foundation with our community. originality inimitable by anyone. Beyond Lotte Insurance Customer Lotte Skyhill CC > > Expectation START START START Lotte World Understand the nature of our task Respect when our colleagues Respond quickly to changes and Lotte Academy and set a goal to contribute to the and stakeholders have different opinions and trends in the business environment. Lotte Asset Development outcome of the entire organization. actively communicate with them. > Lotte Giants > PROGRESS PROGRESS PROGRESS Lotte Scholarship Foundation Lotte Data Communication ORIGINALITY Take the initiative to improve work Observe general rules and actively respond to Pay great attention to various industries Lotte JTB processes and achieve goals. the stakeholders’ demands. and collaborate with them to create greater value. Lotte Card Lotte Capital OUTCOME OUTCOME OUTCOME Lotte PS Net Never give up, and set Behave carefully considering Develop creative thoughts and take innovative Lotte Hotel We do not aim to satisfy customers’ needs, but rather to and achieve higher goals. the impact of our action to build trust measures to provide products and services that Daehong Communications within our community. our competitors cannot easily imitate. create value beyond their expectations. EB Card & Mybi Lotte Hotel Busan Hyundai Information Technology ANNUAL REPORT 2017 02 03 LIFETIME VALUE CREATOR CEO'S MESSAGE Dear Valued Customers and Shareholders: In 2017, the growth of the retail industry slowed due to a pro- longed economic downturn and rapid changes in the operating environment. In this climate, Lotte Shopping actively explored its potential in all of its business sectors, so as to weather crises and continue its growth. One of our important focuses was on securing new growth en- gines, including our online operations and omnichannel services. We also opened a number of new stores, diversified our store for- “WE WILL BECOME A GLOBAL mats, and differentiated our products both at home and abroad. In addition, we made significant improvements to the efficiency of RETAILER THAT ADDS VALUE our management. Our commitment to transparency, compliance, and social responsibilities continued as well. With my profound TO OUR CUSTOMERS’ LIVES gratitude for the heartfelt support that you have always shown us, 2017 REVIEW BY PURSUING QUALITATIVE especially during times of difficulty, I would like to tell you about our performance in 2017 and our plans for the upcoming year. GROWTH BASED ON THE In 2017, we revamped our core competencies and built founda- tions for future growth by actively exploring potential in all of our CREATION OF SOCIAL VALUES.” business divisions. Focused on core competencies and future growth foundations South Korea’s retail industry faced a year of stagnant growth, due largely to lowered consumer confidence, increasing house- hold debt, intensifying competition among business channels, ex- panding governmental regulations, and the Terminal High Altitude Area Defense (THAAD) issue. Despite this environment, online shopping, consumer electronics retail stores, and health and beauty stores continued to grow in popularity, backed by changes in purchasing patterns. These changes included an increasing number of single-person households, an aging society, a definite trend towards small-quantity, neighborhood-based purchases, value-conscious shopping, and rising sales of health- and envi- ronment-related products. Lotte Shopping made multilateral efforts to improve its results while effectively adapting to these changes in its management environment. First, we opened a large number of new stores both at home and abroad. We also renovated our existing stores and upgraded our product inventory. In addition, we added to our menu of online operations with a special focus on mobile shop- ping, and significantly bolstered our omnichannel services which link our online and offline channels. Overseas, we concentrated our energy on enhancing our
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