Shinsegae to Boost Investment, Hiring

      January 20, 2015 13:13

      Chung Yong-jin

      Retail giant Shinsegae said Monday it will invest W3.35 trillion (US$1=W1,079) this year, about 50 percent more than last year, and hire 14,500 new workers.

      This reflects CEO Chung Yong-jin's belief in more aggressive investment in times of recession to improve long-term prospects.

      The company's chief financial officer explained that Chung's plan is to "revive consumption with aggressive investment" in tough times while "seeking new growth engines."

      Shinsegae hopes to boost its sales from W20 trillion to W88 trillion and increase staff to 170,000 by 2023.

      Another Shinsegae executive said the company will invest W2-3 trillion and recruit over 10,000 people every year for the next 10 years.

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