Lotte has announced it is switching into emergency mode amid bleak forecasts for the Korean economy.
Lotte vice chairman Hwang Kag-gyu in a meeting at Lotte World Tower in Seoul on Wednesday told some 150 executives of the group's affiliates to go into emergency mode. Group chairman Shin Dong-bin also attended the meeting, which is held annually to reflect on the economic outlook announced by Nomura Research Institute.
"Concerns that Korea is likely to see deflation like Japan were shared in the meeting," said a Lotte staffer.
Each affiliate has started reviewing its cost reduction and investment plans.
