Distribution CEO's Key Message for 2025... Shin Dong-bin's 'Constitution Improvement', Chung Yong-jin's 'Main Business', Chung Ji-seon's 'Cooperation'

[Korea Financial Times, Park seulgi] The new year of 2025 has dawned in a calm atmosphere. The country was plunged into grief at the end of last year due to the impeachment of the president under martial law and the tragedy at Muan Airport. In this atmosphere, Lotte Group Chairman Shin Dong-bin, Shinsegae Group Chairman Chung Yong-jin, and Hyundai Department Store Group Chairman Chung ji-seon started the year with a common purpose: 'to resolve the crisis'. They plan to overcome the crisis amid domestic and international difficulties by delivering a more concise and refined message than last year.

According to the relevant industry on the 2nd, CEOs of retailers delivered their New Year's speeches this year with a common goal of 'breaking through the crisis' but delivered slightly different messages in detail. Chairman Shin Dong-bin emphasized 'improving the constitution' as he suffered from the liquidity crisis last year, while Chairman Chung Yong-jin brought up 'strengthening the competitiveness of the main business' again. Chairman Chung Ji-seon focused on “cooperation” and “future growth opportunities” through fast-paced new businesses.

In his New Year's speech, Lotte Group Chairman Shin Dong-bin called for restoring the competitiveness of core businesses and improving the company's physical condition to lay the foundation for sustainable growth. Chairman Shin predicted that the economic situation this year would be difficult due to increased uncertainty and prolonged stagnation in the domestic market, and expressed concern that “without innovation, we could face a bigger crisis.”
To this end, he ordered a strong reform throughout this year. Chairman Shin said, “We must lay the foundation for a leap forward through constitutional improvement,” and “We must preemptively establish financial strategies and improve financial soundness based on them.”

He also said that the atmosphere of the organization needs to be renewed in order to improve work productivity. He said, “Look back to see if there are any unnecessary tasks or things that hinder efficiency, and make every effort to create a foundation to restore our leading position.”

Chairman Shin also emphasized business innovation from the customer perspective, saying, “Customers are the foundation of our existence, and the business that will be responsible for the future of the group must be one that meets the needs of customers.” He added, “Let’s review the entire business from the customer perspective and constantly seek new values ​​that can be provided to customers,” and “Let’s think carefully, but let’s enhance our execution power to concretize the business.”

Shinsegae Group Chairman Chung Yong-jin continued his focus on “business competitiveness” again this year, following last year. He cited “business competitiveness that satisfies the No. 1 customer” as a weapon to overcome the crisis. Chung's core message is that the more difficult times become, the more aggressive we should be rather than holding back. “The market situation is not good due to high prices and recession, but even in such a time, companies must challenge and grow,” he said, adding that the answer lies in the competitiveness of the main business.

Chairman Chung Yong-jin defined, “Shinsegae's main business is the growth engine that has made Shinsegae Group what it is today,” adding that the core fuel of the engine is 'No. 1 customers. “No. 1 customers crave newness and feel great satisfaction through experiences that are different from the past,” he said, adding, ”No. 1 customers are the ones that Shinsegae Group fears the most and must always look to, and in 2025, we must execute Shinsegae's original DNA of responding to the thirst of No. 1 customers first and executing relentlessly.”

He revisited the way organizations work, especially for competitive advantage. “Let’s reflect on whether we are not becoming arrogant by considering ourselves as number one, rather than the essence of being No. 1 customers”, he said, citing ills that hinder organizational development, such as avoiding responsibility and warmth.

Chairman Chung Yong-jin stated, "There is no reason for us to hold back now," adding, "so please read and execute fiercely where the No. 1 customer is heading in your organization and business." “Let's make the Shinsegae brand the pride of our customers,” he said, ‘and let's spend a year that we are not ashamed of the ’Shinsegae-ness' we have cultivated.”

In his New Year's speech on January 1, Hyundai Department Store Group Chairman Chung Ji-seon emphasized overcoming crises through “cooperation” and preempting future growth opportunities by accelerating new businesses promotion. “As growth begins with action, expands with diverse cooperation, and is completed with mutual empathy, let's face the wave of change together by trusting and helping each other,” he said.

“In order for our group to continue to grow, it is important that we continue to create growth engines by actively trying new things in response to changes in our customers, markets, and business ecosystem.”
He also pointed out that we must break away from our previous working practices. Chairman Chung Ji-seon said, “We need to create new opportunities by finding and applying better ways to respond to change.” He added, “New attempts require the effort of letting go of familiarity and bring about fear of failure, but only by going through such growing pains can we achieve success.”

This was followed by a call to accelerate new businesses to preempt future growth opportunities. “The CEOs and executives of each company should once again recognize that preparing for future growth is their greatest responsibility, and take the lead in promoting new businesses based on collecting various opinions and making quick judgments,” said Chairman Chung Ji-seon, adding, ”Only with the active leadership of the top management will we be able to accelerate the pace of strategy implementation and realize our visionary goals that seemed so far away.”

Chairman Chung Ji-seon concluded by saying, “It is important for executives and employees to prioritize customer-centered thinking and stakeholder trust, actively implement new attempts through smooth cooperation with various external partners, and respond to market changes,” reiterating, “Let’s create a creative organizational culture where members can trust the company and be more immersed in their work while putting their personal and corporate growth on the same level.”

Park seulgi (seulgi@fntimes.com)