To help boost sales of men’s casual wear last month, Lotte Department Shin Heon started to wear jeans to work and encouraged other top officials to do the same

Lotte CEO looking for a little magic

Oct 03,2013

Shin Heon, Lotte Department Store CEO, wearing a navy suit with a red bow tie, entertained 100 or so customers at its department stores in downtown Seoul yesterday with the help of magician Lee Eun-kyul. The show lasted for half an hour. The magic show, presented by the top executive of one of the nation’s leading retailers, was part of a strategy to boost sales as Lotte along with Hyundai Department Store and Shinsegae Department Store, which all started their autumn sales yesterday. But it wasn’t the two competitors he was concerned about, according to Lotte. On the contrary, he was looking to draw potential customers into his store on a fine fall day.

“Our competition is entertainment and leisure like camping and autumn foliage trips,” Shin reportedly said at a meeting with high-ranking Lotte officials last month, according to the company.
He emphasized his management philosophy of creating a differentiated shopping culture where people can drop in for reasons other than shopping. The CEO believes that when the customers are offered more than shopping, sales will climb further.
Lotte also said Shin decided to make an appearance on stage in a bid to be more accessible to customers.
To help boost sales of men’s casual wear last month, Shin started to wear jeans to work and encouraged other top officials to do the same.
According to a Ministry of Trade, Industry and Energy study released Sept. 26, department store sales grew 6.6 percent in August compared with the same month last year, the highest rate since 7.5 percent in March.
In particular, luxury brands showed the highest growth of 11.9 percent year-on-year due to discount events exclusively for premium brands. Household appliances were up 6.9 percent after the introduction of ultra high-definition televisions.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: