Lotte Group chairman Shin Dong-bin recently emphasized efforts to turn the current economic crisis into an opportunity, urging executives to look for blue-chip companies for mergers and acquisitions.

“This time of economic downturn could be an opportunity. We need to be more active in the M&A of healthy companies put on the market at low prices,” Shin was quoted as saying during a recent meeting with executives.

The chairman’s comment came at a time when the retail-oriented conglomerate is stepping up efforts to enter the global market through M&A with companies in China and Southeast Asia. 

“While making sure that liquidity is secured, we need to consider progressive M&A,” he said, pointing to the group’s previous experiences during the 2008 global financial crisis.

In 2008, Lotte acquired the Indonesian network of Mic.ro, the supermarket chain brand of Mercadia Holland, a Netherlands-based retailer, while in 2009 it also took over Doosan Liquor, which now has become Lotte Liquor.

“A prolonged economic crisis could affect the group’s management goal in the second half of this year. CEOs of key affiliates by themselves should check whether any problem is expected in achieving the goal,” Shin said.

According to Lotte, major chief of executives, including Lotte Department Store CEO Lee Chul-woo and Lotte Mart CEO Noh Byung-yong, have already visited countries such as China and Vietnam to examine the group’s overseas operations.

By Lee Ji-yoon (jyleeh@heraldcorp.com)