SEOUL ¨C At 92, the man who built South Korea¡¯s biggest retail empire is finally making his mark in the Seoul skyline as the country¡¯s tallest tower takes shape ¡ª just as public faith in corporate giants crumbles into safety fears and mistrust.
Shin Kyuk-ho first envisioned a landmark for Lotte Group 28 years ago, when family-run conglomerates, or ¡®chaebol,¡¯ like his led the rise of South Korea¡¯s economy. Now the plan to build the world¡¯s sixth-tallest skyscraper by 2016 is marred by teething troubles at a newly opened mall and leisure complex at its foot: Visitor numbers have nearly halved, forcing Lotte to cut rents.
It makes no difference that Shin is one of South Korea¡¯s most successful businessmen and that Lotte has no record of major safety blemishes. After a ferry sinking last year that killed 304 people, South Koreans were shocked into a mood of zero tolerance for safety lapses, and the scale of the 3.7 trillion won ($3.3 billion) Lotte World Tower project is matched by the level of public scrutiny.
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