Lotte Shopping news

The South Korean retail conglomerate announced last week that it will launch a subscription-based snack service, the first of its kind in the country. Based on a subscription model The new service is based on a subscription business model. Shopper can sign up through Lotte Confectionery’s official Instagram or Facebook account. The number of subscribers will be limited to about 200 initia...

South Korea’s leading retail operator, LOTTE Shopping, announced that it will sell 121 physical stores this year. Speed up the selling process The company’s original plan was to sell 200 stores over the next three to five years to focus on its ecommerce business. However the restructuring process has now been sped up. LOTTE Shopping said by December this year it will shut down: ...

Lotte sets the target of doubling its last year’s ecommerce sales levels to KRW20 tn (US$16.3 bn) by 2023. Upgrading online services As part of the plan to double its online sales by 2023, the company has rolled out one-hour grocery delivery service. It is a faster delivery service than the same day or Dawn Delivery offered by its two key rivals, Coupang and Shinsegae’s Emart. The ...

LOTTE sees the newly-launched platform “LOTTE ON” as a key component to its digital transition. Confident but not without challenges Integrating existing online platforms, such as LOTTE Department Store, LOTTE Mart and LOTTE Home Shopping, the group aims to treble its online turnover to KRW20 tn by 2023 as it plans to generate leads through the new online platform and utilize offline stores...

As shoppers migrating to online shopping, retailers in South Korea are looking to accelerate ecommerce growth through mergers and acquisitions. Urgent need to expand logistics infrastructure The country’s largest grocery retailers, namely Emart (owned by Shinsegae), Lotte and Homeplus, all have developed online platforms. However, in terms of logistics infrastructure and delivery capabil...

Growth of convenience stores is accelerating, outperforming large format stores. CVS making more profits than supermarkets Convenience store operators reported record-high operating profits last year (2019): GS25: KRW256.5bn (US$217mn) CU: KRW196.6bn (US$162mn) Whereas Emart, South Korea’s largest grocery retailer, saw its operating profit down by 67.4% to KRW105.7bn last year...

Following disappointing results for 2019, the South Korean conglomerate is downsizing its physical stores. Closure of 200 stores to cut losses The retailer unit of LOTTE Group said this week that it will shut 200 of its 700 outlets over the next three years including: LOTTE Mart hypermarket LOTTE Super LOHB’s drug stores, and LOTTE Department stores It will affect almost...

Unintended consequence of the minimum wage increase over the last two years. Simultaneous sales growth of cheap necessaries and luxury goods There is an emerging trend of polarised spending in the country, which saw high-income shoppers trading up to high-end and luxury goods, whilst the low-income shoppers are seeking to save on everyday items. Retailers like Emart and Lotte, shopping v...

Shinsegae and Lotte are carrying out executive reshuffles to deal with declining profits and intensifying competition. Emart: names outsider as new CEO Shinsegae group has appointed Kang Heui-seok to replace CEO Lee Gap-su to turn around the chain's poor performance .  It is the first time in its 26 years’ history Emart has named an outsider as its new CEO.  " Emart's personnel resh...

The marketplace will be shut down on Feb. 20, 2020 and merged with SpeedL.vn, an e-commerce website owned by the same group. A shift towards new retail Lotte.vn website was launched as a marketplace at the end of October 2016, managed by a subsidiary of the group. SpeedL was launched as an online shopping app that carries products from Lotte Mart supermarket and department store in late 201...