Lotte news roundup: mobile payment, expansion in Vietnam and Indonesia
Lotte has been trying to provide an omni-channel shopping experience to its customers and is focusing on improving and promoting its mobile payment solution L-Pay. The mobile payment service has been forging ties with eight South Korean credit card firms and is also in talks with Samsung to have L-Pay applied to Samsung Pay to strengthen the competitiveness of L-pay.
Lotte Mart Vietnam achieved 30% growth
With 12 stores, Lotte Mart Vietnam reported a growth rate of 30% year-on-year with sales of VND5 tn (US$221.58 mn) last year. Foot traffic also grew 20%, says CEO Hong Won Sik, and the company is looking at more mergers and acquisitions so it can achieve its target of 60 stores by 2020. Lotte Mart Vietnam also plans to expand to convenience stores and ecommerce.
Expanding in Indonesia
Lotte Mart will expand its retail business in five major cities in Indonesia. Currently it is operating 41 stores. Lotte Group also signed a memorandum of understanding with the country’s largest conglomerate Salim Group to enter Indonesia's ecommerce market and launch the service next year.