Lotte Shopping news

07 August 2020
This initiative has become a key marketing strategy for grocery retailers in the country to build shopper loyalty, recruit new customers and maintain the existing ones. Gaining shopper loyalty through differentiated services Due to the disruption caused by the coronavirus outbreak, retailers are competing for loyal customers through tailored and highly differentiated services. Major reta...
03 July 2020
The US social media giant hopes to increase its market share in a competitive market dominated by local players. Rolling out online store, Facebook Shops Facebook has rolled out its latest innovation, Facebook Shops, in South Korea. Sellers can create their own collection and customize the look and feel of the shop with images and colours that showcase their brand. Shoppers can browse ...
22 June 2020
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...
26 May 2020
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: ...
29 April 2020
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 ...
27 April 2020
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...
30 March 2020
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...
21 February 2020
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...
18 February 2020
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...
08 January 2020
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...