Lotte to open shops inside NTUC Singapore’s FairPrice retailers
Lotte Mart and Lotte Tremendous will launch shops inside NTUC FairPrice retailers, Singapore’s largest grocery store chain, to promote meals merchandise beneath Lotte’s non-public labels, Lotte Buying mentioned on Wednesday.
Beneath the enterprise partnership settlement signed between Lotte Buying and NTUC, Lotte Mart and Lotte Tremendous will open shops in NTUC supermarkets within the first half of subsequent yr to prepare dinner hen and put together fashionable Korean meals corresponding to kimbap and tteokbokki on the spot and the place and promote them beneath his non-public model.
NTUC operates 161 supermarkets and 184 comfort shops in Singapore.
Kimbap, also called gimbap, is a rice roll wrapped in seaweed with numerous greens and marinated meat. Tteokbokki is a dish made from rice desserts simmered in a scorching, purple chili sauce and is a well-liked avenue meals in Korea.
Lotte has been exporting PB merchandise to 12 international locations, together with Vietnam, Mongolia and Indonesia in addition to Australia.
In Singapore, Lotte Buying mentioned opening shops inside shops is a giant deal. Lotte Buying manages the grocery store and grocery store chains Lotte Mart and Lotte Tremendous.
“Now that we’re getting into Singapore, we’ll promote Ok-food in Southeast Asia and develop our PB meals exports to numerous areas corresponding to North America and Europe,” mentioned Kim Sanghyun, chief govt of Lotte Buying Co., on the signing ceremony.
Kim has a deep understanding of the retail market in Singapore and different elements of South East Asia. Earlier than becoming a member of Lotte, he had labored at Hong Kong-based DFI Retail Group and a Singapore-based retail firm.
In 2023, the income at Lotte Mart and Lotte Tremendous collectively elevated by 4.6% to five.6 trillion gained ($4.2 billion) from the earlier yr, hit by the rise of e-commerce gamers corresponding to Coupang Inc. They’ve additionally didn’t meet up with new utilization tendencies.
Its bigger rival E-Mart Inc. has launched its low-budget home label No Model in 19 international international locations and operates No Model shops there. On the finish of this yr, it’ll open its first No Model outlet in Laos.
South Korean comfort shops are additionally following within the footsteps of home grocery store chains to develop past the stagnant home retail market.
CU has exported its PB meals merchandise, together with ramyun immediate noodles and snacks to some 20 international locations, together with the US, the UK and China. In 2024, it targets $10 million in exports.
GS25 additionally exports 700 PB merchandise to 33 international locations.
Write to Hyun-Jin Ra at Raraland@hankyung.com
Yeonhee Kim edited this text.