SEOUL, May 16 (AJP) - Lotte Mart has entered the Singapore market through a strategic partnership with FairPrice, the city state’s largest retailer.
The company opened its first store in the country this week, adopting a shop-in-shop format within the FairPrice Extra outlet at VivoCity, one of Singapore’s largest shopping malls.
The launch marks Lotte Mart’s first expansion into a new Southeast Asian market in 17 years, following its entry into Vietnam and Indonesia in 2008. Company executives said the move reflects a broader effort to establish Singapore as a strategic hub for regional operations.
An opening ceremony held Thursday was attended by Kang Sung-hyun, chief executive of Lotte Mart and Lotte Super, Shin Yu-yeol, who leads the Future Growth Division at Lotte Holdings, and Vipul Chawla, CEO of FairPrice Group.
“This is a meaningful step for us,” Kang said. “With our overseas business expertise, we aim to firmly establish ourselves in Singapore while promoting K-food and positioning the market as an export base for our private-label products across Southeast Asia.”
The venture also marks Lotte Mart’s first use of a shop-in-shop model in its international operations — a strategy that allows the brand to leverage FairPrice’s extensive logistics infrastructure and consumer base to generate stable revenue streams.
As part of the rollout, Lotte Mart will distribute around 100 private-label products across more than 100 FairPrice outlets. The products will be available throughout the city state, benefiting from FairPrice’s expansive retail footprint.
reporter
Candice Kim
candicekim1121@ajupress.com
Copyright ⓒ Aju Press All rights reserved.
View more comments