SHERIDAN, WYOMING – Feb. 9, 2025 – LOTTE Group announced the acceleration of payment of 686.3 billion KRW in delivery fees to 11,067 small and medium-sized partner companies ahead of the Seollal Lunar New Year holiday. This initiative aims to alleviate the financial strain on partner companies caused by temporary cost increases during the holiday season, and to ensure a smoother cash flow.
Early Payments to Support Partner Companies
The payment, originally scheduled for later dates, will be made an average of nine days earlier, before the Korean New Year holiday. Affiliates participating in this effort include LOTTE Department Store, LOTTE Hotels & Resorts, LOTTE Wellfood, LOTTE Global Logistics, and 22 other companies.
Since 2013, LOTTE Group has consistently practiced early payment of delivery fees to partner companies before holiday breaks to foster co-prosperity between large and small businesses.
“We hope this initiative proved practical support to partner companies facing financial difficulties due to increased costs ahead of the holidays,” a LOTTE representative stated. “We will continue to strengthen various winning initiatives to support our partners.”
LOTTE's Commitment to Shared Growth
In addition to early payments, LOTTE has established a co-prosperity fund of approximately 1 trillion KRW to facilitate smooth cash flow for partner companies. LOTTE was also the first major corporation to implement a shared growth system across all its subsidiaries, enabling transactions to be paid in cash.
Supporting Global Expansion for Partner Companies
The Group also supports small and medium-sized partner companies in expanding their presence in overseas markets. In August of last year, eight affiliates, including LOTTE Corporation, LOTTE Hom Shopping, LOTTE Mart, Korea Seven, LOTTE Hi-Mart, hosted the ‘2024 Korea Shopping Festa with LOTTE’ at LOTTE Mall West Lake Hanoi in Vietnam. The event included an export consultation session where 80 small and micro businesses met with local Vietnamese distributors, resulting in total export consultation deals worth $12.88 million (approx. 17 billion KRW).
LOTTE's Continued Dedication to Co-Prosperity
LOTTE Group's commitment to its partner companies is evident in its various initiatives aimed at fostering shared growth and mutual success. By providing financial support, facilitating smooth cash flow, and creating opportunities for global expansion, LOTTE is demonstrating its dedication to building strong and lasting relationships with its partners. This commitment not only benefits the partner companies but also contributes to the overall health and vitality of the Korean economy.