Lotte Mart announced on the 15th that it will open the first 'Lotte Mart EXPRESS' store, a Korean grocery specialty store, at NTUC FairPrice's largest discount store, 'FairPrice Extra VivoCity.'
The opening comes nine months after the memorandum of understanding for the supply and sale of private brand (PB) products with NTUC FairPrice was conducted in Singapore last August. With this, Lotte Mart has expanded into a new Southeast Asian country in 17 years, following its operations in Indonesia and Vietnam since 2008.
The Lotte Mart EXPRESS in Singapore will be operated in a 'shop-in-shop' format within FairPrice's discount stores, unlike the previous method of directly opening stores overseas. The company expects to secure a stable revenue structure and effectively spread brand awareness through synergy with local major retailers.
Lotte Mart will also sell its PB products at over 100 'FairPrice' stores located throughout Singapore. Currently, Lotte Mart exports over 500 PB products to 13 countries, including Vietnam, Mongolia, and Hong Kong.
The Lotte Mart EXPRESS in Singapore has adopted the slogan, 'A gateway to Korean flavors,' and has created diverse food specialty areas within the store. The ready-to-eat specialty area, 'YoriHada Kitchen,' features an open kitchen and dining space, selling a variety of Korean dishes such as tteokbokki, gimbap, and dakgangjeong. The recipes, developed at the Lotte Mart Food Innovation Center, reflect the taste and quality of Korea.
'YoriHada Kitchen' is currently operational in five Lotte Mart stores in Vietnam (West Lake, Hanoi Center, South Saigon, Dong Nai, Bin Jeom) and two stores in Indonesia (Gandaria City, Kuningan). It is said that ready-to-eat food sales have increased more than twice compared to before the introduction, indicating its popularity in the local market.
The Singapore store also features a 'LOTTE Zone,' which gathers popular PB products from Lotte Mart, LOTTE Wellfood, and Lotte Chilsung. Additionally, there is a 'Ramen Station' where customers can cook Korean ramen on-site, and a section selling popular products from Korean food companies such as CJ and OTOKI.
CEO Kang Seong-hyun of Lotte Mart and Super said, 'Based on the overseas business know-how accumulated over 20 years, Lotte Mart plans to successfully establish itself in the Singapore market, promote K-food, and eventually serve as a hub for PB exports to Southeast Asia.'