[Asia Economy Reporter Seungjin Lee] The top three retail giants?Lotte, Shinsegae, and Hyundai?are launching initiatives to boost consumption through the '2020 Korea Sale Festa (Kosepe)'.
On the 27th, Lotte announced that its eight retail affiliates (Lotte Department Store, Lotte Mart, Lotte Super, Lotte ON, Lotte Home Shopping, Lotte Hi-Mart, Seven Eleven, and LOHB's) will showcase products worth a total of 2 trillion won during Kosepe.
Lotte Department Store and Lotte Home Shopping, among other major affiliates, have prepared a 'Win-Win Sharing Special Exhibition' by pre-purchasing inventory worth 25 billion won from excellent domestic partner companies in categories such as fashion apparel, accessories, and living goods. Lotte Department Store will hold the largest-scale 'Outlet Mega Sale' event with over 300 brands participating across 20 outlet stores nationwide. Lotte Mart will offer brand promotions with discounts up to 50% on home furnishing products including kitchen interiors, and Lotte Hi-Mart will run weekly relay special price events on small and medium-sized brand home kitchen appliances.
Shinsegae Department Store will hold 'Korea Fashion Market Season 2' to support the fashion industry struggling with inventory clearance. 'Korea Fashion Market' is an event hosted by the Ministry of Trade, Industry and Energy and organized by the Korea Fashion Industry Association. At this event, Shinsegae Department Store plans to offer over 40 popular brands with discounts up to 80%.
In collaboration with Shinhan Card, Shinsegae will also introduce the 'Good Consumption Support Project' event from November 6 to 12, featuring the 'Shinsegae Win-Win Package' containing processed foods worth about 50,000 won, such as natural honey and organic plum syrup made by local farms and small businesses. During the event period, it will be sold for 10,000 won with a Shinsegae Shinhan Card.
Hyundai Department Store will celebrate its 49th anniversary by holding various events and promotions from the 30th at 15 stores nationwide, including the Apgujeong Main Store, such as the 'Premium Outerwear Grand Sale,' 'Special Price 77 Selections for Home Appliances, Furniture, Bedding, and Tableware,' and 'Popular Food Half-Price Deals.' Various events will also be held by group affiliates including Hyundai Home Shopping, Hyundai Green Food, Handsome, and Hyundai Livart.
Hyundai Department Store's Sinchon and Daegu stores, as well as Hyundai Premium Outlets in Gimpo and Songdo, will also host Korea Fashion Market Season 2. The sales commission for brands participating in the 'Korea Fashion Market' will be reduced by 5 percentage points compared to before to help the fashion industry struggling due to COVID-19.
Kosepe will be held nationwide from the 1st to the 15th of next month, with participation from large, medium, and small retail and manufacturing companies offering discount events. This year, about 1,328 companies are expected to participate, nearly double the 704 companies that participated last year. Considering the COVID-19 situation, the event will be conducted mainly online and non-face-to-face.
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