Shinsegae Group to Advance Payment of 490 Billion KRW to Small and Medium Suppliers Ahead of Lunar New Year

Payment to over 13,000 companies advanced up to 10 days between February 5-10
Emart, Shinsegae, SSG.com, and Everyday join to support partners

[Asia Economy Reporter Yuri Kim] Shinsegae Group will make early payments of delivery fees to small and medium-sized partner companies ahead of the Lunar New Year holiday. The total amount of delivery fees to be paid early this time is 490 billion KRW to 13,220 partner companies.

Shinsegae Group announced on the 24th that it has more than doubled the scale of early payment amounts for the holiday, which was around 200 billion KRW last year, to help small and medium-sized partner companies struggling due to the novel coronavirus disease (COVID-19).

The scale of early payments by each company is approximately 140 billion KRW to about 750 partner companies at Emart, about 280 billion KRW to about 3,800 partner companies at Shinsegae Department Store, and about 20 billion KRW to about 370 partner companies at Emart Everyday.

SSG.com, which is rare in the e-commerce industry for participating in early payment to partner companies since last Chuseok, will also make early payments of about 50 billion KRW to about 8,300 partner companies this Lunar New Year.

Shinsegae Group decided to advance the payment date of delivery fees by up to 10 days from the existing settlement date, scheduling payments between February 5 and 10 ahead of Chuseok.

A Shinsegae Group official said, "We decided to make early payments of delivery fees to help small and medium-sized partner companies with their cash flow," and added, "We will continue to make efforts for mutual growth in the future."