Lotte Implements Group-Wide Win-Win Activities for Small and Medium Enterprises

[Asia Economy Reporter Jeon Jinyoung] On the 28th, Lotte announced that it will provide group-level support for domestic small and venture companies and startups facing difficulties in developing overseas market channels.

Six Lotte distribution companies (Home Shopping, Department Store, Mart, Duty Free, Hi-Mart, Korea Seven) held the "Lotte-Korea Brand Expo" in Germany and the United States this month in collaboration with the Ministry of SMEs and Startups. This is the first time that the six Lotte distribution companies have jointly conducted overseas market development and win-win activities at the group level. The number of participating small businesses reached 200. Lotte provided support activities for selected small businesses, including product promotion content production and online/offline promotion, live commerce sales broadcasts using domestic and international TV home shopping and global distribution channels, and 1:1 domestic store consultation meetings inviting buyers from Lotte distribution affiliates.

On the 5th and 6th, Lotte participated for the first time in the Berlin International Consumer Electronics Fair (IFA) held in Berlin, Germany. They set up an integrated exhibition booth with 50 excellent small businesses participating and conducted product promotion events and export consultations with multinational buyers.

ESG (Environmental, Social, and Governance) management consulting is also being conducted. Lotte Department Store, in partnership with the Win-Win Growth Committee, selected 16 partner companies and will provide free ESG management consulting from the end of August to the end of the year. They plan to assist in establishing ESG management strategies and indicators through ESG guideline education tailored to small businesses.

Lotte Information & Communication and Lotte Hi-Mart also signed the "2022 Partner ESG Support Project Agreement" with the Win-Win Growth Committee last month. Lotte Information & Communication contributed 50 million KRW to the win-win cooperation fund, and Lotte Hi-Mart contributed 100 million KRW. Lotte Fine Chemical signed an "ESG Joint Practice Business Agreement" on the 12th of last month with Incheon Port Authority and Korea Environmental Industry & Technology Institute to promote ESG management and support technological growth of small businesses. Lotte Construction also conducted education on the Serious Accident Punishment Act in January for about 200 companies, including partners.