"Lotte Department Store Leads Win-Win Management, Advances 400 Billion KRW to Partners"

[Asia Economy Reporter Eunmo Koo] Lotte Department Store is taking the lead in win-win management with its partners by making early payments of sales proceeds worth 400 billion KRW ahead of the Lunar New Year holiday.

Lotte Department Store announced on the 4th that it will pay approximately 400 billion KRW in sales proceeds, originally scheduled for payment at the end of this month, 10 days earlier to about 3,600 partner companies on the 20th. This decision was made to help smooth cash flow, considering that many partners face financial burdens due to temporary increases in expenses such as bonus payments during the holidays.

Additionally, this year, the focus is on strengthening communication with partners and expanding practical benefits needed by small and medium-sized enterprises. For example, the ‘Coffee Truck’ event, which received great responses last year before Chuseok when Lotte Department Store buyers personally visited about 60 excellent partners in the metropolitan area to provide coffee and other beverages, will be expanded to regional areas this year.

Furthermore, new initiatives such as ‘L-tab,’ which supports partners’ research and development expenses to launch collaborative products, and the ‘Rural Co-prosperity Program’ supporting the growth of Korea’s rural areas, will be introduced. ESG (Environmental, Social, and Governance) consulting, which provides education necessary for ESG management and certification, will also be further expanded.

Joonho Jung, CEO of Lotte Department Store, said, “As we welcome a new year, we empathize with the difficulties of our partners and are preparing various win-win activities to help even a little.” He added, “We will continue to strive for mutual growth between Lotte Department Store and its partners through active communication and support.”