Lotte to Advance Payment of 686.3 Billion KRW to Small and Medium Partner Suppliers

26 Affiliates, Including Department Stores, Hotels, and Lotte Wellfood, Join the Initiative

On the 13th, Lotte announced that it will advance the payment of delivery fees amounting to 686.3 billion KRW to 11,067 small and medium-sized partner companies in celebration of the Lunar New Year holiday. This is to help partner companies who may feel burdened by financing due to temporary cost increases before the holiday to manage their funds smoothly.

Lotte plans to pay the delivery fees on average 9 days earlier than the originally scheduled payment date, before the Lunar New Year holiday. The participating affiliates include 26 companies such as Lotte Department Store, Lotte Hotel, Lotte Wellfood, and Lotte Global Logistics.

Since 2013, Lotte has been advancing delivery fee payments to partner companies before the holiday season every year to practice win-win growth between large and small-to-medium enterprises. Additionally, Lotte has established a win-win growth fund worth about 1 trillion KRW to support smooth cash flow for partner companies and was the first large corporation to introduce a win-win payment system across all group companies, paying transaction amounts in cash equivalents.

Lotte is also assisting small and medium-sized partners in pioneering overseas markets. Including Lotte Holdings, eight affiliates such as home shopping, marts, Korea Seven, and Hi-Mart held the ‘2024 Korea Together Festival with Lotte’ last August at Lotte Mall West Lake Hanoi in Hanoi, Vietnam. Through an export consultation meeting attended by 80 small and medium-sized enterprises and local Vietnamese distribution company buyers, they recorded export consultation results worth a total of 12.88 million USD (approximately 17 billion KRW).

A Lotte official said, “We hope this will be a practical help to partner companies facing difficulties in financing due to increased expenses ahead of the holiday,” and added, “We will continue to strengthen various win-win activities that help our partner companies.”