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7-Eleven is trialling an unmanned locker service called Seven Locker in Seoul, South Korea.
The group has revised its five-year plan and now aims to spend US$44bn (KRW50tn) through 2023.
Of the total investment, 25% will go to retail to be spent on ecommerce infrastructure, logistics, big data and AI. Lotte plans to hire 70,000 workers during the five-year period, mainly in the ecommerce sector. This big investment to bring physical stores online is a significant step up from its previous announcement.
The group also announced that 10% of the US$44bn will be invested on foods, which includes expanding across Asia. In China, Lotte’s retail business has been struggling with a boycott by Chinese consumers and Lotte may be moving on from China. The group said it will push into new markets and expand in Indonesia and Vietnam.
In a statement this week, Lotte Group, noted, "The plan reflects our will to quickly normalise management activities that recently slowed, secure competitiveness for future growth and to contribute to revitalising the national economy."
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7-Eleven in South Korea has launched a new fully automated 'express' format.
Having launched its first unstaffed convenience store at Lotte World Tower in Seoul last year, 7-Eleven is now testing its latest 'express' format. South Korea continues to see the rise of self-service and cashier-less stores with various retailers exploring this space.
7-Eleven's new concept store consists of five vending machines in the shape of an express train. It is currently testing four stores, two of which are being trialed at the headquarters of 7-Eleven in Seoul, one at Lotte E&M in Incheon, and the other at the headquarters of Lotte Rent-a-Car in Anyang, Gyeonggi Province.
The 10-metre long express stores carry 200 products across five key categories; drinks, snacks, prepared meals, processed food and non-food products. They are also cashless, and shoppers can pay via a prepaid transit card or credit card after inputting the product number into the machine. For shoppers looking for a quick snack, the store features a microwave and a hot water dispenser in the central area for convenience.
South Korean conglomerate Lotte Group is looking to sell some of its department stores in China, edging closer to exiting the market completely.
The retailer currently operates five department stores in China. Lotte department stores in Tianjin and in Weihai, Shandong Province are likely to close first, while stores in Shenyang and Chengdu in Sichuan province are expected to operate a little longer. Sales at Lotte's department operations in China fell 22% to KRW76bn (US$68m) last year, resulting in KRW70bn in operating losses.
Since March last year, the impact of THAAD has been widely reported, as has consumer sentiment towards Korean products and retailers. The retailer's supermarket business Lotte Mart, for example, has 14 stores remaining after selling its operations in Beijing and Shanghai.
Lotte has launched a new department in charge of the Group’s online businesses in South Korea. The move is part of a plan to capitalise on the country’s fast growing online market. Only three months ago, Lotte outlined its ecommerce investment plans over the next five years, targeting KRW20tn (US$15.2bn) in sales by 2022. The new ecommerce department has approx. 1,400 employees, and has plans to launch a mobile app in 2020 to provide optimised services supported by Big Data.
Meanwhile, Lotte Duty Free, the retailer’s duty-free business has closed its operations at Incheon International Airport. It decided to return three of its four money-losing concessions at the country’s main gateway in February. Lotte is now redirecting its attention by investing in downtown duty-free stores, overseas expansion and online services
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South Korean conglomerate, Lotte, is planning to open to its first Lotte Mart store in Mongolia in the first of half of next year.
The first Lotte Mart store in Mongolia is expected to be opened in Ulaanbaatar next year. Lotte has set up a joint venture with Nomin Holdings, which will sell Lotte’s private label products for the next 10 years. The two companies are initially targeting sales of US$3m a year.
Since last year, Lotte has been selling its private label food products, Only Price, Yorihada and Choice L at four stores, including a state-run department store and two supermarkets owned by Nomin in Ulaanbaatar. The retailer launched its Lotteria fast-food chain in Ulaanbaatar last month, and plans to open ten outlets in the next four years. Stores will operated by Eugenetek Mongolia, who has signed on as a master franchisor.
With Lotte on the verge of exiting China entirely, it is consolidating its operations at home and turning to Vietnam and Mongolia overseas. Fierce South Korean rival, Shinsegae, entered Mongolia in 2016 with Emart via a franchise agreement with Sky Trading, a local distribution unit of Altai Group. With Lotte also planning to enter the market, Mongolian shoppers will have a greater choice of Korean products in addition to Emart.
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