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Lotte Shopping recently signed a deal with the UK-based Ocado Group Plc for the expansion of its online grocery store. Their new partnership was announced on Tuesday, Nov. 1.
South Korea’s Lotte Shopping retail company joined forces with the British firm known to be a technology-led global software and robotics platform business that provides a unique end-to-end solution for online grocery around the world. Through the deal, it will use the latter’s technologies in its warehouses, fulfillment centers, and e-grocery shopping platform.
It was reported that Lotte Shopping and Ocado will jointly design the new online-based grocery shopping site that will be launched in early 2025. The companies said they are pleased with their collaboration for the development of Lotte’s online business in its home country through the Ocado Smart Platform or OSP.
According to Korea Joongang Daily, Lotte Group’s retail arm is planning to invest around KRW 950 billion or $670.8 million for the project. The fund is set to be used to buy land where new fulfillment centers for grocery deliveries are to be erected. Part of the money will also be disbursed for payment of commissions for the utilization of Ocado’s automation technologies designed for fulfillment centers.
Lotte will build six automated logistics centers across South Korea, and they are expected to be completed by 2030. These will be constructed using Ocado’s advanced technology that will automate the deliveries starting from the acceptance of orders to packing and, finally, the logistic processes.
In any case, the exclusive agreement between Lotte Shopping and Ocado made the former the only Korean partner of the British firm. The Korean retailer said it is aiming to achieve an annual sales of KRW5 trillion for its upgraded online grocery delivery service by the year 2032.
“This partnership with Ocado, one of the most innovative companies worldwide, will be a great opportunity for Lotte Shopping to provide our customers with a new online grocery 1 Equivalent to 30 modules of capacity shopping experience,” Lotte Shopping’s chief executive officer, Kim Sang Hyun, said in a press release. “Also, I expect this will be the first step for us on the way not only to increasing our competitiveness and presence in the e-grocery market but also to achieving the leading position in the overall grocery market in Korea.”
On the other hand, Ocado Group’s chief, Tim Steiner, also said that “This partnership brings the Ocado Smart Platform, the most advanced technology for serving online grocery, to one of the most mature e-commerce markets in the world.”
