Lotte Shopping partners with Ocado of Britain to expand e-grocery biz
SEOUL, Nov. 1 (Yonhap) -- Lotte Shopping Co. said Tuesday it has partnered with Britain's Ocado Group Plc., a leading online grocery tech platform provider, to strengthen its e-grocery business.
Through the partnership, Lotte Shopping, the retail arm of South Korea's fifth largest conglomerate Lotte Group, plans to invest around 1 trillion won (US$705.2 million) to build six automated logistics centers across the country by 2030 using technology provided by Ocado, the company said.
Ocado offers an e-grocery management solution called "Ocado Smart Platform," which provides an end-to-end e-grocery delivery solution, from accepting orders to packing and logistics for grocers.
Lotte Shopping said it targets to record an annual sales figure of 5 trillion won in the online grocery delivery service by 2032.
In this photo provided by Lotte Shopping, Vice Chairman Kim Sang-hyun (L) and Ocado Group CEO Tim Steiner pose for a photo after a partnership signing ceremony held in Seoul on Nov. 1, 2022. (PHOTO NOT FOR SALE) (Yonhap)
fairydust@yna.co.kr
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