Lotte Hi-Mart to Advance Payment of 30.5 Billion KRW Ahead of Lunar New Year

[Asia Economy Reporter Seungjin Lee] Lotte Hi-Mart announced on the 14th that it has paid a total of 30.5 billion KRW in product payments in full cash in advance to 775 small and medium-sized partner companies ahead of the Lunar New Year.

To help partner companies smoothly secure funds during the holiday season, which requires significant expenses such as bonuses and wages, the payment date was moved up by up to 45 days from the originally scheduled date. Since August 2015, Lotte Hi-Mart has consistently advanced product payments ahead of holidays every year.

Earlier on the 9th, Lotte Hi-Mart made the first early payment of 25.7 billion KRW in product payments to small and medium-sized partner companies. On this day, the remaining 4.8 billion KRW in product payments were paid early, totaling 30.5 billion KRW.

Meanwhile, besides early holiday payments, Lotte Hi-Mart has been making various efforts for mutual growth and cooperation with partner companies. Lotte Hi-Mart operates a mutual growth fund that supports preferential interest rates when small and medium-sized partners take out loans. Starting this year, the size of the mutual growth fund will be increased from 40 billion KRW to 50 billion KRW.

Additionally, to strengthen the capabilities of employees of small and medium-sized partner companies, about 300 online and offline courses are being offered. To facilitate smooth communication with partner companies, Lotte Hi-Mart conducts ‘visiting meetings’ where they directly visit partner companies to listen to their difficulties, as well as ‘mutual growth meetings’ to promote communication and exchange with partners.

Moon Byung-cheol, Head of Product Division at Lotte Hi-Mart, said, “We advance product payments with the hope that it will help partner companies manage their funds ahead of the holidays. As Lotte Hi-Mart has grown together with its partners so far, we will continue various efforts to coexist and grow together in the future.”

This content was produced with the assistance of AI translation services.