SoluM Signs Electronic Shelf Label Supply Contract with US Largest Home Appliance Retailer 'Lowe's'

[Asia Economy Reporter Oh Ju-yeon] Soluem, preparing for a KOSPI listing, announced on the 5th that it has signed an electronic shelf label (ESL) supply contract with Lowe's, the largest home appliance retail distributor in the United States.

Electronic shelf labels are advanced display devices that replace paper price tags in retail stores to show product information and prices, and their adoption by retailers has been rapidly increasing recently.

Lowe's, with which Soluem signed the supply contract, is an S&P 100 company operating over 2,500 stores nationwide in the U.S. It is the number one home appliance retail distributor in the U.S., comparable to Walmart in terms of sales and store size. It operates a distribution business selling DIY home improvement and all products related to housing, with total sales reaching approximately 80 trillion KRW.

Under this contract, Soluem plans to install ESLs in the home appliance sections of all Lowe's stores starting in March, expecting hardware and software sales worth 20 billion KRW within a short period of six months. Discussions are also underway to expand to other departments within Lowe's, raising expectations for additional larger-scale supply in the future.

Division Head Lee Je-ho said, "This mega contract, achieved in a short period following Macy's in the U.S. and Loblaw supermarkets in Canada, is the result of superior technology compared to competitors combined with retailers' needs for store modernization. Especially, this contract is significant as it recognizes the differentiated technology of our new product, NEWTON, and our customizing capabilities to collaboratively solve retailers' challenges, from large retailers known for their strict standards."

Soluem, spun off from Samsung Electro-Mechanics in 2015, is a mid-sized company that has been performing well, ranking first in market share within three years of entering the North American retail ESL solution market?a field even large corporations struggled with and gave up on. The company aims to go public (IPO) within this year.

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