Lotte Department Store Hosts 'Win-Win Sharing Expo' in Partnership with Small and Medium Enterprises

[Asia Economy Reporter Seungjin Lee] Lotte Department Store announced on the 17th that it has planned a large-scale event to discount spring new products under the theme of ‘win-win sharing’ to revitalize domestic consumer sentiment and help small and medium-sized fashion companies sell their products.

This win-win expo was planned to inject some vitality into the distribution economy, which has come to a halt due to the novel coronavirus infection (COVID-19). The participating partners this time consist of small and medium-sized fashion companies, and they will showcase various leftover stocks centered on the '20 S/S' new products at high discount rates.

Lotte Department Store will hold the 'Win-Win Sharing Expo' with its partners from the 20th to the 24th at six major nationwide base stores: Lotte Department Store Main Store, Nowon Store, Incheon Terminal Store, Busan Store, Premium Outlet Giheung Store, and Outlet Suwan Store.

As the expo is themed around win-win and sharing, Lotte Department Store will provide three benefits to the participating small and medium-sized partners.

A special margin rate will be applied to the products sold at the expo, with the margin for department store partners being reduced by up to 50% compared to the existing margin. The lowered margin rate will increase the profits of the tenant partners accordingly.

Also, the payment for the sold products will be made early to assist the partners’ fund management. The payment for products sold during this May event period will be advanced by 20 days and paid by June 10.

For partners experiencing difficulties in fund management, a win-win growth fund will be provided. Lotte Department Store plans to support up to 400 million KRW per partner company requesting support from the 100 billion KRW win-win growth fund designated for small and medium-sized enterprises participating in this event. The win-win growth fund is established to enable partner companies to receive low-interest loans to support smooth fund management and business stability.

The Win-Win Sharing Expo will be held at six Lotte Department Store locations. The Main Store will showcase sportswear, shoes, and outdoor event products suitable for the outing season at the event hall on the 9th floor. Casual shoe brand 'Crocs' and sportswear brands will be sold at discounted prices.

At the Main Store and Nowon Store, a total of 67 brands of sunglasses including ‘Ferragamo’, ‘Tom Ford’, and ‘Swarovski’ will be available at discounts of up to 80%. The domestic sunglasses brand ‘Vedi Vero’ will sell new products at discounts of up to 50%.

Lotte Premium Outlet Giheung Store will hold the ‘Adidas Win-Win Grand Bazaar’ at a special event hall on the 1st floor from the 20th to the 31st. Incheon Terminal Store will offer women’s clothing, kitchenware, shoes, and swimwear at special prices in the cultural hall on the 5th floor. The casual jumper from the senior women’s clothing brand ‘Ribbon’ will be sold at 70,000 KRW, a 65% discount from the regular price.

Busan Main Store will showcase various event products including men’s, women’s, and golf clothing as well as kitchen appliances at the event hall on the basement 1st floor. Lotte Outlet Suwan Store will offer products from She’s Miss and List, which will take care of summer fashion for office workers returning to work after telecommuting, at affordable prices.

Lee Jae-ok, Head of Product Division at Lotte Department Store, said, “This win-win expo was planned to revitalize the local economy and to help partners clear inventory and secure cash liquidity,” adding, “Lotte Department Store will be a strong win-win partner that grows together with the local community and its partners.”

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