Lotte Hi-Mart Advances Payment of 36.3 Billion KRW to Small and Medium Partner Companies for Goods
Advance Payment of 36.3 Billion KRW for Products from Over 890 Small and Medium Partner Companies
"Up to 22 Days Early Payment"
[Asia Economy Reporter Yuri Kim] Lotte Hi-Mart will make early payments for product fees to small and medium-sized partner companies ahead of the Lunar New Year.
On the 8th, Lotte Hi-Mart announced, "We will make early payments of 36.3 billion KRW in product fees to about 890 small and medium-sized partner companies today." This move advances the payment date by up to 22 days compared to the usual schedule to help partners secure funds smoothly ahead of the holiday season, which requires significant expenses such as bonuses and wages. Since August 2015, Lotte Hi-Mart has been making early payments for product fees every year before holidays.
Park Chang-hyun, Head of Product Division at LotteHi-Mart, said, "This year as well, we are making early payments with the hope that it will help our partners manage their funds ahead of the holiday season," adding, "As Lotte Hi-Mart has grown together with our partners, we will continue to strive to maintain good relationships."
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
In addition, Lotte Hi-Mart operates a win-win growth fund of about 50 billion KRW that supports preferential interest rates when small and medium-sized partners take out loans to promote mutual growth and cooperation. To strengthen the capabilities of employees at small and medium-sized partner companies, it offers about 300 online and offline courses. It also supports sales channels for small and medium-sized partners. On Lotte Hi-Mart's live commerce platform 'Heart Live,' the 'Together Project' is conducted to promote mutual growth by introducing brands and products of small and medium-sized partners. The online shopping mall holds monthly special exhibitions for small and medium-sized partners and produces monthly 'Brand Stories' by brand to help increase awareness and sales.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
