Lotte Department Store Holds Product Evaluation Meeting with Korea Federation of SMEs... "Supporting Market Access"

On the 19th, a product evaluation meeting for Lotte Shopping and Home&Shopping was held at the KBIZ Hall of the Korea Federation of Small and Medium Business in Yeouido, Seoul.

[Asia Economy Reporter Lim Chunhan] Lotte Department Store announced on the 19th that it held a product evaluation meeting to support sales channels for small and medium-sized enterprises (SMEs) in collaboration with the Korea Federation of SMEs and Home&Shopping.

A total of 43 brands participated in this evaluation meeting, including cosmetics, daily necessities, electronic devices, clothing, fashion accessories, and lifestyle products. Previously, applications were accepted for three weeks from the 11th of last month through the Korea Federation of SMEs and the Sangsaeng Nuri website targeting SMEs. Among approximately 100 applicant companies, participants for the evaluation meeting were selected through an internal review.

Companies that receive excellent evaluations will be given the opportunity to enter Lotte Department Store. Final entry evaluations will be conducted by buyers from Lotte Department Store along with merchandise planners (MDs) from Lotte Mart and Lotte e-commerce. The highly rated companies will be able to open stores in the Dream Plaza, a dedicated SME store within Lotte Department Store, in the second half of this year. Dream Plaza, launched in July 2014 to promote mutual growth with SMEs, operates in four stores: the main store, Jamsil branch, Yeongdeungpo branch, and Busan main store.

Special additional benefits are also provided to companies confirmed for entry into Dream Plaza. These benefits include support for all entry-related tasks, application of special mutual growth commission rates, and support for interior costs, labor costs, and promotional expenses. Plans are also in place to support online sales channels in connection with Lotte e-commerce and to assist in developing overseas sales channels by utilizing Lotte Department Store’s overseas branches.

A representative from Lotte Department Store said, “We hope that Lotte Department Store’s product evaluation meeting will be a small help to the business environment of SMEs, which has been difficult due to COVID-19,” and added, “We will strive to open opportunities for SMEs with excellent capabilities through another evaluation meeting in the second half of the year.”

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