LOTTE expands into Singapore with FairPrice Group partnership

They signed an MoU to bring Korean food and retail experiences to Singapore.

 LOTTE Shopping Co., Ltd (LOTTE Retail) has officially entered the Singapore market through a new partnership with NTUC FairPrice Co-operative Limited (FairPrice Group). 

The two companies have signed a memorandum of understanding (MOU) to introduce a range of Korean food products and retail experiences to Singaporean consumers.

By the end of 2024, FairPrice supermarkets will offer a wider range of LOTTE Mart’s Private Label products, including snacks and frozen meals, as well as various other LOTTE products. Shoppers will also enjoy exclusive promotions, in-store events, and product tastings.

The partnership reflects the growing popularity of Korean culture in Singapore, where the number of visitors to South Korea is increasing and flight capacities have surpassed pre-COVID levels by 132% as of May 2024.

Vipul Chawla, Group CEO of FairPrice Group, said, “With more people traveling to South Korea and falling in love with its vibrant food culture, there’s a growing demand for authentic Korean cuisine right here at home.”

“We plan to promote K-food in the rest of SouthEast Asia by entering Singapore following Hong Kong, Mongolia, and Vietnam, and expand Private Label export business to various regions such as North America and Europe in the future,” added Samuel Sanghyun Kim, vice chairman of LOTTE Retail.

The MOU also includes plans to introduce FairPrice’s Own Brand Products into Lotte Mart and Lotte Super stores in Korea.