- FPG first retailer in Singapore to partner with LOTTE Retail Group
SINGAPORE, 28 AUGUST 2024 – In an all-out effort to feed Singaporeans’ obsession with Korean food and pop culture, NTUC FairPrice Co-operative Limited (FairPrice Group) today announced that it has signed a Memorandum of Understanding (MOU) with LOTTE Shopping Co., Ltd (LOTTE Retail) to bring the finest South Korean flavours and food experiences to Singaporean consumers, starting with innovative shop-in-shop Korean food concepts.
The MOU is LOTTE Retail’s first MOU in Southeast Asia and Singapore. It is also FairPrice Group’s first MOU with a Korean retailer.
Once the MOU is underway, by the end of 2024, customers at FairPrice supermarkets in Singapore will be able to enjoy a more extensive range of LOTTE Mart’s Private Label products from confectionary snacks to frozen ready-to-eat meals. In addition, they will also be able to taste an extensive range of LOTTE products.
Shoppers at FairPrice will also benefit from exclusive promotional launches, in-store events, and food tasting of the latest snacks and products offered by LOTTE Retail.
Over the last decade, the popularity of Korean pop culture has grown in influence globally and Singapore has been no exception. Singaporeans now make up one of South Korea’s top 10 international visitor groups. According to the Singapore Tourism Board, as of May this year, flight capacity between the two markets have also exceeded pre-Covid levels with weekly flight capacities 132% higher than in 20191.
Vipul Chawla, Group CEO, FairPrice Group said, “In recent years, we’ve seen Singaporean taste buds become increasingly sophisticated and adventurous. 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. This partnership with LOTTE Retail couldn’t have come at a better time. It allows us to bring the flavors that Singaporeans have experienced on their travels to Korea right into their everyday lives, making authentic Korean food and tastes more accessible than ever before.”
Samuel Sanghyun Kim, Vice Chairman of LOTTE Retail, said, “We are excited to join forces with FairPrice Group and expect to introduce LOTTE’s excellent Private Label products throughout Singapore through Singapore’s No. 1 retail company, FairPrice Group and 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.”
Under the MOU, in a first for a Singapore retailer, FairPrice and LOTTE Retail will also collaborate to introduce FairPrice’s Own Brand Products into LOTTE Mart and LOTTE Super (supermarkets operated by LOTTE Retail) in Korea. More details will be provided in due course.
1 Singapore Tourism Board – North Asia/Korean Tourism Industry Conference 2024