Lotte promotes shared growth with partner firms through practical support

Lotte Group is carrying out a range of practical measures to promote mutual growth with its partner companies. The group helps ease smaller partners’ financial burden by making payments for supplied goods ahead of major holidays, while supporting their overseas expansion through brand expo events. According to Lotte, the group has been making early payments to partner companies ahead of Korea’s major holidays every year since 2013, as expenses such as employee bonuses and payments for raw materials tend to pile up before the holidays. Before this year’s Chuseok holiday last week, Lotte paid 949.5 billion won ($701 million) to over 12,000 partner companies an average of eight days earlier than scheduled. Twenty-seven Lotte companies participated in the program, including Lotte Department Store, Lotte E&C, Lotte Global Logistics and Lotte Mart. Along with early payments, Lotte has been operating various programs to support partner firms’ sustainable growth. Lotte operates a 1 trillion won Shared Growth Fund to help reduce their interest burden on loans. The group also introduced Sh