LONDON, Nov 1 (Reuters) – Ocado (OCDO.L), the British online supermarket and technology group, has entered the South Korean market through a partnership deal with Lotte Shopping (023530.KS), the companies said on Tuesday.
The deal will see Ocado and Lotte develop a network of robotic warehouses, or Customer Fulfilment Centres (CFCS) as Ocado calls them, across the South Korean market to expand the retailer’s online shopping business.
Six CFCs are planned by 2028, with the first scheduled to go live in 2025.
Ocado’s in-store fulfilment (ISF) technology will also be rolled out across Lotte’s store estate from 2024.
Fees to be paid by Lotte to Ocado are similar to those agreed with its other international partners, which include Kroger Co (KR.N) in the United States, Aeon (8267.T) in Japan and Casino (CASP.PA) in France.
The pair said that the deal was exclusive in South Korea, meaning that Ocado will not take another partner in that country.
Lotte will pay certain fees upfront and during the development phase, then ongoing fees linked to both sales achieved and installed capacity within the CFC and service criteria.
Lotte Shopping is part of Lotte Group, one of the largest business conglomerates in South Korea.
Reporting by James Davey; editing by Sarah Young
Our Standards: The Thomson Reuters Trust Principles.
If you're inclined to eye roll at the mere mention of less-than-authentic (aka fake) holidays, pump the br
Mycelium – CC 3.0. Lex VB GNN is pro-fungus. We report on their value as medicines, building materials, and food, as well as the constantly evolving
According to the survey “Fashion for second-hand shops”, conducted in 2022 by LESS GROUP as many as 69% of Pole
LOS ANGELES, June 7, 2023 /PRNewswire/ -- Geekbuying, founded in 2012, is an online retailer selling a vast assortment of products. It is dedicated to creatin