UPDATE 1-Ocado enters South Korea with Lotte Shopping deal

Reuters

Nov 01, 2022

(Adds detail)

LONDON, Nov 1 (Reuters) - Ocado , the British online supermarket and technology group, has entered the South Korean market through a partnership deal with Lotte Shopping

, 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 in the United States, Aeon in Japan and Casino 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)

((james.davey@thomsonreuters.com))

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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    in the United States, Aeon    in Japan and Casino    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)((james.davey@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}