Singapore’s FairPrice Group (FPG) has signed a partnership agreement with South Korea’s Lotte Retail, marking the first collaboration between the two retail giants in Southeast Asia. The deal, finalized on August 28, will introduce a wider variety of Lotte Mart’s Private Label products to FairPrice supermarkets and convenience stores across Singapore by the end of 2024. These new offerings will include popular Korean items such as confectionery and frozen ready-to-eat meals, catering to Singapore’s growing appetite for authentic Korean flavors.
In addition to bringing South Korean products to Singapore, the partnership will allow FPG’s house-brand products to be sold in Lotte Mart and Lotte Super stores in South Korea. FPG’s house brands, including its FairPrice line and consumer favorites like Golden Chef and Delicato, offer cost-effective alternatives to well-known brands. This exchange of products aims to provide consumers in both countries with access to a wider range of affordable, high-quality options.
The introduction of more South Korean products into FairPrice stores reflects the increasing influence of South Korean culture in Singapore, driven by the popularity of Korean pop culture and the growing number of Singaporeans traveling to South Korea. This partnership follows a similar agreement FPG had with Britain’s Tesco in 2017 and highlights FPG’s ongoing efforts to meet the evolving tastes of local consumers by offering more international products.
Lotte Retail’s expansion into Singapore is part of the company’s broader plan to promote Korean food products throughout Southeast Asia and beyond. With plans to expand into other regions such as North America and Europe, the partnership with FPG signals the beginning of a larger strategy to increase the global presence of Korean food brands.
(Source: The Straits Times)
