SINGAPORE – A larger variety of South Korean food and flavours will hit FairPrice supermarkets and convenience stores by end-2024, following a partnership agreement signed between FairPrice Group (FPG) and Lotte Retail on Aug 28.
The memorandum of understanding between the two retail heavyweights is the first for Lotte’s retail arm in South-east Asia, and FPG’s first with a South Korean retailer.
Shoppers at FPG’s more than 340 supermarkets and Cheers and FairPrice Xpress convenience stores islandwide will get to pick from a range of Lotte Mart’s Private Label products, such as confectionery and frozen ready-to-eat meals, said FPG.
As part of the deal, a slate of house-brand products from FPG will also hit shelves in Lotte Mart and Lotte Super in South Korea in due course.
House brands are typically cheaper than their brand-name counterparts. Among FPG’s best known own-brand lines are its eponymous FairPrice range and consumer brands such as Golden Chef and Delicato, which have popular dumplings and sausages, respectively.
The move to introduce more South Korean products here was a response to Singaporeans’ evolving tastes, which have become increasingly sophisticated and adventurous, said FPG chief executive Vipul Chawla.
“With more people travelling 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,” he said.
“(The partnership with Lotte) allows us to bring the flavours that Singaporeans have experienced on their travels to South Korea right into their everyday lives, making authentic Korean food and tastes more accessible than ever before.”
FPG had previously signed a similar agreement with Britain’s Tesco in 2017. Tesco has since shuttered its international wholesale business.
The move also marks the growing influence of South Korean pop culture here. At the weekend, Sentosa’s Siloso Beach played host to the inaugural edition of the Waterbomb Singapore music festival from South Korea. The two-day event featured a star-studded K-pop line-up.
South Korea is also a favourite destination for Singaporeans, who now make up one of the country’s top 10 international visitor arrivals.
Lotte Retail vice-chairman Samuel Sanghyun Kim signalled that this is only the start of the company’s expansion plans in the region.
“We plan to promote K-food in the rest of South-east Asia by entering Singapore following Hong Kong, Mongolia and Vietnam, and expand the Private Label export business to various regions such as North America and Europe in the future,” said Mr Kim.
