Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Lee Seung-heon Signals Caution on Rate Hikes, Supports Higher Property Taxes to Cool Korea’s Housing Market 
Australian Pension Funds Boost Currency Hedging as Aussie Dollar Strengthens 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
U.S. Stock Futures Rise as Markets Brace for Jobs and Inflation Data 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
Lotte Shopping recently signed a deal with the UK-based Ocado Group Plc for the expansion of its online grocery store. Their new partnership was announced on Tuesday, Nov. 1.
South Korea’s Lotte Shopping retail company joined forces with the British firm known to be a technology-led global software and robotics platform business that provides a unique end-to-end solution for online grocery around the world. Through the deal, it will use the latter’s technologies in its warehouses, fulfillment centers, and e-grocery shopping platform.
It was reported that Lotte Shopping and Ocado will jointly design the new online-based grocery shopping site that will be launched in early 2025. The companies said they are pleased with their collaboration for the development of Lotte’s online business in its home country through the Ocado Smart Platform or OSP.
According to Korea Joongang Daily, Lotte Group’s retail arm is planning to invest around KRW 950 billion or $670.8 million for the project. The fund is set to be used to buy land where new fulfillment centers for grocery deliveries are to be erected. Part of the money will also be disbursed for payment of commissions for the utilization of Ocado’s automation technologies designed for fulfillment centers.
Lotte will build six automated logistics centers across South Korea, and they are expected to be completed by 2030. These will be constructed using Ocado’s advanced technology that will automate the deliveries starting from the acceptance of orders to packing and, finally, the logistic processes.
In any case, the exclusive agreement between Lotte Shopping and Ocado made the former the only Korean partner of the British firm. The Korean retailer said it is aiming to achieve an annual sales of KRW5 trillion for its upgraded online grocery delivery service by the year 2032.
“This partnership with Ocado, one of the most innovative companies worldwide, will be a great opportunity for Lotte Shopping to provide our customers with a new online grocery 1 Equivalent to 30 modules of capacity shopping experience,” Lotte Shopping’s chief executive officer, Kim Sang Hyun, said in a press release. “Also, I expect this will be the first step for us on the way not only to increasing our competitiveness and presence in the e-grocery market but also to achieving the leading position in the overall grocery market in Korea.”
On the other hand, Ocado Group’s chief, Tim Steiner, also said that “This partnership brings the Ocado Smart Platform, the most advanced technology for serving online grocery, to one of the most mature e-commerce markets in the world.”
