Korean retailers Lotte, Shinsegae add health and art to ready for post-pandemic era

[Source: Lotte Group]

South Korea’s two retail giants Lotte and Shinsegae are reinforcing new businesses as they ready for post-pandemic as online and offline activities have become blurry.

According to the retail industry on Sunday, Lotte Group will be enhancing biotechnology and healthcare upon discovering lack of dominant healthcare platform despite surge in health-conscious demand during the pandemic.

Boston Consulting Group projected Korea’s healthcare market of 237 trillion won ($192.6 billion) in 2020 would be doubled to 450 trillion won in 2030.

Lotte Healthcare, an affiliate established based on Lotte Holdings’ capital injection of 70 billion won, will lead the penetration into the healthcare market. The company aims to provide customized healthcare solutions, including diagnosis, prescription, and care. Based on genetic analysis and health checkups, its end-to-end solutions will offer consultancy in functional foods, diet guides, and exercises. The healthcare solution provider also plans to develop functional foods by teaming up with Lotte Shopping.

[Source: Shinsegae Group]

Another retail giant Shinsegae Group is bolstering its art business as a new growth engine. The company amended its corporate articles at the shareholders’ meeting in March to add online auction and trade to its business scope. Earlier last year, the company added art exhibitions, sales, brokerage, and rental services. It bought a stake of 28 billion won in Seoul Auction late last year.

Shinsegae Department Store’s Gangnam branch remodeled the third floor to create an art gallery for art sales and exhibitions. In March, the company also started mobile auctioning for the first time in the industry. The “Art Gallery with Seoul Auction” on its mobile application offers art exhibitions and online auctions.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]