Gyeonggi Province Supports SME Market Development with Lotte Department Store
On the 13th, Gyeonggi Province held a business briefing for 20 companies selected for the ‘Public-Private Partnership (Lotte Department Store) Market Development Support Project’ at the coworking space of the Gyeonggi Province Economic Science Promotion Agency.
Promoted as part of the ‘Large-Medium-Small Enterprise Win-Win Cooperation Program Support Project,’ this initiative was designed to link the specialized capabilities and distribution infrastructure held by large corporations with small and medium-sized enterprises (SMEs) within the province, improving their products and brands and providing tangible market development opportunities. Last month, the province and the agency recruited participating companies and selected 20 promising SMEs in the beauty, food, fashion accessories, and lifestyle sectors.
At the briefing, the Gyeonggi Province Economic Science Promotion Agency and Lotte Department Store explained the business procedures, the application and settlement of subsidies, along with detailed support content and future schedules, and answered questions from the participating companies.
Selected companies will receive support to improve their packaging and design based on consulting from Lotte Department Store's active merchandisers (MDs). In addition, at the Gyeonggi Province Shared Growth Fair to be held on September 22, they will be given the opportunity to participate in a product review session where they can meet directly with merchandisers (MDs) from Lotte Department Store and numerous other large distribution companies to present their products and discuss the possibility of entering their stores.
Afterward, support will be provided to verify actual consumer responses and marketability by linking companies to pop-up stores at Lotte Department Store branches in Gyeonggi Province, as well as entry into the Lotte Department Store online mall and special exhibitions. Outstanding participating companies will additionally be offered consulting linked to Lotte Department Store's ‘L-LAB’ and the opportunity to enter ‘Dream Plaza,’ a specialized store for supporting SME market development.
Seo Bong-ja, head of the Fair Economy Division of Gyeonggi Province, said, “The core of this project is to help SMEs within the province that possess excellent products but struggle to enter large distribution channels to actually enter the market by utilizing the specialized personnel and distribution networks of large corporations,” adding, “We will continue to expand market development support that companies can tangibly feel, as well as win-win cooperation models among large, medium, and small enterprises.”