The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced on the 20th that it signed a win-win agreement between the Small Business Market Promotion Agency, Lotte Welfood Co., Ltd., and the Century Store Cooperative Federation at the Lotte Central Research Institute in Gangseo-gu, Seoul to support branding of century-old small business products and domestic and international distribution and sales channels.
Centennial Small Business Owners are excellent small business brand representatives who have been loved for a long time across generations and have continued to grow. Since 2018, the Ministry of SMEs and Startups has selected a total of 2,288 centennial small business owners (1,357 centennial stores and 931 centennial small business owners) through the 'Century Store and Centennial Small Business Owner Development Project' and has been providing various support.
This agreement is a follow-up measure to the 'Century Small Business Development Strategy ('24.11.15') announced last November, and was prepared to support the sustainable growth of century-old small businesses with long traditions and excellent quality, and to establish a win-win model in which large corporations and small businesses grow together.
The main contents of the agreement reflect practical cooperation plans to strengthen the continuous growth and brand competitiveness of century-old small business owners, such as ▲ joint brand product development for century-old small business owners ▲ support for opening up domestic and international distribution channels and exports ▲ support for joint supply of food ingredients for the stable supply of century-old small business owners' raw materials ▲ support for century-old small business owner brand promotion and marketing.
In particular, Lotte Welfood, as a major domestic food distribution company, plans to actively support excellent products from century-old small and medium-sized businesses to enter large distribution channels and become competitive in overseas markets by utilizing its professional product planning, distribution network, and marketing capabilities.
In addition, by combining the traditional recipes of Baeknyeon Store, a long-standing local restaurant loved by many, with Lotte Welfood's health & wellness convenience food brand 'Theory of SICSA', we will develop joint brand products (home meal replacements (HMR), instant foods, meal kits, etc.) with high consumer demand, and focus on increasing brand awareness of Baeknyeon Small Business products and expanding a new growth base.
Minister Oh Young-joo said, “This agreement is expected to be an important opportunity to create a virtuous cycle in which large corporations and small business owners grow together, going beyond simple support for small business owners.” He added, “We will continue to expand various models of win-win cooperation in which large corporations and small business owners can leverage each other’s strengths and create new opportunities through solidarity and cooperation.”
Lotte Welfood Vice Chairman Lee Young-goo said, “We will actively support small business owners so that their precious traditions and tastes can be competitive not only in the domestic market but also in overseas markets,” adding, “We will fulfill our role as a responsible company to ensure the sustainable growth of small business owners.”
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