THE WHAT? Sales in online grocer Ocado have soared after it announced a deal to build robotic warehouses for South Korean retailer Lotte Shopping, according to a report by the Guardian.
THE DETAILS Ocado will also provide technology for online grocery orders from Lotte’s stores as part of the deal, news which sent its shares rising 33 percent to 632p.
Ocado is set to build a network of automated warehouses for Lotte Shopping, which is the retail arm of Lotte Group, with six planned by 2028.
Robots will pick food and other items to deliver to consumers.
THE WHY? Luke Jensen, who runs Ocado Solutions, its technology arm, said: “South Korea is among the most developed and dynamic markets for grocery e-commerce in the world. Lotte is a powerhouse grocery player in the market.
“This partnership also gives Ocado another important foothold in Asia-Pacific as we target further growth across the region.”