Hyundai Department Store, E-mart, 11st, Lotte On recognized for SME cooperation at retail harmony event

South Korea's retail industry and small business sector are stepping up cooperation to counter sluggish domestic demand and intensifying competition from Chinese e-commerce platforms. Retailers including Hyundai Department Store, E-mart, 11st and Lotte On received government and National Assembly commendations for their efforts to work alongside small and medium-sized enterprises.

The Korea Federation of SMEs said Tuesday it co-hosted the 6th Retail Mutual Growth Convention at its headquarters in Yeouido, Seoul, together with the Korea Department Stores Association, the Korea Online Shopping Association and the Korea Chain Store Association.

The event drew about 100 participants, including Korea Federation of SMEs Chairman Kim Ki-moon, National Assembly Policy Committee Chairman Yoo Dong-su, Ministry of SMEs and Startups Second Vice Minister Lee Byeong-gwon, Korea Fair Trade Commission Vice Chairman Nam Dong-il, Korea Department Stores Association Chairman Jeong Ji-yeong, Korea Online Shopping Association Chairman Jo Seong-hyeon, Korea Chain Store Association Vice Chairman Heo Yeong-jae, and representatives from large retailers and small distribution companies.

Now in its sixth year, the convention was established to share best practices in large and small business cooperation in the retail sector and to promote a culture of private-sector-led mutual growth. This year's event was held under the theme "SMEs growing through cooperation."

At the awards ceremony, Hyundai Department Store and E-mart each received a commendation from the Korea Fair Trade Commission chairman, while 11st was recognized by the National Assembly Policy Committee chairman and Lotte On by the Commission on Shared Growth chairman.

Hyundai Department Store presented a case study of its mutual growth initiatives alongside the award and announced plans to continue cooperation with small businesses through the Retail Mutual Growth Council and the Small Retail Mutual Growth Committee.

The Retail Mutual Growth Council is a working-level body that brings together online retailers, department stores and hypermarkets to discuss private-sector cooperation measures. The Small Retail Mutual Growth Committee holds regular dialogue between small retailers and large retail companies to identify on-the-ground difficulties and develop cooperative models.

"The domestic retail industry faces an unprecedented crisis as prolonged sluggishness in domestic demand — driven by a shrinking population and weakening consumer sentiment — is compounded by an intensifying offensive from overseas e-commerce platforms such as AliExpress, Temu and Shein," Kim said. "The solution to overcoming this crisis lies in cooperation between large and small businesses."