OCADO shares surged by more than a third yesterday after news the retailer had inked a partnership deal with
The
While the boost will come as welcome news for the retailer, which has been hit by a slowdown in online consumer spending since Covid-19 lockdowns, Ocado shares remain some 63 per cent down on the year.
Ocado and Lotte will launch a net- work of customer fulfilment centres, with six planned by 2028.
The first centre is scheduled to launch in 2025, while in-store fulfilment software will be rolled out in 2024.
The firm, which is a joint venture between Ocado and supermarket heavyweight
"With this new partnership, our unique, proprietary technology will now power the online businesses of twelve major retailers across ten countries worldwide,"
Lotte is to pay Ocado Solutions some fees upfront and during a development phase. It will then pay the British firm continuing fees associated with both sales and installed capacity across Lotte's estate.
(c) 2022 City A.M., source