Emart Lowers Abalone Prices by Purchasing Entire Farmed Abalones

[Asia Economy Reporter Seungjin Lee] Emart is lowering the price of abalone by 30% through a purchasing method that buys abalone from farms in bulk.

Emart is holding an ‘Abalone Pick-and-Choose’ event until the 26th, selling abalone, normally priced at 5,700 KRW per 100g, to Shinsegae Point members at a 34% discount for 3,762 KRW. An additional 10% discount is available when paying with a KB Kookmin Card.

To prepare for this event, Emart secured about 60 tons of abalone from around 20 abalone farms in Wando. The biggest feature of this event is that instead of selling by the usual small, medium, large, and extra-large sizes, customers can directly choose abalone ranging from 45g to 80g in various sizes.

Emart increased cost competitiveness by purchasing abalone from cage farms in bulk rather than by size, allowing customers to pick regardless of size, thereby reducing costs at the production site. Emart classifies abalone by size as small (around 45g), medium (around 55g), large (around 66g), and extra-large (around 80g).

An Emart official explained, "Emart, which usually purchased mainly large-sized abalone, bought abalone in bulk regardless of size, which reduced the burden on producers who otherwise had to find separate sales channels for small or extra-large sizes, and also lowered costs by not having to send live fish trucks to multiple sales locations."

Previously, abalone had to be separated by size at the production site, placed in seawater-filled plastic bags, and packed in styrofoam boxes for delivery. However, Emart’s bulk purchasing without size distinction eliminated the need for separate sorting or packaging work at the production site, contributing to price reduction.

Yoo Byung-gil, Emart’s abalone buyer, said, “By changing the purchasing method to buy abalone from farms in bulk without size distinction, we were able to lower abalone prices,” adding, “We expect this event to provide customers with an opportunity to purchase abalone at affordable prices in sizes that suit their preferences.”