'Ten Thousand Won Happiness'... Lotte Mart Offers 'Canada Lobster' at Lowest Price Level

[Asia Economy Reporter Cha Min-young] Lotte Mart will sell Canadian lobster at about 30% off the market price for just 7 days from June 4 to 10 at all stores nationwide, priced at 9,920 KRW.

This price is the lowest level among the live lobster prices sold at Lotte Mart over the past six years. The ability to set such a low price was due to quickly understanding the local market situation and proactively securing supply through a major supplier.

Generally, May to June is the season when the highest quality lobsters are caught in Canada. Accordingly, Lotte Mart secured a major Canadian supplier in May, when the largest lobster fishing grounds open, and pre-purchased 50,000 lobsters weighing about 450g each, the size most preferred by domestic customers.

Another factor that helped lower the price was the direct sourcing distribution method that eliminated intermediate distribution margins. Previously, the process involved four steps from airport customs clearance to partner company tanks, logistics centers, and store stocking, but through direct import, the partner company tank step was removed, reducing the process to three steps. With one less distribution step, the distribution time was also reduced by about 12 hours, which is expected to offer fresher lobsters.

Meanwhile, Lotte Mart’s lobster sales have continuously increased, establishing it as a popular imported seafood product. In fact, lobster sales have steadily grown over three years, with increases of 67.8% in 2018, 53.8% in 2019, and 13.8% from May 1 to 26 in 2020.

Lotte Mart plans to sell ‘Canadian Lobster (around 454g)’ for 9,920 KRW during the 7-day period, and will also offer ‘Lobster Tail’ at 5,990 KRW each during the same period.

Park Jong-ho, Head of Fresh Food Division at Lotte Mart, said, “We have pre-planned live lobsters, which have become a popular seafood item, to offer them to customers at an affordable price,” adding, “We will continue to strive to introduce various fresh foods that meet customer demand in the future.”