"The Power of Direct Sourcing" Lotte Mart, Salmon and Lobster Prices Down 20% Year-on-Year

Norwegian Fresh Salmon and Canadian Cooked Lobster
Lower Purchase Prices through Direct Sourcing
Expanding Direct Sourcing and Processing Items to Over 30

[Asia Economy Reporter Minyoung Cha] Lotte Mart is offering salmon and lobster, which have high seasonal demand for year-end home parties, at affordable prices.

Lotte Mart announced on the 7th that starting from the 10th, it will sell 'Norwegian fresh salmon' and 'air-shipped Canadian cooked lobster' at all stores. The salmon and lobster introduced this time are among the representative items operated through direct sourcing by Lotte Mart. The Norwegian fresh salmon is of superior grade, the highest grade suitable for sashimi.

The Norwegian air-imported superior grade fresh salmon is priced at 2,480 KRW per 100g, and the air-shipped Canadian cooked lobster is sold at 8,640 KRW, a 20% discount from the previous price of 10,800 KRW for L.Point members. This price is about 20% cheaper compared to last year's products.

The reason for offering imported seafood at affordable prices is due to the recent decrease in demand for seafood worldwide, which had been high during the COVID-19 pandemic. As demand decreases, prices fall, leading to lower domestic import prices for seafood.

In fact, the salmon imported directly by Lotte Mart from Norway is a representative species whose price usually rises locally at year-end, but the import price dropped from $16 per kg in September to $11 in December, a decrease of about 30%.

Lotte Mart is making every effort to procure products with increased price competitiveness due to the recent drop in local raw material prices. Currently, Lotte Mart operates 24 items through direct sourcing and processing, including salmon and lobster, and plans to expand to about 30 items in the future.

Lee Byunghwa, Lotte Mart's seafood MD (Merchandiser), said, "Due to the recent impact of COVID-19, the domestic import prices of imported seafood are falling," and added, "Considering the increased price competitiveness of direct sourcing products in this situation, we have prepared popular seafood at affordable prices, so we hope for your great interest."