Lotte Mart Holds Discount Event to Stabilize Food Prices

A customer is selecting fish on sale at Lotte Mart.

[Asia Economy Reporter Jeon Jin-young] Lotte Mart is launching a discount event focused on food prices to ease the burden on consumers' shopping baskets.

According to Lotte Mart on the 26th, a food price stabilization event will be held for six days until the 31st, offering high-quality fresh products at reasonable prices.

First, 600 tons of CA-stored apples will be released. The apples being released this time were stored in November last year. Using the advanced CA storage method (a storage method that controls temperature, humidity, and air conditions to maintain the taste and freshness at the time of harvest), in which Lotte Mart has accumulated know-how over five years, the crispness of the top-grade apples freshly harvested is preserved even after 10 months from harvest. According to the average market price at Garak Market, apple prices have risen about 10% compared to the previous year as of May, but CA-stored apples, which were stocked in advance, can be sold at about 20% cheaper than the average market price.

Lotte Mart is selling the ‘Freshly Picked Apples (4-6 pieces per pack, domestic)’ released this time with an additional agricultural discount for 7,992 won.

In the agricultural discount event held together with the Ministry of Agriculture, Food and Rural Affairs, various agricultural products such as tomatoes, cabbage, multi-stem cucumbers, and potatoes can be purchased at a 20% discounted price in addition to CA-stored apples.

They have also prepared reasonably priced Korean beef by reducing distribution stages through direct purchase from farms.

This event allows customers to purchase Korean beef soup cuts at around 2,000 won per 100g. For this price stabilization event, Lotte Mart is selling the ‘Korean Beef Thinly Sliced Soup Cut Pack (700g, domestic grade 1)’ for 20,900 won, limited to 10,000 packs. This price is more than 40% cheaper per 100g compared to regularly offered products.

Additionally, through prior consultation with partners, 50 tons of ‘Brand Pork Belly and Neck Meat (100g, domestic)’ were pre-purchased and are being sold for 3,480 won.

Im Ho-seok, Marketing Team Leader at Lotte Mart, said, “Considering customers’ concerns about the increasing burden on shopping baskets and prolonged high prices, we prepared this event focusing on stabilizing food prices,” and added, “We will continue to do our best to share concerns and coexist with producers, partners, and customers.”