"In an Era of High Inflation... Taste and Quantity Over Appearance" Lotte Mart Expands Handling of 'Sangsaeng Products'

Introducing Large-Size Gimjaban and Leftover Yukpo for Price Stability
Rice Sale 15% Cheaper Than Market Price from 25th to 31st

Lotte Mart, leftover jerky.

[Asia Economy Reporter Kim Yuri] Amid high inflation, B+ grade agricultural products have gained popularity among consumers, prompting Lotte Mart to expand its 'win-win products.'

To help alleviate the backlog of farm produce, Lotte Mart announced on the 23rd that sales of about 10 'win-win fruits' such as apples, Korean melons, and plums, introduced at prices up to 30% lower than market rates, have increased by more than 200% compared to the same period last year since January. Riding on the popularity of these win-win fruits, Lotte Mart plans to collaborate with small and medium-sized partner companies facing difficulties in securing sales channels despite having quality products, by planning and selling 'win-win products' at reasonable prices.

A representative product is the 'large-capacity seasoned laver flakes,' which doubles the quantity compared to regular products while reducing the price by 50%. Typically, seasoned laver flakes come in small packages of 50 to 70 grams. Lotte Mart has planned a 300g large-capacity seasoned laver flake product at the lowest price to revitalize sales for small and medium-sized partner companies that have excellent seaweed raw material quality but weak brand competitiveness and have struggled with sales. Since its launch in June, this product has recorded cumulative sales of over 20,000 units in about two months.

On the 26th, Lotte Mart will launch 'scrap jerky,' which is tasty and comes in generous portions. To ensure product quality, jerky undergoes a shaping process where it is cut into neat shapes, during which about 15-20% of the raw material is discarded on average. Since the taste and quality are identical to the finished product, Lotte Mart has planned scrap jerky priced at least 10% cheaper than regular products under the concept of 'Ugly but the best in taste and quantity.' This will reduce the burden of inventory for partners and offer consumers reasonably priced jerky win-win products.

To support farmers struggling with the recent plummeting rice prices, a rice win-win event will be held from the 25th to the 31st. Lotte Mart, together with Lotte Trading, has planned a consumption promotion event to clear about 500 tons of stock by directly visiting production areas such as Changnyeong, Yesan, and Hongseong, where backlog is urgent. Considering that the burden of stock for farmers will increase further when the new rice harvest begins nationwide in early September, Lotte Mart will sell 'Jeonggalhan Rice' (20kg) at least 15% cheaper than the average market price at all Lotte Mart stores and on Lotte Mart Mall within Lotte ON.

Lotte Mart plans to continue selling B+ grade agricultural products to stabilize prices and promote win-win cooperation with farmers and small and medium-sized partners. Local MDs at Lotte Mart will travel nationwide to identify and discover B+ grade products that need to be cleared and provide them to consumers at reasonable prices.

Park Yeokyung, head of Lotte Mart's dry food team, said, "Despite rising prices, Lotte Mart is contributing to consumer price stability by introducing 'win-win products' together with farmers and partners," adding, "We will continue to plan 'win-win series' that benefit customers, farmers, and partners."