Pre-Order Completed for a Total of 60 Tons of Stock Before Seol Holiday
Visitors are looking at Korean beef products at Lotte Mart Zeta Plex store in Songpa-gu, Seoul. (Photo by Lotte Mart)
Lotte Mart is set to offer discounts on Grade 1 Korean beef this month.
On the 7th, Lotte Mart announced that to ease the burden on consumers' shopping carts and revitalize the sluggish consumer sentiment, it will sell Grade 1 Korean beef sirloin and stew/bulgogi cuts at the same price throughout the month. At all Lotte Mart stores, Grade 1 Korean beef sirloin will be available for 7,900 KRW, and Grade 1 Korean beef stew and bulgogi cuts will each be priced at 2,990 KRW until the 1st of next month. This price is about 15% cheaper than the prices during Lotte Mart's January discount event, which offered 20-30% discounts.
The market price of Korean beef fluctuates weekly, so large retailers generally hold discount events on a weekly basis. The Lotte Mart livestock team completed advance contracts for 20 tons of sirloin and 40 tons of stew and bulgogi cuts at a time when the Grade 1 Korean beef market price dropped before the Lunar New Year holiday, aiming to provide Korean beef at affordable prices for a month regardless of price fluctuations amid high inflation.
Meanwhile, since 2019, Lotte Mart's Korean beef MDs have participated daily in direct auctions at livestock markets in Eumseong and Bucheon to select products. Based on this, they have reduced the intermediate distribution process, which involves 7 to 8 steps, securing competitiveness in the most important aspects of Korean beef: taste, freshness, and price.
Kang Seok-jin, Lotte Mart's Korean beef product planner (MD), said, "To allow customers to enjoy a delicious meal without burden, we attend the livestock markets daily to carefully check quality and price in preparation for this discount event," adding, "We hope customers will enjoy abundant Grade 1 Korean beef at Lotte Mart throughout February."
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