Lotte Mart Launches Ultra-Low Price Project Starting This Month... First Item is 'Rice'

Weekly Ultra-Low Price Sale of One Food or Daily Necessity Item
First Item: Rice ... "Lowest Price Online and Offline"

Lotte Mart announced on the 1st that starting this month, it will implement 'This Week's Hot Price,' selecting one product each week to sell at an ultra-low price. Lotte Mart explained that the event was planned to stabilize prices and provide a differentiated customer experience amid the ongoing high inflation.

To allow customers to easily feel economic benefits, one item from frequently purchased food and daily necessities will be selected to lower the selling price, and a new ultra-low-priced product will be introduced every week.

Lotte Mart's economic consumption support project 'This Week's Hot Price' poster. [Image provided by Lotte Mart]

Lotte Mart chose rice as the first item for This Week's Hot Price. As a staple food for Koreans and an item that directly affects grocery prices, it was selected because it best aligns with the project's purpose.

From the 1st to the 4th of this month, Lotte Mart will sell 'Jeonggalhan Rice (10kg)' at all Lotte Mart stores for 19,900 KRW, discounted by 12,000 KRW from the regular price of 31,900 KRW. The discount applies when L.POINT members pay with promotional cards (Lotte Card, Shinhan Card).

Lotte Mart emphasized that the selling price of 'Jeonggalhan Rice' introduced this time is the lowest across both online and offline distribution channels. The discount rate was increased about sixfold compared to before, lowering the selling price to 19,900 KRW. This price is not only cheaper than the lowest online price for a 10kg rice product but also about 30% lower than the average retail price of rice. According to the agricultural product price information from the Korea Agro-Fisheries & Food Trade Corporation, the average retail price of 10kg top-grade rice was 29,451 KRW as of the 25th of last month.

To provide economic benefits to more customers, Lotte Mart limits the sale to one bag per person. Additionally, for the second week of This Week's Hot Price, Lotte Mart plans to select one family food item for the Lunar New Year holiday and sell it at the industry's lowest price level.

Kang Hye-won, head of marketing at Lotte Mart, said, "Rice is an essential food directly linked to grocery prices, so we prepared it as the first item of This Week's Hot Price at a price that breaks common sense." She added, "We will continue to introduce ultra-low-priced products every week so that This Week's Hot Price becomes a clear reason for customers to visit our stores."

Lotte Mart's economic consumption support project 'This Week's Hot Price' poster. [Image provided by Lotte Mart]