"Overcoming High Inflation"... Lotte Hi-Mart Launches '200,000-Won Range Refrigerator'

245L Small Capacity PB Refrigerator Offered at 299,000 KRW
20% Cheaper Compared to Other Brands
Expansion of Small Appliances Targeting 1-2 Person Households

Lotte Hi-Mart is launching a compact refrigerator priced in the 200,000 KRW range amid the era of high inflation.

On the 30th, Lotte Hi-Mart announced that it will release the 'Single ONE Refrigerator' on the 1st of next month at 299,000 KRW. The Single ONE refrigerator, a private brand (PB) product, is a compact model with a capacity of 245 liters, targeting 1-2 person households where space utilization is important and food storage needs are relatively small.

Lotte Hi-Mart Single One refrigerator. [Photo provided by Lotte Hi-Mart]

The Single ONE refrigerator emphasizes cost-effectiveness. This is the first time Lotte Hi-Mart is offering a 200-liter class refrigerator in the 200,000 KRW price range, which is about 20% cheaper compared to refrigerators of similar performance from other brands.

Additionally, it is manufactured with an energy efficiency rating of Grade 1 to reduce electricity costs, and uses an indirect cooling method to minimize the possibility of frost formation. It is also equipped with a deodorizing sterilization filter for storing foods with strong odors such as kimchi. The lower rear part of the product has a cover to reduce the chance of dust entering the interior and is designed to minimize noise. Furthermore, it offers a 5-year extended free after-sales service warranty.

Lotte Hi-Mart is releasing this compact PB product because the demand for compact and cost-effective home appliances is increasing as the number of single-person households grows. According to the '2023 Statistics on Single-Person Households' released by Statistics Korea last year, the proportion of single-person households in the total population has exceeded 30% since 2019 and has been increasing annually. In 2022, single-person households were counted at approximately 7.502 million, accounting for 34.5% of the total.

It is explained that home appliances tailored to the needs of 1-2 person households are popular in line with demographic changes. Lotte Hi-Mart’s PB brand 'Hi-Made' has seen high demand mainly from 1-2 person household customers since its launch in 2016, with an average annual growth rate of 20%. Lotte Hi-Mart states that demand for PB products is high not only in kitchen and daily appliances with short purchase cycles but also in large home appliances. The best-selling TV and refrigerator products sold at Lotte Hi-Mart last year were also from Hi-Made.

Considering these appliance trends, Lotte Hi-Mart plans to introduce various Hi-Made products this year tailored to the needs of the 20-39 age group and 1-2 person households. They will develop new products focusing on compact appliances and enhance designs to appeal to younger customers, launching a total of about 180 products within the year. To this end, since early last year, they have reinforced the Hi-Made team with specialized quality development and design personnel. Lotte Hi-Mart, which operates over 330 stores nationwide, will handle after-sales service.

Park Byung-yong, head of Lotte Hi-Mart’s PB Strategy Office, said, "Since last year, Lotte Hi-Mart has been promoting a renewal project across branding, design, and development capabilities to strengthen PB competitiveness. The Single ONE refrigerator we are launching this time is a product with high market competitiveness in both price and function, and we hope it will be a great opportunity for 1-2 person household customers considering purchasing a refrigerator."

Meanwhile, Lotte Hi-Mart will hold an event in May offering up to 100,000 KRW worth of L.POINT rewards to customers who purchase the Single ONE refrigerator. The event targets customers who write reviews of the Single ONE refrigerator on the event page or product review section of the online shopping mall from May 1 to June 20.