Realprice Product Line Sells 120 Million Won Daily
Operated Focusing on Essential Grocery Items... High Sales in Residential Areas
New Products Released Including Ramen and Seasoned Gim... 70% Cheaper Than Market Price
GS Retail's convenience store GS25 announced on the 18th that the cumulative sales of its price-stabilizing private brand (PB) 'Real Price' products surpassed 35 billion KRW as of the 15th.
Real Price is a price-appeal PB launched by GS Retail by discovering and offering products from excellent manufacturers with price competitiveness.
The model is posing while holding GS25's new products under the price-stabilizing private brand 'Real Price': 'Beef Ramen Bundle' and 'Traditional Table Seaweed 12 Packs'. [Photo by GS Retail]
Considering that Real Price was launched at GS25 from January this year, it means that an average of 120 million KRW worth of products were sold daily over 289 days (January 1 to October 15) since its launch. GS Retail analyzes that the increase in Real Price sales is due to the expanding consumer preference for ultra-cost-effective products amid prolonged high inflation.
To stabilize prices, GS Retail expanded the Real Price products, which were previously operated mainly at its supermarket GS The Fresh, to GS25 starting in January. The convenience store-exclusive lineup focuses on essential grocery items such as eggs, meat, tofu, bean sprouts, and milk, offering them at reasonable prices compared to national brand (NB) products from general manufacturers.
Since essential grocery items are the focus, Real Price sales were higher at GS25 stores located in residential commercial areas. The average Real Price sales per GS25 store in residential areas were 3.1 times higher than those in other commercial areas. The share of Real Price in total sales was also recorded at 60%.
The top-selling Real Price product was 'Fresh Eggs (15 pieces)', which recorded total sales of 4.5 billion KRW. The second was '1974 Milk 900ml (2-pack)', and the third was 'Smoked Chicken Drumsticks 170g', with sales of 4 billion KRW and 3.9 billion KRW respectively.
On the 19th, GS25 will add two new Real Price lineup products: ▲Beef Ramen Bundle ▲Traditional Table Seaweed (12 packs). To contribute to practical price stabilization, high-consumption items such as bagged ramen and seasoned seaweed are introduced as new Real Price lineup products. These products are offered at prices up to 70% cheaper than market products.
The 'Beef Ramen Bundle' consists of 4 individual packs priced at 2,200 KRW, which is 550 KRW per pack, making it 30% to 45% cheaper than NB ramen priced between 800 KRW and 1,000 KRW. The Traditional Table Seaweed (12 packs) is priced at 2,900 KRW, approximately 241 KRW per pack. Considering that seasoned seaweed of the same quantity is priced in the 10,000 KRW range, this is about 70% lower in price.
Shin Minki, head of GS Retail's Product Strategy Team, said, "To reduce customers' actual grocery burdens, we plan to expand the Real Price lineup focusing on product categories with active consumption. We aim to contribute to stabilizing high inflation by leveraging the synergy of GS Retail's convenience store and supermarket channels."
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