Lotte Mart said Friday it will launch ultra-low-cost private brand (PB) grocery products.
The retailer will release "Oneul Good Bean Sprouts" (380g) for 980 won on Saturday, followed by "Oneul Good Soft Tofu" (350g) for 690 won on the 25th. The products were designed to target growing demand for ultra-low-cost goods amid persistent high inflation.
From January through the 8th of this month, sales of Lotte Mart's PB products priced under 1,000 won rose 18.3% from a year earlier. Lotte Mart currently sells PB products including bean sprouts, tofu, beverages, snacks and tissue for around 1,000 won.
A notable example is "Oneul Good Extra Virgin Olive Oil," launched in January this year, which sold a total of 290,000 bottles since its release on the strength of price competitiveness at around 999 won per 100ml. Another PB product, "Oneul Good Sumgyeol Whole Bread," sold 220,000 units since its release on April 16.
"We will expand ultra-cost-effective PB products with excellent quality and reasonable prices to lead the way in easing the burden on customers' shopping baskets," an official from Lotte Mart and Super said.
