SEOUL, Feb.23 (Korea Bizwire) – After the first Korean Black Friday event was a success in 2015, the baked goods industry wants in, too.
The Korean Bakery Association announced that it will hold a discount promotional event with large franchises from April 4 to 10.
The ‘Black Friday’ discount promotion is being held to celebrate an agreement between franchises and small and mid-sized bakeries on limiting large corporations from entering the bakery business for the next three years. The parties also plan to find ways to coexist and cooperate.
The Korean Black Friday event, which was first held in the latter half of 2015, was a desperate attempt by the government to boost consumption with domestic demand frozen and exports low.
The event turned out to be very successful. According to the Ministry of Trade, Industry and Energy, sales at major department stores such as Lotte, Hyundai and Shinsegae increased 24.7 percent compared to the previous year. Sales at online shopping malls also jumped 26.7 percent, while sales at electronics retailers such as Electronic Land and Himart also climbed 18.7 percent, igniting the recovery of the domestic market.
The promotion, which is titled ‘Buy Bread Buy Bread Black Friday’ will offer baked goods at discounted prices. Up to 20 percent discounts will be provided to the consumers, with 15,000 businesses including small and mid-sized bakeries registered at the Korea Bakery Association, CJ Foodville and SPC participating in the event.
Officials from the Korea Bakery Association thanked SPC and CJ Foodville for participating in the event. “We also hope we can cooperate more in the future. By showing consumers how large franchises and small bakeries coexist, we plan to revitalize the industry together.”
By M.H.Lee (firstname.lastname@example.org)