This image provided by GS Fresh Mall shows its promotional image for its ‘Everyday Good Price’ event.
SEOUL, July 11 (Korea Bizwire) — South Korea’s major retailers are stepping up marketing efforts with a focus on price competitiveness with high inflation showing no sign of abating.
GS Retail Co.’s online shopping store GS Fresh Mall promoted about 30 different items through the ‘Everyday Good Price’ event from July 1 to 8. Sales of the items marked a remarkable growth of 150 percent compared to a year ago.
The promotional event was organized to select 30 different popular food ingredients and daily necessities on the basis of customer reviews and points and sell them at the lowest online prices after monitoring their prices on a daily basis.
For e-grocery platform Market Kurly, 6 out of 10 best-selling items were the items offered at the lowest online prices in the first half of this year.
Against this backdrop, the number of items that the retailers are offering under the banner of ‘lowest price’ or ‘ultra-low price’ is increasing.
After releasing its own low-price private brand (PB), the convenience store chain 7-Eleven is selling five different types of items, including eggs and tofu, at a price level similar to the ones offered by major retailers.
The company plans to expand the scope of such items in the category of daily necessities.
GS25, the convenience store chain operated by GS Retail, started selling six different kinds of manufactured goods, including sanitary gloves and kitchen towels, among the low-priced PB ‘real price’ items offered by its affiliated supermarket brand GS The Fresh.
Ashley Song (ashley@koreabizwire.com)
