Seen here is a coffee machine at a convenience store in Seoul on May 30, 2023, selling a cup of coffee as low as 60 won (less than a penny) amid a discount competition among such stores. (Yonhap)
SEOUL, May 31 (Korea Bizwire) — In the era of high inflation, convenience stores are striving to attract budget-conscious young consumers by introducing highly cost-effective private brand (PB) products.
GS25, a convenience store chain, plans to offer its PB ice Americano and Americano, originally priced at approximately 2,000 won each (US$1.52), at a significantly discounted rate throughout the month of June.
By taking advantage of multiple benefits such as the morning time sale from 7 a.m. to 10 a.m., KakaoPay cashback, subscription discounts, and discounts through partnerships with telecom operators, customers can purchase these items at incredibly low prices of 60 won and 140 won, respectively.
Last month, GS25 sold two types of lunch boxes with original prices ranging from 4,500 to 4,900 won, at discounted prices ranging from 350 to 470 won. This special offer was limited to a quantity of 30,000 units.
Another convenience store chain, CU, is currently selling its PB ice Americano, originally priced at 2,000 won, for a bargain price of 200 won throughout this month.
CU significantly reduced the price by leveraging benefits such as discounts through partnerships with telecom operators and event card payment discounts.
Furthermore, CU released a 750-milliliter product of “makgeolli,” a grain-based alcoholic drink, at a price of 1,000 won earlier this month, targeting young consumers who enjoy traditional Korean alcoholic beverages.
Ashley Song (ashley@koreabizwire.com)
