Sales of Japanese beer fell 40.3 percent on-month from July 1 to 21, when Japan’s retaliatory export regulations were announced. (Yonhap)
SEOUL, Jul. 26 (Korea Bizwire) — Amid the widespread boycott following export restrictions imposed by Japan, the large discount store and convenience store industry decided to exclude Japanese products from its import beer discount promotions.
Three major retailers – E-Mart, Lotte Mart and Homeplus – have effectively suspended new orders for Japanese beer as a sharp drop in sales has led to a glut of inventory.
However, the suspension of orders will not immediately lead to the removal of Japanese beer from in-store displays, as stores will continue to sell the Japanese beer they have in stock.
A Lotte Mart official said that if the inventory increases due to low sales of certain products, new orders will be automatically suspended by the automated order system.
The three large retailers previously canceled discount promotions for Japanese beer.
Major convenience stores such as CU, GS25 and 7-Eleven also joined the boycott movement.
The three major convenience stores said they will exclude all Japanese alcoholic beverages from the “four cans for 10,000 won (US$8.44)” discount event for imported beer starting next month.
This response is interpreted as a move backed by public sentiment. Negative public sentiment towards Japan is on the rise with a nationwide boycott against the country’s goods and services.
In fact, sales of Japanese beer fell 40.3 percent on-month from July 1 to 21, when Japan’s retaliatory export regulations were announced.
A CU source said, “We do not suspend sales by judging that it is undesirable to arbitrarily restrict the options of merchants and customers themselves.”
H. M. Kang (hmkang@koreabizwire.com)
