980 won bean sprouts, 690 won soft tofu, up to 10,000 won whisky... Super value-for-money competition amid high prices

Amidst a prolonged period of high inflation, South Korean retailers are aggressively competing with ultra-low-cost "super value for money" products. This trend sees major players expanding their offerings of budget-friendly items to meet consumer demand for affordable goods.

Lotte Mart is at the forefront of this movement, set to launch two new own-brand grocery items. On June 11, they will release "Oneul Joeun Bean Sprouts" (380g) for 980 won, followed by "Oneul Joeun Soft Tofu" (350g) on June 25 for 690 won. This initiative is part of Lotte Mart's strategy to double its line of own-brand products priced under 1,000 won, increasing from 45 to 90 items by June this year. A Lotte Mart representative noted a steady increase in customers seeking "practical food items" that reduce price burdens.

Convenience stores are also extending the value-for-money competition into the alcohol sector. CU, operated by BGF Retail, announced the release of a 10,000-won range Scotch whisky named "Gilimor" on June 10. According to CU, whiskies priced under 50,000 won accounted for 67.6% of total whisky sales from January to May, indicating a significant demand for cheaper options in a market previously dominated by high-end brands. CU has been expanding its affordable whisky selection since February, when it introduced a 10,000-won peat whisky.

To celebrate the launch of Gilimor, CU is offering it for 13,900 won throughout June, with an additional discount to 11,120 won for payments made with Payco points. Other retailers are also strengthening their price competitiveness. Homeplus will hold a "Simplus" event from June 11-17, offering new noodle products at 3,490 won and "Simplus Peach Juice" for 1,980 won. E-mart has focused on price competitiveness since August last year with its "5K Price" initiative, featuring all items under 5,000 won.