Lotte Mart Expands Ultra-Low-Cost Private Brand Offerings

As inflation persists, Lotte Mart is expanding its offerings of private brand (PB) products priced under 1,000 won.
 
On June 10, Lotte Mart announced it will launch 'Today’s Good Bean Sprouts (380g)' for 980 won on June 11, followed by 'Today’s Good Soft Tofu (350g)' for 690 won on June 25.
 
Lotte Mart claims that the bean sprouts are made from 100% mung bean without growth enhancers, ensuring competitive quality. The soft tofu is versatile, suitable for various dishes like stews and salads due to its smooth texture and rich flavor.
 
Demand for ultra-low-cost PB products is increasing. From January 1 to June 8 this year, sales of Lotte Mart's PB products priced under 1,000 won rose by 18.3% compared to the same period last year.
 
The number of such products is also rapidly increasing. The count of PB items under 1,000 won has doubled from 45 in 2024 to 90 as of June this year. Initially focused on fresh foods, beverages, and snacks, the range has now expanded to include household goods.
 
For instance, in fresh foods, 'Today’s Good Soybean Sprouts (300g)' and 'Today’s Good Tofu (300g)' are each sold for 1,000 won.
 
In beverages, strawberry, banana, and chocolate milk (200ml) are priced at 500 won each, while two types of sparkling drinks are available for 780 won each. The snack category includes 34 types of 1,000 won snacks, including Jet Corn.
 
In household items, three-ply, 300-sheet tissues, pocket mini tissues, and wet wipes are all priced at 1,000 won, with the three-ply tissues costing half the price of leading brands.
 
In addition to the ultra-low-cost products, Lotte Mart's value-oriented PB items in major food categories continue to perform well. An extra virgin olive oil (1L) launched in January is priced at about 999 won per 100ml, with cumulative sales reaching 290,000 bottles by June 8.
 
A daily milk product (1L) launched in March is priced at 188 won per 100ml, competing effectively with imported UHT milk, surpassing 190,000 units sold. The 'Breath Whole Wheat Bread (400g)', released in April, utilizes patented probiotic fermentation technology from Lotte Central Research Institute, selling 220,000 units and becoming the top seller in the meal bread category.

According to the National Data Agency's consumer price index report for May, the index rose to 119.92, a 3.1% increase from the same month last year.
 
This marks the first time the consumer price inflation rate has exceeded 3% since March 2024 (3.1%). Monthly inflation rates remained stable at 2.0% in January and February but surged to 2.2% in March, 2.6% in April, and 3.1% in May following the outbreak of conflict in the Middle East.
 
Choi Ah-reum, a product planner at Lotte Mart's Super Food PB Development Team, stated, "As inflation continues, more customers are seeking affordable food options. We will continue to expand our high-quality, reasonably priced ultra-value PB products to help ease the burden on customers' shopping carts."