'Lowest Price in 10 Years' Flatfish and Plummeting King Crab... Big Mart Bomb Sale (Comprehensive)

Collaboration Between Three Major Marts and Ministry of Oceans and Fisheries
Promoting Seafood Consumption Amid Distribution Challenges
Special Home Shopping Programs Featuring Snow Crab, Eel, and Cuttlefish

[Asia Economy Reporter Cha Min-young] Large supermarkets have launched a campaign to promote seafood consumption following the difficulties faced by agricultural products due to the novel coronavirus infection (COVID-19). Under the direction of the Ministry of Oceans and Fisheries, three major supermarkets have joined forces to promote responsible consumption that benefits producers, distributors, and consumers alike.

◆ 'Ugly Magic' Now for Seafood = According to industry sources on the 6th, Emart is taking the lead in promoting seafood consumption. From the 7th to the 13th, Emart will sell five types of seafood totaling 28 tons (t), including rockfish, freshwater eel, sea eel, sea squirts, and flatfish sashimi, at discounts of up to 43%. Fresh rockfish for soup was offered at about 43% off for 1,980 won, while cleaned freshwater eel and sea eel were sold at 37% and 17% discounts, respectively. Cleaned sea squirts were sold for 5,980 won with a 2,000 won discount for customers who accumulate Shinsegae points, and flatfish sashimi was sold for 7,980 won.

Emart, well known for its 'Ugly Magic' campaign, rolled up its sleeves for this fishery cooperative event. Emart previously procured and sold about 300 tons each of cosmetically imperfect potatoes and sweet potatoes directly from production areas through a collaboration between Shinsegae Group Vice Chairman Chung Yong-jin and The Born Korea CEO Baek Jong-won. Not only Emart but also affiliated companies such as SSG.com and Emart Everyday were fully mobilized.

During the same period, Lotte Mart also collaborated with the country's largest crab supplier to directly purchase and sell about 5 tons of king crab and snow crab. By directly trading with import partners, they reduced distribution costs to offer consumers lower prices. King crab will be sold at prices up to 20% cheaper than last year. Snow crab will be 28% cheaper, and sea bream sashimi will be sold at a 37% discount.

Homeplus is also promoting seafood consumption by selling jumbo king crab (100g) for 6,850 won, snow crab (100g) for 3,990 won, and fresh Jeju hairtail (3 fish) for 7,990 won. Additionally, from the 28th of this month to the 3rd of next month, Homeplus will participate in the Ministry of Oceans and Fisheries-hosted 'Korea Seafood Expo,' offering discounts on sea squirts, freshwater eel, and domestic live shrimp. Rockfish assorted sashimi and grilled rockfish will also be sold at 20-40% discounted prices.

◆ Flatfish Prices at a 10-Year Low = Recently, due to COVID-19, consumption of seafood for dining out and institutional meals has halved, causing hardships for fishermen. Some species with good harvests have seen even deeper price drops. According to the Fisheries Industry Monitoring Center of the Korea Maritime Institute, the farm price of Jeju flatfish (per 1kg) in March was 7,766 won, marking the lowest level in 10 years. Rockfish prices also fell 10.4% compared to the previous year, hitting the lowest level in five years. Despite a decrease in production, sea squirt prices dropped 44% year-on-year, and average crab prices fell about 20% compared to last year. Even premium species like red sea bream saw a 28% drop in farm prices compared to the previous year despite increased shipments from Tongyeong.

The government is also discussing various measures to promote consumption aimed at economic normalization. On the 22nd of last month, Prime Minister Chung Sye-kyun announced plans to discuss measures to promote agricultural and fishery product consumption to normalize economic life. Related ministries have discussed consumption promotion plans and shared ideas from local governments. Accordingly, the Ministry of Oceans and Fisheries selected sea squirts and cuttlefish as the 'Seafood of the Month' for May and is exploring ways to boost sales.

Lee Se-woo, head of Emart's seafood team, said, "We are focusing on playing a bridging role between producers and consumers by expanding sales channels," adding, "We plan to continue organizing such support events for fishermen by listening to their difficulties in the future." Park Jong-ho, head of Lotte Mart's Fresh Food Division 2, said, "In celebration of Family Month, we have planned seafood products that families can enjoy at home," and added, "We hope customers will enjoy king crab and snow crab full of meat, as well as sea bream sashimi with a great texture, all at affordable prices."

Meanwhile, the home shopping industry also joined the consumption promotion campaign by specially scheduling broadcasts selling local specialty agricultural and fishery products in May. Gongyoung Home Shopping will conduct planned sales of products from small and medium enterprises and small business owners in the Gyeongbuk region, as well as domestic seafood products, through its online mall and mobile app in May.

This content was produced with the assistance of AI translation services.