Emart Declares 'Dramatic Price Cuts', Sales Soar Up to 300% in Just One Week

Samgyeopsal 49%·Daepa 140%·Hoppang 144% Sales Increase
Half-Price Products Like Tissue and Toothpaste Surge 300%

Emart's '2024 Price Shock Declaration' has sparked a response, with sales increasing by up to 300% within just one week of its launch.

Emart Price Shock.
Photo by Emart

According to Emart on the 14th, during the first week after the Price Shock Declaration began, sales of the three key food items for January (samgyeopsal, daepa, and hobang) and 40 processed and daily necessities products increased by at least 40% and up to more than 300%.

The Price Shock Declaration is a growth mission first implemented this year by Emart CEO Han Chaeyang, starting on the 5th. Each month, three core food products and 40 processed and daily necessities items are selected and offered at ultra-low prices. Emart explains that this is an important practical measure introduced by CEO Han, who emphasized 'strengthening core business competitiveness' as his inaugural message last year.

Among the three key food items under the Price Shock Declaration, domestically produced pork samgyeopsal and pork neck, popular food items, saw sales increase by 49% from January 5 to 11 compared to the same period last year. An Emart official explained, "(Customers) expressed great satisfaction that they could purchase samgyeopsal at ultra-low prices for a whole month, not just during a one-time discount event."

Daepa, a vegetable category item among the three core products, was selected as the January product considering the recent sharp price increase that burdened customers. Daepa was sold at 2,980 won per bundle (one stalk), and sales increased by 140% compared to the previous year over the week. An Emart official stated, "Buyers stayed at the daepa production areas for a long time, accumulating sourcing know-how, and combined with the Fresh Center storage technology that keeps vegetables in optimal condition, we were able to offer ultra-low prices despite the sharp price surge."

Among the three items, the processed food 'Samlip Fermented Red Bean Hobang 8-pack' saw sales increase by 144% compared to the same period last year.

The overall sales growth rate of the '40 processed foods and daily necessities' category products doubled to 96% compared to the previous year. In particular, items such as toilet paper, laundry detergent, body wash, and toothpaste, sold at about half the regular price, saw customer purchases increase by more than 300%, driven by demand to stock up on essentials at the beginning of the year.

Emart explained that major retailers have also lowered prices following the launch of the Price Shock Declaration. Emart stated, "It was originally expected that retailers would lower product prices in line with Emart's Price Shock Declaration."

Emart CEO Han Chaeyang said, "The 'Price Shock Declaration' is the realization of Emart's vision to multiply core business competitiveness through unparalleled price leadership. We will maximize the 'cost-saving benefits' that customers can tangibly experience through ultra-low-priced products introduced every month and limited edition products from the 'Price Reversal Project' starting in February."

Han Chaeyang, CEO of Emart. [Photo by Emart]

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