Emart is moving to stabilize prices by expanding overseas sourcing. The burden of prices for imported foods such as mackerel and beef is growing as a strong dollar and higher origin prices coincide.
Emart said on the 16th it will officially import Chilean chub mackerel for a limited sale from the 19th to the 31st. Chilean Pacific salted mackerel is 5,980 won per hand (2 fish, 850g), 25% cheaper than domestic salted mackerel (700g, 7,980 won) and 50% cheaper than Norwegian salted mackerel (750g, 11,980 won).
Prices of Norwegian mackerel, which account for most imported mackerel recently, are soaring. According to the Korea Maritime Institute (KMI), as this year's mackerel quota available for catch in Norway fell 37.8%, the export unit price to Korea jumped to about double last year's level.
Emart aims to replace half of its existing Norwegian mackerel volume with Chilean next year. Emart's annual mackerel sales ratio last year was 67% domestic and 33% imported, but this year domestic fell to 59% and imported rose to 41%.
In imported livestock products, it newly sourced Irish beef. Through the 25th, it plans to sell "Irish free-range LA short ribs/braising ribs (each 1.5kg)" at 49,800 won and 39,800 won, respectively, with a 10,000 won discount when earning Shinsegae Points.
During the promotion, Irish beef can be purchased about 30% cheaper than beef from existing sources such as the United States and Australia. U.S./Australian LA short ribs (1.5kg) and Australian braising ribs (1.5kg) are being sold at 69,800 won and 59,800 won, respectively.