Starting in the new year, Seven Eleven, the convenience store affiliate of Lotte Group, will raise prices on about 40 private-label (PB) products. GS25 will also slightly increase prices on some items. With high inflation compounded by a stronger exchange rate, analysts say even PB products—often cited as convenience stores' signature "value for money" items—could not avoid higher cost pressures.
According to the industry on the 22nd, Seven Eleven has decided to raise prices by up to 25% on about 40 PB products, including snacks, drinks and desserts, starting Jan. 1 next year, and has informed franchise owners of the policy.
Looking at the main items, the PB brand "Seven Select Nunettine" will rise 25%, from 1,200 won to 1,500 won. "Chakan Corn Chip" will increase 20%, from 1,000 won to 1,200 won, and "Gourmet Butter Popcorn" will go up 11%, from 1,800 won to 2,000 won.
Among beverages, "Jeju Cheonhyehyang Ade" and "Master Strawberry Ade" will increase about 8%, from 1,200 won to 1,300 won.
Seven Eleven said, "We tried to maintain prices as much as possible next year as we did this year, but as labor costs and raw and subsidiary material prices rose, increasing the burden on partners, we inevitably decided on the increase."
Convenience store GS25 will also raise two "Great Sausage" products from 2,600 won to 2,700 won, and "Movie Theater Popcorn" and "Butter Garlic Popcorn" from 1,700 won to 1,800 won, each by 100 won, starting next month. A GS Retail official said, "We are considering raising retail prices at a minimal level, focusing on products for which cost-increase factors have arisen."