SEOUL, July 10 (Yonhap) — Added South Korean accessibility food are set to barrage centralized articles as bounded retailers move to allure added consumers with amount competitiveness, industry sources said Tuesday.
E-Mart24 Inc., the accessibility abundance arm of South Korean retail behemothic Shinsegae, said it is planning to bare its own clandestine characterization artefact aural this year. Ministop Korea Co., abettor of Ministop, is set to barrage its own branded articles in September.
The moves are allotment of the companies’ broader efforts to acquisition a advance in the saturated accessibility abundance landscape. The admeasurement of South Korean accessibility food clandestine characterization artefact bazaar is estimated to hover about 3.5 abundance won (US$3.15 billion).
CU, South Korea’s No. 1 accessibility abundance chain, operated by BGF Retail Co., appear its own brand, Heyroo, in 2015, and GS25, addition above accessibility abundance chain, aing the move with You Us in 2016.
BGF Retail said sales of its clandestine characterization articles rose 35.3 percent on-year in 2016. Last year’s acquirement was up 19.1 percent from 2016.
GS Retail Co., abettor of GS25, said sales of its clandestine cast items accounted for 36.6 percent of its absolute acquirement in the aboriginal bisected of this year, excluding acquirement generated from cigarettes and services. The aggregation has about 2,000 articles beneath its clandestine cast line.
Addition above accessibility abundance chain, 7-Eleven, said sales of its centralized articles accounted for 35.9 percent of this year’s absolute acquirement as of Sunday. It currently has some 1,500 articles beneath its clandestine brand.
“The companies will be able to survive in this saturated bazaar alone if they administer to defended consumers who are awful loyal to their clandestine characterization products,” an industry antecedent said.
The bazaar admeasurement for accessibility food in South Korea surpassed 20 abundance won in 2016, up 18.6 percent from the antecedent year, according to industry data.
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