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sojusucks
Joined: 31 May 2008
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 Posted: Tue May 17, 2011 4:06 am Post subject: Lotte Mart reignites pricing debate with W7,000 chicken |
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Time to buy some chicken, eh?
http://www.koreaherald.com/business/Detail.jsp?newsMLId=20110517000960
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Lotte Mart has begun selling bargain chicken priced at 7,000 won ($6.42), reigniting controversy over fair competition between large retailers and smaller eateries.
The black garlic flavored chicken has been on sale since Thursday at the retailer�s 88 stores across the country at a price 2,000 won cheaper than its earlier chicken release in December.
As sales of its earlier product, dubbed ultra cheap chicken, were stopped after less than a week due to political pressure and outcry from small vendors, the country�s second-largest retailer is feeling the heat again about its new bargain product.
As they did for super-cheap chicken in December, customers lined up to take advantage of the bargain deal.
�I heard the cheap chicken came back and waited for an hour to buy the chicken. I know the store is trying to attract customers using this chicken but I�m here just for chicken, and think it�s worth the wait,� a Lotte Mart customer said.
Lotte Mart�s chicken, priced about 40-60 percent cheaper than ones sold at mom and pop stores, is at the center of debate about to what extent consumer�s rights should be protected and smaller businesses be allowed to grow in a capitalist society.
The Korea Franchise Association, representing the chicken businesses, in December staged a public outcry against the launch but cancelled the complaint it was going to make against Lotte after the retailer stopped sale of the chicken.
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tatertot
Joined: 21 Oct 2008
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| Posted: Tue May 17, 2011 5:09 am Post subject: |
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| There's a small chicken place near my apartment called Lecker Huhn's that sells fried chicken for 8,000 won a bird. If they can do it for 8,000 won, then I don't see why Lotte doing it for 7,000 won a bird is unfair. |
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NohopeSeriously
Joined: 17 Jan 2011
Location: The Christian Right-Wing Educational Republic of Korea
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| Posted: Tue May 17, 2011 5:11 am Post subject: |
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| Be aware. I bought one today. and most of them are very small. |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Tue May 17, 2011 6:21 am Post subject: |
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| Lotte Mart�s chicken, priced about 40-60 percent cheaper than ones sold at mom and pop stores, is at the center of debate about to what extent consumer�s rights should be protected... |
How is less expensive chicken a violation of a customer's right?
This whole debate is idiotic. If you want to have a free market, you have to let people charge whatever they want for what they sell. Besides, considering the massive inflation this year and last, you'd think everyone would be happy about cheaper chicken. |
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sojusucks
Joined: 31 May 2008
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| Posted: Tue May 17, 2011 1:07 pm Post subject: |
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| cdninkorea wrote: |
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| Lotte Mart�s chicken, priced about 40-60 percent cheaper than ones sold at mom and pop stores, is at the center of debate about to what extent consumer�s rights should be protected... |
How is less expensive chicken a violation of a customer's right?
This whole debate is idiotic. If you want to have a free market, you have to let people charge whatever they want for what they sell. Besides, considering the massive inflation this year and last, you'd think everyone would be happy about cheaper chicken. |
The last episode, a few months ago, exposed the articially high prices in the fried chicken industry. No one should have the right to just gouge the public like that. Hopefully, now, they'll get the message. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Tue May 17, 2011 2:25 pm Post subject: |
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| sojusucks wrote: |
| cdninkorea wrote: |
| Quote: |
| Lotte Mart�s chicken, priced about 40-60 percent cheaper than ones sold at mom and pop stores, is at the center of debate about to what extent consumer�s rights should be protected... |
How is less expensive chicken a violation of a customer's right?
This whole debate is idiotic. If you want to have a free market, you have to let people charge whatever they want for what they sell. Besides, considering the massive inflation this year and last, you'd think everyone would be happy about cheaper chicken. |
The last episode, a few months ago, exposed the articially high prices in the fried chicken industry. No one should have the right to just gouge the public like that. Hopefully, now, they'll get the message. |
That's what a free market is. They're free to set their price, people can pay it or not.
Gouging really only occurs where there is collusion to artificially set the price of essentials too high. |
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Triban
Joined: 14 Jul 2009
Location: Suwon Station
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| Posted: Tue May 17, 2011 4:05 pm Post subject: |
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| And South Korea defends these collusions fiercely and shamelessly. Cheese, fruits, burt's beeswax, deodorant...I do not see it changing but I tip my hage to Lotte Mart. Good on them for exposing price gouging...even if it is benefiting them in the process. |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Tue May 17, 2011 4:15 pm Post subject: |
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| The man with the chicken bongo truck near my house WAS selling them 1 for 6k, 2 for 10k. Now he's changed it to 3 for 12k. Sure, they're small birds, but still more than enough for me to get a weeks worth of sandwiches out of. |
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Tue May 17, 2011 4:19 pm Post subject: |
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I agree with Triban, i feel that companies big or small should expose the people to being ripped off by others. The chicken market here is intense, lets face it. there isnt 1 street that doesnt have some sort of chicken place.
I look out my window and can see FOUR! mom's chicken, mexican chicken, delicious chicken, Chicken house. its RIDICuLOUS! and i see the street vendor trucks selling chicken on the side of the 2 for 13,000 but they are not huge, they are small but the meat is pretty good.
i feel that the mom and pop stores still do well, if a company exposes the truth about prices, then they will appreciate the smaller stores when they sell their chicken at a relatively good price. |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Tue May 17, 2011 4:22 pm Post subject: |
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| I do want to point out, in economics, the price is "good" if that's what you're willing to pay. Considering that the chicken stores are everywhere, it means that people ARE willing to pay. Just because we may think the prices suck (which I do), if we pay them, we are accepting that price. Why would they lower it? |
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Dev
Joined: 18 Apr 2006
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| Posted: Tue May 17, 2011 4:49 pm Post subject: |
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I wonder if chicken farmers in SK employ the same techniques as American ones? A chicken in the U.S. has a life span of just 53 days from being hatched to slaughter. Some farmers slaugher in less that time.
Geez! At 7000 won or less, I can see the Korean chicken farmers yelling "bhali, bhali!" to the chickens to force them to grow faster. 
Seriously, these are some cheap prices you have listed in this thread. Given all the costs involved, the profit in one cooked chicken must me 200 won, if that. |
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Castaway
Joined: 10 May 2011
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| Posted: Tue May 17, 2011 5:23 pm Post subject: |
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OK, it's cheap, but is it any good? I suppose I will try some tonight with a couple tins ...
Also, Lotte are now doing 11,500 won pizzas (following E-Mart, etc.) ...
The great part ... No bloody wait ... Walk in, tell them what you want, and you're on your way ...
The pizzas are good value for money. They're pretty tasty. |
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The Great Toad
Joined: 12 Jun 2004
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| Posted: Tue May 17, 2011 6:52 pm Post subject: |
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I WANT MY CHICKEN .... This guy should teach Esl in a Jr Korean High School here and get the students to respect him... then later he can go to a Chicken Place here and yell
http://www.youtube.com/watch?v=OzaZWH97vPs&feature=related
I WANT MY CHICKEN
.. no no that man is so terrible and angry ... but maybe he needed that chicken very bad....
I think chicken is perhaps one of these walmart pencil tricks - you knwo they price some goods sooooo low they make Zero profit on it but the idea is to Kill the nickle and dime stores and get the money back later on other items in the store like beer guns and tractor seat cushions.
I wager it may be the same attempt here they see themselves making little to zero profit on teh chicken but hope to recoup the costs on selling soju kim chee and paper cups. |
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Benicio
Joined: 25 May 2006
Location: Down South- where it's hot & wet
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| Posted: Wed May 18, 2011 2:40 am Post subject: |
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That's capitalism!
However, there seems to be a strong favor among Koreans for protectionism: Korean beef prices, etc.
What really gets me is the lengths some will go to get a small discount on something or get something miniscule for free.
The quote from the guy said he waited for an hour to buy the cheap chicken. REALLY?
I wouldn't wait an hour in a supermarket for FREE chicken!
It's amazing when something is being discounted or some small freebee is being given away, there is a ridiculous line down the block waiting for it.
I never understand it because what they are waiting for never really seems to be worth it. I would never wait in such a long line for a minor discount or a miniscule freebee.
I'm not saying all Koreans are like this, but it's apparent that enough are.
Korea is not a poor country anymore, but they sure seem to get super revved up over small discounts and little freebees! |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Wed May 18, 2011 5:26 am Post subject: |
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I wish the Bongo truck guy would roll back by my place. Last time he was here they were 3 for 10. They were like the small ones back home. I ate two in one drunken sitting, but normally 1 would be more than enough.
I really like the whole bird thing. I like the one animal, no more, no less, died to feed me concept.
Here;s some fun:
http://en.wikipedia.org/wiki/Mike_the_Headless_Chicken |
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