Retailers pin hopes on Korean version of 'Black Friday'

Lotte Mart began selling novels and other books at 30 percent discount at its outlet in downtown Seoul, Wednesday. The discount campaign will continue through Oct. 14. / Courtesy of Lotte Mart

By Lee Hyo-sik

Department stores and other retailers here are rushing to capitalize on the Korean version of “Black Friday,” which begins today and will continue through Oct. 14, by offering deep discounts on groceries and other household items.

Some online vendors plan to slash the prices of items by up to 80 percent to woo the growing number of price-sensitive consumers searching for bargains amid the prolonged economic downturn.

According to retailers Wednesday, more than 26,000 retailers nationwide will take part in the Korea Black Friday, the country’s largest shopping promotion campaign.

They include three major department stores ― Lotte, Shinsegae and Hyundai ― and three discount store chains ― E-Mart, Home plus and Lotte Mart. Traditional markets, online shopping malls and dining franchises will also offer deep discounts to consumers during the 15-day period.

Black Friday, which is the Friday following Thanksgiving Day in the United States, is regarded as the beginning of the Christmas shopping season. Beginning on the day, most retailers offer promotional sales that continue through year’s end.

Taking a cue from the U.S., the Korean government decided to launch the local version of Black Friday this year in a bid to bolster sluggish domestic consumption and attract shoppers from China and other Asian nations.

Lotte Department Store said Wednesday that it will offer 720 fashion and other consumer goods brands at up to 70 percent discounted prices and give shoppers free gifts.

Hyundai Department Store will also cut prices of fashion items by as much as 80 percent and refund shopping money to 100 customers through a drawing.

Ten outlets of Shinsegae Department Store will launch a discount campaign for outdoor wear, with prices slashed by 40 to 80 percent.

Discount store franchises will also jump on the bandwagon.

E-Mart said it will cut prices of 1,000 household goods by half and sell its private brand items at discounted rates, while Lotte Mart plans to halve the prices of clothes and 3,000 household items during the 15-day period.

Home plus will also lower the price tags of home electronics by 40 percent and offer popular household products at a 40-percent discount at its 140 outlets.

“We have selected a list of extensive grocery and non-grocery items popular with shoppers,” a Home plus official said. “We really hope that the upcoming Black Friday campaign will help bolster domestic demand.”

In addition, BGF Retail, which operates the nation’s largest CU convenience store franchise, plans to slash prices of carbonated water and other popular items by 50 percent and provide shoppers more bonus points.

SK Planet, which runs the e-commerce site 11st Street, will introduce different lists of discounted items every day for the next 15 days, while Auction and other online shopping sites plan to offer shoppers discount coupons.