By Kim Da-ye
Both E-mart Traders and Costco say they are committed to sell products at the lowest prices possible. The very barometer that indicates who keeps that commitment became the price of Shin Ramyun. So the price war began.
As of Monday evening, a box of 30 Shin Ramyun sold for 8,490 won at Costco’s Yangjae branch, compare to 8,590 won at the Traders’ Yong-in outlet. Shelves at both outlets were empty although Costco allows three boxes per person and the Traders allows two boxes per person.
The prices are incredibly low ― even lower than the prices at which Shin Ramyun producer Nongshim provides the product to wholesalers. At a retail branch of E-mart, a box of 30 Shin Ramyun sells for 16,690 won.
Selling a box of Shin Ramyun is, in a fact, loss to both wholesalers, but none is willing to give up on this intense competition.
According to a local economic daily, Costco cut the price of 30 Shin Ramyun from 16,490 won to 14,390 won on Nov 26, then to 12,990 won on Nov. 27. The price got reduced again to 9,490 won on Dec. 4 and to 8,590 won on Monday. E-mart Traders matched the movement, cutting its price to 8,590 won as of Tuesday.
The consumers are apparently beneficiaries of the “war.” At 10:30 a.m. on Tuesday, Emart Traders was generally quite, but one aisle was crowded with a lengthy line. Shoppers waiting to get their two-box share of Shin Ramyun. By 10:35 a.m., the store ran out of stock, and those who had been waiting wandered around the aisles, complaining.
Staff members returned with a cart-full of Shin Ramyun around 10:55 a.m., and shoppers rushed back to the aisle like moths attracted to a flame.