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Lotte Mart bargain TVs are a sell-out success

Lotte Mart’s ultra-cheap television has proved to be a hot item, with some of its branches selling out within hours of opening Wednesday.

Lotte Mart officials said it began selling the 24-inch TVs, which cost less than 300,000 won ($268), at 89 of its branches across the nation from 9-10 a.m.
Ultra-cheap 24-inch televisions on display at a Lotte Mart branch in Seoul (Yonhap News)
Ultra-cheap 24-inch televisions on display at a Lotte Mart branch in Seoul (Yonhap News)

Some customers queued outside for up to four hours before the stores opened for a chance to purchase the ultra-cheap TVs. Some stores, including the Seoul Station branch, sold all 60 TVs in stock within 30 minutes of opening.

The retail giant sold a total of 3,000 units on Wednesday and plans to release 2,000 more, company officials said.

“We usually sell about 200-300 TVs in all branches in an one-week period, but so many people expressed an interest in the ultra-cheap TV,” said a Lotte Mart official. “We’re trying to find out if we can get any more units from Moneual since it appears as if the additional TVs supplied are expected to be gone soon.”

The country’s major supermarket chain had announced earlier this week that it would target the low-end TV market by selling a 24-inch television for 299,000 won at most of its branches nationwide.

The cheap TV, manufactured by local mid-sized firm Moneual, is a light-emitting display-backlit liquid crystal display that can also be used as a computer monitor.

The event took place after the retail giant stirred controversy last year for selling ultra-cheap chicken, drawing criticism from smaller chicken retailers.

By Cho Ji-hyun (sharon@heraldcorp.com)
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