South Korea's three major discount retailers, E-Mart, Home Plus and Lotte Mart, will resume sales of U.S. beef on Thanksgiving Day in Seoul. The retailers have issued a joint press release announcing the decision and explaining that it is due in part to the slow economy and daily financial difficulties facing Koreans. Philip Seng, president and CEO of the U.S. Meat Export Federation (USMEF) says this announcement by three major retail chains is an important breakthrough for the U.S. beef industry’s efforts to regain market share in Korea.
Audio Link: http://www.usmef.org:8000/AboutUs/files/Seng%20Korea%20Interview%2011-25-08.mp3
Audio Clip #1 :23 Outcue: (…into the market.)
Seng said USMEF had had success this year in promoting U.S. beef in butcher shops and small restaurant chains that showed great loyalty and enthusiasm for U.S. beef. But in order to grow the volume significantly, USMEF needed the large retail chains to participate as well. He says this will not only grow sales at the retail level, but will also help U.S. beef performance in other sectors of the market.
Audio Clip #2 :38 Outcue: (…companies took today.)
Once the third-largest market for U.S. beef, Korea imported about $816 million in beef and beef variety meats in 2003 – the last year the market was fully open. At the time, this represented about 21 percent of the worldwide value of all U.S. beef exports. Seng feels that even with Korea’s slow economy and other current economic challenges, this major development can help make 2009 an outstanding year for sales of U.S. beef in Korea.
Audio Clip #3 :19 Outcue: (…in the Korean market.)