Lotte Mart to launch cheap TV

Lotte Mart, one of the country’s biggest discount store chains, said Monday that it is putting a 24-inch television on sale at most of their branches for less than 300,000 won ($268).

The company stirred controversy last year for selling ultra-cheap chicken, inviting criticism from smaller stores.

In a joint effort with a local mid-size firm Moneual, Lotte Mart declared it will target the low-end TV market by releasing a light-emitting display-backlit liquid crystal display TV at 299,000 won in its branches nationwide, excluding the one in Gangbyeon.

The two partners have already launched an affordable netbook ― light-weight laptop computer ― in December. Lotte Mart sold all of the 1,000 netbooks prepared on its first day of sales.

“The television, which could also be used as computer monitors, will be released in the market on Wednesday,” said a Lotte Mart official. “We’re planning to sell up to 5,000 TVs and we’ll decide whether to continue the sale of TVs after seeing the market response.”

The launch of the low-price TV was possible due to both parties’ commitment, which involved a six-month planning process, according to the Lotte Mart official.

Company officials added that the product is much cheaper than those items of the big firms that cost about 400,000 to 500,000 won.

“(Lotte Mart) went for the niche market and looked for a smaller firm that has the technology and pitched the idea when we found Moneual,” the company official said.

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