Korean retailers stock U.S. beef

Korean retailers stock U.S. beef 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 U.S. Meat Export Federation said Tuesday.
   The retail chains issued a joint press release announcing the decision and explaining that it is due in part to Korea's slow economy. The companies said that their sales of U.S. beef will provide value and convenience, as well as help stabilize consumer prices.
   'USMEF has been actively urging all of the big chains to resume U.S. beef sales since mid-summer,' USMEF President and CEO Philip Seng said.
   He noted that although U.S. beef export numbers have been strong since shipments started in late July when the market re-opened for U.S. beef, sales in Korea have been limited to small outlets due to reluctance by major retailers and foodservice operations to sell U.S. beef because of lingering consumer anxiety and weak economic conditions.
   USMEF estimates that 40,000 metric tons (88.2 million pounds) of U.S. beef is currently stockpiled in Korea, equivalent to roughly two months of supply at the consumption rates that prevailed prior to the market closing to U.S. beef in December 2003.
   'Although the decision by these stores to restock U.S. beef is very encouraging, we will be watching the consumer response very closely,' said Seoul-based USMEF Director Jihae Yang. 'The current economic crunch, together with the fact that the Korean won has depreciated almost 50 percent since the market reopened this past summer, will make price the key factor in terms of how U.S. beef is received.'