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Biz News Korea(Eng)

GS Retail signs exclusive supply deal with orange farm in California

Collected: 2018.02.25

Distributed: 2018.02.27

Source: Go Direct

GS Retail Co., a retail unit of South Korean conglomerate GS Group, said on Friday that it has signed an exclusive supply deal with a large orange farm in California, the United States, becoming the country’s first industry player to reserve full fresh food supply from an overseas farm.

GS Retail signed the contract with MP Ark Inc. that manages a 3.3 million square meter orange farm in California. Under the exclusive deal, GS Retail will receive oranges only produced from the designated farm known for abundant sunshine. The area also has a big temperature difference between day and night, creating an ideal environment for growing quality oranges. A total of 30,000 tons of oranges are produced annually from the farm, allowing stable supply.

GS Retail expects that it will be able to sell oranges at prices that are 10 percent cheaper than the market prices as it will be able to significantly reduce additional distribution channels. The retailer plans to sell oranges from the U.S. farm at its GS Supermarket, GS25, and GS Fresh stores starting next month.

An unnamed official from GS Retail said the company has become the first industry player to ink a deal for exclusive supply from a designated farm, which is a product procurement system that goes beyond direct distribution for overseas produce.

By Lee Duk-joo and Lee Eun-joo

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