Big sale event to be held nationwide to help small companies

SMEs and Startups Minister Kwon Chil-seung introduces Korea Companion Sale during a briefing held at the government complex in central Seoul on Wednesday. The event will start on June 24 and run until July 11. [YONHAP]

The Ministry of SMEs and Startups is promoting a big sale event in an effort to boost consumption and help small- and mid-sized businesses that were hit hard by the coronavirus pandemic.

The government-led event, which is called the Korea Companion Sale, will run from June 24 to July 11, and a total of 2,870 businesses are participating.

This year, it is mainly targeting online shoppers via various channels, like online shopping malls, home shopping and apps. About 27 e-commerce platforms, including Coupang, Gmarket and 11st, will offer up to 70 percent discounts on various products from about 1,270 mid- and small-sized companies.

Baedal Minjok will offer customers a maximum of 30 percent discounts on regional specialties from 25 small businesses for a week. The delivery app plans to hold six live-commerce shows during the period.

The government held the same event last year for the first time, and it actually helped boost consumer spending, the Ministry of SMEs and Startups said Wednesday.

At offline stores, like department stores, summer fashion items will be offered at up to 40 percent off, while big supermarkets will offer a maximum of 50 percent discounts for agricultural, fishery and meat products.

Home appliance companies and auto makers plan to offer discounts on various products, including smartphones, cars, clothing and home appliances. Samsung Electronics, LG Electronics, Hyundai Motor, Kia and some 200 fashion brands are participating the event, according to the government.

Koreans will be able to use up to 1 million won ($895) of Onnuri gift coupons when shopping in traditional markets during the event period. Originally, the maximum limit was 500,000 won per person.

“Considering the coronavirus pandemic, the event will be largely run via online,” said SMEs and Startups Minister Kwon Chil-seung. “We will try our best to make the event a breakthrough that can boost consumption and help mid- and small-sized businesses, as well as traditional markets.”

BY SARAH CHEA [chea.sarah@joongang.co.kr]