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AgriMarine to Supply Fresh Salmon to Ito-Yokado Retail Chain

Salmonids Marketing Economics +3 more

AgriMarine Holdings has announced that it has entered into an agreement with the Ito-Yokado grocery retail chain for the supply of locally produced fresh Chinook salmon from AgriMarines closed containment freshwater farm in Benxi, China.

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Previous harvests of Steelhead trout were sold through distributors to 5-star hotels and restaurants however the agreement with Ito-Yokado marks the Companys debut into the retail market.

On 28 August, AgriMarines salmon will be available initially at Ya Yun Cun Beijing Huatang Ito-Yokado with in-store promotions and marketing programmes developed in cooperation with AgriMarines Beijing sales staff.

These programmes will involve the branding of the product as Chinese produced in pristine waters of the northeast regions. The Company plans to ramp up deliveries to supply all 15 Ito-Yokado retail stores in the near future.

AgriMarine is the only company that raises salmon in China with floating closed containment technology. Operational advantages inherent with the AgriMarine System, including the ability to moderate seasonal temperature extremes, allow for the production of high quality salmon from reservoirs that can be sold fresh, within 24 hours of harvest.

This is a major consumer advantage over the imported Atlantic salmon that is currently available in that country.

AgriMarines CEO Richard Buchanan said: Ito-Yokado sees the opportunity to offer a salmon product with improved freshness over imports, to their customers in Beijing and they are launching our product in one of their largest stores in a high income community.

He added: Securing this supply contract is a significant step for the Company. It provides protection against price fluctuations, brings significant sales and cash flow, and demonstrates our ability to deliver quality Pacific salmon at competitive prices.