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I'm so sorry, he's retired........
Posted on 04/25/2008 1:15:39 PM PDT by Red Badger
Despite bumper crops in Vietnam and India, export limits and bans have created a global shortage and driven up prices. At the Costco in San Francisco, rice is all the rage. Not long after the 10 a.m. opening on Apr. 24, the warehouse club was well on its way to selling out the day's supply of Thai jasmine rice. Within an hour, customers cleared three pallets loaded with 50-lb. bags of Super Lucky Elephant brand jasmine rice from Thailand. Real estate broker Mary Jane Galviso snapped up two bags—the limit imposed by this particular store. "This is very frightening," says Galviso, who hails from Orosi, a rural community in California's Central Valley, more than 200 miles southeast of San Francisco. Her local grocery, which specializes in Filipino foods, has run out of Thai jasmine. In a dramatic development for U.S. consumers this month, shoppers and Asian and Indian restaurant owners started panic-buying two of the highest-premium varieties of rice—Thai jasmine and Indian basmati. That led many grocers to run out of the rice, and warehouse clubs including Costco and Sam's Club imposed limits on how much rice shoppers can buy. The restrictions placed by Issaquah (Wash.)-based Costco (COST) vary across the country, while Sam's Club, a division of Wal-Mart Stores (WMT), limited its customers to four 20-lb. bags of rice. "We've heard of cases where restaurant owners are hoarding three weeks' supply of rice in their basement, which is obviously more than they currently need, which makes the situation even worse," says Richard Galanti, Costco's chief financial officer. Record High Prices for Rice In a statement Apr. 24, Sam's Club said its rice limits "are designed to prevent large distributors or wholesalers from depleting our stock. ...
(Excerpt) Read more at businessweek.com ...
There's currently no shortage of rice.
From a real estate broker in San Francisco, I find it hilarious.
‘super lucky elephant’ brand ? what genius made up that name ?
I’d expect they laugh about some of our idioms when literally translated.
“Lucky” is a common name for products in Asia and “elephants” are powerful animals. You have to know your customers likes and dislikes..........”Happy” is also another common brand name. I’m surprised it wasn’t “Super Happy Lucky Elephant” brand.....
If you need more than 80 pounds of rice at once (and at worst can't deal with going through the line a couple more times), you should probably be buying it from somewhere other than Sam's Club. That's getting into the "four-pack of grand pianos" level.
Note that all the uproar is over Thai jasmine and Indian Basmati, basically the top shelf varieties. What is the level of demand for native rice grown in the US, from say, Texas, Louisiana or Arkansas? Are these being “rationed?” I haven’t read anything to indicate that they are.
I live in Southern California and was at my local Costco yesterday. I joked with the worker at the entrance and said, “RICE! I NEED RICE!! WHERE IS YOUR RICE!” He said, “We’re sold out”. I saw a story last night that the local restaurants are stockpiling to fight inflation and shortages which explains why the warehouse stores are short in stock.
I'm so sorry, he's retired........
No, they are not. But the Jasmine and Basmati rices are “aromatic” rices that give off a great savory odor when cooking........
As an Ameican who travels in Asia their advertising just makes me laugh! Every day I see more and more take-offs of it in US Marketing.
Yes, you do need to understand the Asian culture...you probably will NEVER see anything priced at $9.99 in China!
This and all the grain shortages tell me - The USA is the equivalent of OPEC in food grains. We change the supply/demand equation due to biofuel mandates, and look what happens to world markets. The USA doesn’t at all produce the majority of food grains in the world - but like OPEC, we control the swing capacity. Makes me wonder - if Saudi Arabia or Russia had the same power over food, how would they use it???? Perhaps we should also understand our position/advantage a bit better also.
I’m eagerly awaiting Coke or Pepsi to start a marketing campaign for “Lucky Happy Tiger Colas”...........
Sure sounds like gas prices, the terrible economy, and California's tanking real estate market are having a big effect on how people drive, shop, and behave.
And it is indeed a premium product.
L
Costco has been out of Thai Jasmine rice for about three or four months now. We go through a 50 lb. bag about every three months. When I went to buy it four months ago at the San Leandro store they had only the 25 lb. bags. About a week later they had some of the 50 lb. bags, but at the end March the San Leandro store didn’t even have the 25 lb. bags. Then we tried the San Francisco store, also out. So we bought American rice instead.
A few years ago you could get a 50 lb. bag for as little as $12.00 U.S. for Buddha Brand or Three Ladies or Golden Phoenix or Butterfly Brand or Chia Meng Bangsue Rice Mill brand in Oakland Chinatown.
A couple of years ago Costco began to undercut the Chinatown price by about a dollar a bag. Now the posted price at Costco for Super Lucky Elephant is $20.99, last time I looked (the Business Week article says $21.99), and they don’t have any.
Note that the “rice shortage” is not the common long grain rice that is found in Mahatma bags, but the premium Jasmine and Basmati types of aromatic rices. Not even the short sticky grain rice of the sushi variety is in short supply. BUT everybody hears “rice” and immediately thinks of their Uncle Ben’s in their pantry...............
The number 3 is also considered a magical number in Asian cultures.........
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