South Korean small businesses seek more support to maintain low prices

Small business owners operating ‘Good Price Stores’ in South Korea are calling for increased support as rising labor and ingredient costs threaten their ability to maintain low prices. These designated businesses help stabilize local inflation by offering services and meals at below-average rates.

In Haenam-gun, 32 designated stores receive approximately 1.5 million won in annual support, including supplies and utility reductions. However, owners report that these benefits are insufficient to offset a 30% increase in costs over the past year, leading some to consider raising prices or relinquishing their status.

In Seoul’s Nowon-gu, the district is strengthening support for its 62 designated stores. The local government provides roughly 830,000 won in annual supplies and is expanding promotional efforts to increase customer traffic. District Head Seo Jun-oh has personally visited these establishments to encourage ‘good consumption’ among residents to help sustain small business owners during the economic downturn.