Jeon Seok-jae, a former fund manager who operates the YouTube channel 'ShukaWorld' with 3.61 million subscribers, has opened a 'super low-priced bakery' selling salt bread for 990 won, raising complaints from self-employed individuals.
ShukaWorld will operate a pop-up store called 'ETF Bakery' in collaboration with the design firm Glow Seoul from the 30th. The store will sell 35 types of bread and cakes, including salt bread, bagels, baguettes, sliced bread, mentaiko baguettes, and sweet red bean bread, at prices cheaper than market rates.
Bagels, salt bread, and baguettes are priced at 990 won, sliced bread at 1,990 won, mentaiko baguettes at 2,450 won, and sweet red bean bread at 2,930 won. A size 2 peach cake is sold for 18,900 won.
ShukaWorld noted that this initiative is a project to respond to the phenomenon of 'breadflation' (bread + inflation) and stated, 'We will introduce a new type of bakery brand emphasizing value for money.'
'We reduced costs by directly shipping from the production site and standardized and simplified the shapes of the bread to lower labor costs,' they explained. 'We also calculated margins based not on percentage but on absolute amounts to ensure that even if costs rise, adjustments are made to minimize the impact on consumer prices.'
As news of this spread, concerns arose in the self-employed sector, with some expressing that 'existing bakeries could be seen as taking unfair profits.' In the self-employed community, comments included, 'Even if we sell 1,000 or 10,000 salt breads a day, we can never sell them for 990 won. The cost of one bread is 1,000 won.'
A netizen claiming to operate a bakery lamented, 'It's not the selling price but the added cost in distribution.' Another bakery owner added, 'Sales have been plummeting rapidly since a few days ago, and a customer commented, 'Why are you selling it so expensively? The YouTuber sells it for 990 won, so I can't afford to buy it because the bread prices are too high.' I wake up at 4:30 a.m. to work, and it's disheartening.'
In contrast, consumer reactions have generally been positive. Responses such as, 'I don't understand why salt bread costs 3,000 won,' and 'I usually couldn't afford it, but I should buy a lot this time,' emerged. One internet user defended ShukaWorld's project, stating, 'If the market is swayed by a pop-up store operating for just a while, then it should cease its business.'