Monaka Sold for 75 Years, Neighborhood Bookstore 37 Years Old... 71 More Baeknyeon Stores Added

Selected 19 for the First Time This Year by Public Recommendation, Taegeukdang Becomes the First Publicly Recommended Baeknyeon Gage Store

Taegukdang

[Asia Economy Reporter Kim Heeyoon] ‘Taegukdang’ in Jangchung-dong, Seoul, is a neighborhood bakery with a 75-year history. This store, the oldest bakery in Seoul, started with jeonbyeong (Korean pancakes) and yanggaeng (red bean jelly), and grew enough to open branches in Jongno, Namdaemun, and Euljiro after the sensational popularity of its ‘Monaka Ice Cream’ launched in 1947. After facing a crisis due to the emergence of large corporate franchise bakeries in the 1990s, Taegukdang reorganized its branches and reopened in 2015, gaining popularity as a Newtro (new retro) hotspot and is now operated by the third generation.

The Ministry of SMEs and Startups announced on the 11th that it has additionally selected 71 companies nationwide, including restaurants and wholesale and retail businesses, as ‘Baeknyeon Gage’ (Hundred-Year Stores). Baeknyeon Gage are stores with over 30 years of operation selected by the Ministry since June 2018, based on comprehensive expert evaluations of the owner’s innovation will, product and service differentiation, and business sustainability. After selection, expert consulting and capacity-building education are provided to help the stores survive and grow for over a hundred years, and a plaque ceremony is held to instill pride in the store owners.

Starting this year, the eligible industries and sizes for application have been significantly expanded to discover various successful models of long-established companies. In addition to the existing restaurant and wholesale/retail sectors, the target industries have been expanded to all service sectors including beauty salons, photo studios, and tailor shops, and companies that started as small businesses and grew into medium-sized enterprises are also eligible to apply.

Furthermore, the ‘National Recommendation System’ was introduced for the first time, allowing citizens to directly recommend Baeknyeon Gage. Among the total 71 selected companies, 19 were chosen through national recommendations. Anyone can recommend Baeknyeon Gage on the Ministry of SMEs and Startups website.

Park Young-sun, Minister of SMEs and Startups, said, “Baeknyeon Gage are places that have continuously strived to preserve ‘valuable traditions’ and discover ‘old newness.’ We will continue to support them so that the management philosophies and business experiences of various Baeknyeon Gage can serve as successful models and guides for small business owners and SMEs facing difficulties in the post-COVID era.”

This content was produced with the assistance of AI translation services.