Decreasing 'Good Price Stores' Amid High Inflation [News Terms]

'Good Price Businesses' are establishments certified by the Ministry of the Interior and Safety and local governments that satisfy consumers through affordable prices, safe ingredients, friendly service, and clean store management.

Although there are differences among local governments, being designated as a Good Price Business provides various benefits such as the provision of garbage bags and reductions in water and sewage fees. A blue certification sticker with the words 'Good Price' is attached to the store.

This system was introduced by the Ministry of the Interior and Safety in 2011 to stabilize prices and create an atmosphere to curb price increases. It covers various industries including dining, laundry, beauty services, bathing, and lodging. As of last year, there were 834 Good Price Businesses registered in Seoul. The numbers were 825 in 2019, 843 in 2020, and 842 in 2021, showing little change despite adverse conditions such as COVID-19.

A sticker certifying the establishment as a "Good Price Business" is attached to a business in Gwangjin-gu, Seoul.
[Photo by Asia Economy DB]

However, recently, the number of Good Price Businesses has been decreasing due to difficulties in the high inflation era, such as rising raw material costs. In Seoul, the current number has slightly decreased to 831. Other local governments have also seen reductions, with Daegu at 276, Incheon at 228, Gwangju at 196, Ulsan at 107, and Daejeon at 340.

Although the number of customers has increased compared to before, it is realistically insufficient to cover the rising costs. Unable to withstand inflation, businesses raise prices even if it means giving up the various benefits associated with the Good Price Business title.

The Seoul Metropolitan Government recently announced plans to increase the number of Good Price Businesses to 1,500 by the end of the year to allow local residents to access affordable meals and services such as beauty and laundry. For the selected businesses, the support fund per business will be expanded from 240,000 KRW to 580,000 KRW annually to encourage participation in price stabilization.

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