At 1,000 won, the price is right for salad, coffee & more

Times were tough when Korea’s version of the dollar store first opened its doors. It was 1997, and the Asian financial crisis had taken its toll on Korean consumers. At this juncture, DaisoAsung, a Korea-Japan joint venture, launched 1,000-won shops, the local version of Japan’s 100-yen shops, which became a big hit.

Now, in the aftermath of the U.S.-rooted global financial crisis, business is buzzing at the shop again. The number of Daiso 1,000-won store branches surged to 450 last month from 380 at the end of 2007. In addition, restaurants and cafes have joined in “1,000 won marketing” in an effort to lure consumers.

At the Ewha Womans University and Yangjae branches of Caribou Coffee, the second-biggest coffee retailer in the United States, regular coffee is now at a discount. Whereas a cup once sold for 3,800 won ($2.62), it now costs 1,000 won for a slightly smaller cup.

The five branches of Bennigan’s, a U.S. casual dining restaurant chain, in the Gyeongsang provinces have begun to offer their 17,900 won Country Chicken Salad for 1,000 won to customers who order a main dish.

“As consumers show favorable reactions to this discount program, we will extend the program to the Seoul,” said Lee Sol-ip, a spokeswoman for Bennigan’s Korean unit.

Grandmart, a local discount store, recently followed suit by opening or expanding its own 1,000-won shops inside its Sinchon, Gangseo and Gyeyang branches in Seoul.

By Moon So-young Staff Reporter/ Lim Mi-jin JoongAng Ilbo [symoon@joongang.co.kr]