"Let Go of Greed" Baek Jong-won Stops Budget Merchants from Raising Prices

Budget Market Gains Popularity, Nearby Accommodation Prices Surge
"To Create a New Image, We Must Unite Our Intentions"

Baek Jong-won, CEO of The Born Korea, urged merchants near Yesan Market in Chungnam to "let go of greed." This comes as prices for accommodations and restaurants have shown signs of rising due to the market's growing popularity.

According to Yesan County, on the 7th, CEO Baek held consecutive meetings at the county office with representatives of lodging businesses, restaurants, and gukbap (soup with rice) shops around the market. Yesan County Governor Choi Jae-gu also attended the meetings.

At the meeting, CEO Baek and others pointed out that recent lodging fees in Yesan have more than doubled compared to before the market's revitalization. Baek said, "We need to create a new image for Yesan and attract more tourists," adding, "Please put aside personal greed and unite your intentions."

He then proposed to the noodle shop owners to sell the market's signature dish, 'Pagi-reum Guksu' (scallion oil noodles), at affordable prices, and repeatedly emphasized the importance of cleanliness and hygiene to the gukbap shop owners.

In fact, it has been reported that signs of gentrification?the phenomenon where rent skyrockets as the economy of a previously declining area revitalizes?are spreading after Yesan Market gained popularity.

Jo Se-je, chairman of the Yesan Market Merchants Association, appealed in an interview with YTN Radio last month, saying, "At the last general meeting, many people rushed to buy stores, causing chaos," and added, "When selling stores, priority should be given to The Born Korea rather than individuals or outsiders. If speculators come in and raise the rent, it goes against CEO Baek's spirit."

Baek Jong-won (right), CEO of The Born Korea, and Choi Jae-gu, Mayor of Yesan County, Chungnam (center), are meeting with local merchants, including nearby lodging businesses, at the "Meeting for Revitalizing Yesan Market" held at Yesan County Office on the 7th. [Image source=Yesan County]

CEO Baek has also been cautious about gentrification since launching the Yesan Market revitalization project.

In a video posted on his YouTube channel in the past, he revealed, "The reason 'Baek Jong-won's Alley Restaurant' was difficult was that as more customers came, the building rental costs soared excessively," and added, "I received a lot of criticism." As a countermeasure, he explained that he personally purchased stores within the market under the name of a foundation he owns to suppress rent increases.

Meanwhile, Yesan Market plans to reopen on April 1 after undergoing a major remodeling throughout March.

Yesan Market, which opened on the 9th of last month, has transformed into a representative tourist attraction of Yesan County, recording an average daily visitor count of 5,000. CEO Baek plans to improve the market's interior, hygiene, and restrooms based on customer feedback received during the opening period.