Sungsimdang, Now a Nationwide Local Bakery, Announces "Consumption Coupon Not Accepted"

Sungsimdang in Daejeon Records Over 190 Billion KRW in Annual Sales
Exceeds the 'Under 3 Billion KRW Annual Sales' Usage Criteria

'Sungsimdang,' now recognized as a landmark in Daejeon, has announced that the Min Saeng Recovery Consumption Coupon cannot be used at its stores, drawing public attention to the reason behind this decision. The main reason is the government's policy restricting the use of these consumption coupons to businesses with annual sales of 3 billion KRW or less.

Customers are selecting bread at the Daejeon Seongsimdang store. Photo by Huh Younghan

On the 28th, Sungsimdang posted an official notice on its website stating, "Our stores are not designated as places where the Min Saeng Recovery Consumption Coupon can be used, so the benefits cannot be applied. We ask for your understanding." Along with the main branch, the Daejeon Station branch, Lotte branch, DCC branch, as well as Yetmat Somssi, Sungsimdang Munhwawon, Flying Pan, Terrace Kitchen, Piatto, Udongya, Oven Story, and Little Kitchen are all excluded from the list of eligible stores for the coupon.

This is because the government, aiming to "protect local small businesses," has set the eligibility for the consumption coupon at businesses with annual sales of 3 billion KRW or less. According to Rosso, the operator of Sungsimdang, the bakery's sales last year reached 193.7 billion KRW, with an operating profit of 47.8 billion KRW. These figures far exceed the typical scale of small businesses and are in fact comparable to those of a mid-sized franchise company.

Sungsimdang Surpasses 'Paris Baguette' in Operating Profit

In reality, Sungsimdang, a "local bakery" in Daejeon, easily surpasses the operating profits of major franchises like Paris Baguette and Tous Les Jours, both of which have thousands of stores nationwide. Last year, Tous Les Jours, operated by CJ Foodville, recorded sales of 909.2 billion KRW, while Paris Croissant, the SPC affiliate that operates Paris Baguette, posted sales of 1.9307 trillion KRW in the same year. Although both brands increased their operating profits compared to the previous year, they still fell short of Sungsimdang. Tous Les Jours reported an operating profit of 21.4 billion KRW in 2023 and 29.9 billion KRW on a separate basis in 2024. Paris Baguette recorded an operating profit of 19.9 billion KRW in 2023 and 22.3 billion KRW in 2024.

Meanwhile, the Min Saeng Recovery Consumption Coupon is one of President Lee Jaemyung's flagship policies aimed at boosting the economy. Under this policy, 150,000 KRW is provided to all citizens, while individuals in the near-poor and single-parent families receive 300,000 KRW per person, and basic livelihood security recipients receive 400,000 KRW per person. In addition, residents of non-metropolitan areas, excluding Seoul, Incheon, and Gyeonggi, are given an extra 30,000 KRW, and residents of 84 rural cities and counties experiencing population decline receive an additional 50,000 KRW. As a result, the maximum amount an individual can receive through the consumption coupon is 450,000 KRW.

The government expects that by restricting the use of the consumption coupon to stores operated by small business owners, there will be a direct positive impact on local small businesses and the regional economy.