"It's Amazing How Cheap It Is"... Consumers Cheer for '990-Won Salt Bread' Despite Controversy [Reportage]

ETF Bakery Shows the Possibility of Ultra-Low-Cost Bread
Waiting List Closes Before 11 a.m. Even on Weekdays
Consumers Cheer Despite Criticism from Small Business Owners

Editor's Note
According to the consumer price trends released by Statistics Korea, while the price of processed foods rose by 4.1% year-on-year in May, bread prices surged by 6.4%. The consumer price index for bread reached 138.48, which is a 38.48% increase over five years compared to the base year of 2020 (100). This rate of increase is steeper than that of tteokbokki or fried chicken, both beloved snacks in Korea. Bread, once a universally enjoyed treat, has now become something people hesitate to buy due to high prices. How did bread prices in Korea end up rising so sharply?

Around 11 a.m. on the 1st, citizens are lining up to enter 'ETF Bakery' located in Seongsu-dong, Seongdong-gu, Seoul. Photo by Heo Midam damdam@

"I came all the way from Seongnam, Gyeonggi Province to buy bread, but the morning waiting list was already full."

At around 10:20 a.m. on the 1st, the 'ETF Bakery' pop-up store (temporary location) in Seongsu-dong, Seoul was already bustling with people waiting in line, even before its 11 a.m. opening. Despite being a weekday morning, there were about 100 teams waiting. Although the weather was unpleasant, with intermittent rain and lingering late-summer heat, customers endured the line, fanning themselves as they waited. The outdoor waiting tent was already filled with customers before 10:30 a.m.

'ETF Bakery' is a pop-up store operated by Shuka World, an economics YouTuber with 3.61 million subscribers, in collaboration with the space design company Glow Seoul, since August 30. The store offers a total of 35 types of bread and cakes, such as salt bread, bagels, baguettes (990 won each), white bread (1,990 won), pollack roe baguettes (2,450 won), red bean bread (2,930 won), and peach cake (18,900 won), all at prices lower than the market average. Considering that the market price for salt bread is around 3,000 won, these are about one-third of the usual cost. Thanks to these reasonable prices and the popularity of Shuka World, around 700 people visited last weekend, and even on this day, the waiting list was closed early at 10:50 a.m., before the official opening.

Interior view of the 'ETF Bakery' pop-up store on the 1st. Popular products including baguettes quickly sold out. Photo by Heo Midam damdam@

Mr. Ahn (48), who came from Seongnam, said, "I thought I could buy bread if I arrived before noon, but I was surprised by how many people there were even on a weekday. I think I'll have to try again in the afternoon." Ms. Kim, a resident in her 70s living in Seongsu-dong, also said, "The lines were so long over the weekend that I didn't even attempt it, so I came again on a weekday. Bread prices around Ttukseom Station are especially high, but I guess that's inevitable due to the high rent." Many customers failed to get in and left disappointed, some taking photos as a memento before leaving. A store employee explained, "The morning waiting list closed at 10:50 a.m., and for the bread that comes out at 4 p.m., reservations will be taken starting at 1:30 p.m."

I, too, registered for the waiting list at around 10:20 a.m., but it was only at 12:15 p.m., nearly two hours later, that I could enter the store. By then, some products were already sold out. Popular items such as baguettes, pollack roe baguettes, jujube fig campagne (2,990 won), and green onion bacon cream ciabatta (3,490 won) disappeared quickly from the shelves. Most customers filled their purchase limits to the maximum-five items on weekdays, three on weekends.

The main reason for the huge crowds is, of course, the "affordable prices." Park, a customer in her 40s, said, "I came because I was amazed at how cheap the bread is. Even franchise bakeries are often expensive unless there are discounts, so it's rare to find bread this affordable." She added, "Because the prices are so low, I was a bit worried that the ingredients might be from China, but since it's Shuka World, I trust them and made the purchase."

On the 1st, 990-won plain bagels are displayed at the 'ETF Bakery' pop-up store. Photo by Midam Heo

Previously, Shuka World explained that the purpose of this pop-up store was to address the issue of high bread prices in Korea. In a video titled "I Tried ETF Bakery Bread Myself" released on August 28, Shuka World said, "We don't know how low bread prices can actually go. People always say bread is expensive, but I wanted to see for myself whether prices could be lowered if I made the bread myself, or whether the current prices are simply unavoidable."

Some self-employed business owners pointed out that this could make it seem as if other bakery owners have been raising prices excessively. As the controversy grew, Shuka World apologized, saying, "I intended to talk about the structural problems behind bread prices, but it's unfortunate that it was interpreted differently. If anyone was offended, it seems there was a misunderstanding." In response to the question, "Isn't this price possible only because you're a YouTuber?" Shuka World replied, "We're not selling at a loss. These prices are only possible because of high volume and low margins."

Consumers pointed out that bread prices in Korea are generally high and expressed hope that more reasonably priced bakeries like ETF Bakery would open. Hong, a 24-year-old college student, said, "I love salt bread and often visit bakeries near my school, but even the cheapest ones are in the high 2,000-won to low 3,000-won range. From a consumer's perspective, a reasonable price would be around 1,500 to 1,800 won." He added, "The '990-won salt bread' definitely has a price advantage in today's era of high inflation, but self-employed business owners might see it differently. I hope this pop-up store will lead to more bakeries offering reasonable prices."