Battle of value-for-money stores

[Anchor]

In an era where recession is a common concern, there are companies that achieve double-digit growth every year.

We are talking about Olive Young, Daiso, and Musinsa.

A new term 'Ol-da-mu' has emerged, formed from the first letters of these companies' names.

Now, with strong challengers entering the scene, a global value-for-money competition is truly underway.

Choi Ji-hyun reports.

[Report]

It's 8 AM on a weekday, a long line of customers stretches down to the basement of the department store.

These are customers visiting the pop-up store of the Japanese general merchandise store 'Don Quijote'.

[Joo Yang-hyun/Busan Buk-gu: "I came because I was curious about the pop-up store opening. I flew here from Busan."]

This marks Don Quijote's first official entry into the Korean market.

They’ve stocked popular items that Korean travelers used to buy in Japan, such as 'egg rice seasoning'.

[Kim Sun-hyup/Resident of Gyeonggi-do Icheon: "I wanted to go to Japan, but then I heard Don Quijote is coming here. So I figured I could just buy things here."]

Meanwhile, Miniso, often dubbed the "national general store" of China, also opened a new location last month on a main street in Gangnam, Seoul.

[Kim Eun-jung/Resident of Gyeonggi-do Hwaseong: "It feels a bit more upscale than Daiso. They have lots of cute character items."]

This marks Miniso’s return to the Korean market after four years.

This time, they are aiming for business expansion by featuring character-themed products that have been popular in China.

[Kim Myung-jun/Resident of Gyeonggi-do Yangju: "Since I don't usually get to visit many overseas brands, it was definitely a unique experience."]

Another competitor, Yoyoso, known as the "Chinese Daiso," is also planning to open a store in Gunsan, North Jeolla Province later this month.

[Lee Jong-woo/Professor of Business Administration at Ajou University: "Offering a wide variety of products is becoming a trend in the domestic market. When you go to a general store, there are many different items, a bit of everything. Overseas retail companies are targeting Korea."]

As both domestic and international brands compete to meet rising consumer demand for value-for-money shopping, the battle is expected to intensify.

This is KBS News, Choi Ji-hyun.