Daiso Chairman Park Jeongbu Wins EY Entrepreneur Of The Year Award: "We Will Become a Trusted Store for Everyone"

Nearly 30 years of uniform pricing since opening its first store in 1997
Enhancing product competitiveness and investing in logistics infrastructure

Park Jeongbu, chairman of Asung Daiso, won the Master category, the highest honor at the 20th EY Entrepreneur Of The Year Awards. He was recognized for leading the household goods market while maintaining a uniform pricing policy for nearly 30 years, and for building a foundation for growth by expanding the product range and investing in logistics.

At the awards ceremony held on November 10 at the Shilla Hotel in Jangchung-dong, Seoul, Chairman Park said, "Asung Daiso's growth has been made possible by our customers' interest," adding, "We will strive to offer good products that satisfy our customers at reasonable prices." He continued, "We will strengthen our stable product supply system by investing in logistics infrastructure, including the Sejong and Yangju Hub Centers, and become a 'store for everyone' trusted by customers by growing together with local communities and business partners."

Asung Daiso Chairman Park Jeongbu (center) poses for a commemorative photo at the 20th EY Entrepreneur Of The Year Awards ceremony at The Shilla Seoul in Jangchung-dong, Seoul, on the 10th. Courtesy of Asung Daiso.

The EY Entrepreneur Of The Year Awards, hosted by EY Han Young, recognize entrepreneurs who have achieved success through innovation and entrepreneurship. The awards began in the United States in 1986 and are now held in 94 countries and regions. They were first held in Korea in 2007. The Master category recognizes entrepreneurs who have contributed to industrial development through outstanding business performance and entrepreneurship.

Born in 1944, Chairman Park grew Daiso after opening its first store in 1997, building its business around six price points ranging from 500 won to 5,000 won. The company secured price competitiveness by improving efficiency in product planning, procurement, and distribution. As rising prices have increased consumers' cost-of-living burdens, Daiso has expanded its market by offering household goods at reasonable prices.

Recently, the company has expanded its product range to include beauty, fashion, and health functional foods. Its strategy is to broaden its customer base by adding quality, design, and a diverse product assortment to its price competitiveness. Asung Daiso's revenue increased from approximately 3.46 trillion won in 2023 to approximately 4.53 trillion won last year.

The company is also accelerating its investment in logistics to support its business expansion. After investing approximately 400 billion won in the construction of the Sejong Hub Center, it began construction last month on the Yangju Hub Center, a project worth a total of 600 billion won. The company plans to install automated systems at both centers to increase product-handling capacity and strengthen its online and offline supply systems. The company expects the construction of the two centers to create approximately 2,000 jobs.

This content was produced with the assistance of AI translation services.