Items Flood the Market Due to Store Closures, but No Buyers... The Lonely Secondhand Market

Crowded Hwanghak-dong and Sindang-dong See 80-90% Sales Drop After COVID
Merchants: "Used Goods with Wear from Disinfection Less Sought After Due to Pandemic"
Online Activity High but Elderly Merchants Can't Utilize It, "Surviving on Bank Loans"

On the afternoon of the 4th, I visited the furniture district of Seoul Jungang Market in Jung-gu, Seoul. The streets are quiet.

[Asia Economy Reporters Donghoon Jeong, Jeongyun Lee] "Since COVID-19, customers have decreased by nearly 80%. The market used to be crowded every weekend, but now even that is gone."

On the afternoon of the 4th, at the secondhand market in Hwanghak-dong, Jung-gu, Seoul, Jaeho Wang (35), who runs a vintage clothing store, said this while looking at the empty store. This place had emerged as a mecca for vintage clothing, bustling with both young and elderly customers mingling together. However, it has long lost its vitality since COVID-19. Wang mentioned that several nearby stores have closed down.

Although the peak season of the Lunar New Year holiday is less than a week away, Hwanghak Market was filled only with cold winds. Mainly elderly people came to the market to pass the time. Due to the closure of various businesses, secondhand products were overflowing. Secondhand stores waited for customers with commercial refrigerators, sinks, small cassette players, clocks, and vintage clothing displayed in front of their shops, but only people fiddling with the products came and went. It was rare to see anyone picking up items and bargaining over prices. Seo (68), who sells used home appliances here, said, "Because of the epidemic, it seems fewer people are looking for used products with signs of wear," adding, "Honestly, I come to the market every day because I have nothing else to do." Young merchants running vintage clothing stores are trying to survive the COVID-19 era by attempting online sales, but older merchants are unable to utilize even that properly.

The furniture district around Sindang-dong, Jung-gu, Seoul Central Market, which mainly sells used furniture and kitchenware, resembles Hwanghak Market. It was hard to find customers visiting the furniture district, and only the occasional freight truck carrying sinks, tables, and chairs was seen. Due to the dead commercial district, merchants' reactions were sharp. One merchant pushed the reporter outside the store, saying, "You already know the situation anyway. I have nothing more to say."

On the afternoon of the 4th, Hwanghak Market in Jung-gu, Seoul, ahead of the Lunar New Year shopping season. Some customers gathered in front of the stalls to look at secondhand home appliances, but few were willing to buy anything.

Merchants selling used furniture and kitchenware here complain that sales have plummeted since COVID-19. The biggest reason is that few new stores are opening. Although the online secondhand market is active, those who are not good with smartphones cannot even attempt it. Park (53), who sells used kitchenware, said, "Sales have dropped by more than 80-90% since COVID-19, and almost no one wants to sell used items," adding, "Among used furniture sellers around here, some have closed their businesses, and most are holding on by borrowing money from banks." Kim (64), a used furniture seller, said, "Although online secondhand trading is active, it feels like a distant story," and "The situation is so difficult that I think about quitting every day."

However, some merchants say that since COVID-19, many places have closed, increasing the number of people selling secondhand goods. But even so, there are no suitable places to sell. Since cafes and restaurants are closing, goods keep coming in, but there are no new openings, so business is not good. One used furniture seller said, "Since COVID-19, more goods have come in, but they are all just piling up as inventory," adding, "I need to sell them to make money, but I can't, so it's a living hell."