On the 13th at 2 PM, a Resolution Rally to Revitalize the Itaewon Commercial District will be held at the outdoor stage next to Hamilton Hotel... Following this, projects such as the Commercial District Activation Task Force and Star Shop Project will continue
[Asia Economy Reporter Jong-il Park] Yongsan-gu (Mayor Seongjang Hyun) is joining hands with building owners, merchants, and experts to revive the collapsed Itaewon commercial district.
The district plans to hold the "Itaewon Commercial District Revival Resolution Rally" at 2 p.m. on the 13th at the outdoor stage next to Hamilton Hotel in the Itaewon Tourism Special Zone (in case of rain, at Yongsan Art Hall Small Theater Garam).
Hosted by the Itaewon Tourism Special Zone Association, the event will last 20 minutes, including guest introductions, greetings, reading and signing of the resolution, and a block performance to revive the commercial district. About 20 people will attend, including Yongsan-gu Mayor Seongjang Hyun, Chairman Maeng Ki-hoon of the Itaewon Tourism Special Zone Association, Chairman Lee Sang-yong of Hamilton Hotel, Chairman Lee Beom-woo of the Itaewon Building Owners Association, Kim Ji-song, Director of Seoul Credit Guarantee Foundation Yongsan Branch, and related officials.
To prevent the spread of COVID-19, the program and number of attendees have been minimized.
Following this, the district will continue projects such as ▲ operating the Itaewon Commercial District Revitalization Task Force ▲ supporting small business owners to overcome disaster crises ▲ Yongsan-style Good Landlord Support ▲ ‘Star Shop’ project utilizing vacant spaces ▲ Our Neighborhood Store Artterior ▲ One Department One Economy Revival ▲ and revitalizing alleyway commercial districts.
The Itaewon Commercial District Revitalization Task Force, led by the deputy mayor, consists of 15 members including the Itaewon Tourism Special Zone Association, building owners, merchants, experts, and public officials.
They will hold regular (once every six months) and irregular meetings to discuss support measures in areas such as business stabilization funds, finance, facility improvements, and management consulting.
Current crisis recovery projects include disaster relief funds for businesses under closure or restrictions (5.5 billion KRW), loans for small and youth enterprises (7 billion KRW), and special credit guarantees (15.6 billion KRW). Additional support will be provided in the first half of the year, including 350 million KRW for closed small business owners and 20 billion KRW in interest-free loans for small business owners, increasing the total support to 48.45 billion KRW.
The ‘Yongsan-style Good Landlord Support Project,’ which provides partial rent support to landlords who sign win-win agreements, will also be strengthened. By the end of this month, 55 participating landlords will receive Seoul Love Gift Certificates worth up to 1 million KRW. Related ordinances will be enacted in the first half of the year to add cash support. Tenant facility improvements and startup costs will also be supported.
The district plans a ‘Star Shop’ project utilizing the rapidly increasing vacant spaces in Itaewon. Agreements will be made with building owners to offer shops at prices lower than market rates, and tenants will be recruited through a public contest in the first half of the year to assist with shop occupancy and operation. About 20 tenants will participate.
Artterior, a combination of Art and Interior, is a project that matches local artists and merchants to improve store designs. Currently, design and planning work is underway at 40 stores in Gyeongridan-gil, and the same project will be conducted in the Itaewon World Food Street in the second half of this year. Forty stores will be recruited.
One Department One Economy Revival involves all departments of the district office. A total of 38 projects are planned, including ‘Supporting Vulnerable Care Groups with Small Business Owners’ specialized for Itaewon. Small business owners in Itaewon whose sales have declined due to COVID-19 will be selected to prepare lunch boxes for vulnerable care groups, with the district covering the costs.
The district is also conducting the ‘Itaewon Quynon-gil (Bogwang-ro 59-gil) Alley Commercial District Revitalization’ project with the Seoul Credit Guarantee Foundation. About 30 stores on Quynon-gil, a representative multicultural street in Itaewon, will receive support such as consulting (self-employed clinic) and facility improvements worth up to 1 million KRW.
Additionally, the district plans to open the district office parking lot 24 hours (200 spaces to be opened in September), support businesses visited by COVID-19 confirmed cases, and utilize quarantine job projects, employing all possible methods to lead the recovery of the Itaewon Tourism Special Zone economy.
Yongsan-gu Mayor Seongjang Hyun said, “Since early this year, we have held meetings with Itaewon residents and merchants and discussed various support measures including the resolution rally. About 1,300 public officials will unite to reflect the demands of residents and merchants as much as possible.”
He added, “We are also focusing on quarantine efforts to create a pleasant Itaewon. We ask visitors to cooperate by following quarantine rules.”
The Itaewon Tourism Special Zone is one of six tourism special zones in Seoul. Covering an area of 383,292㎡ around Itaewon and Hannam-dong, it is densely packed with shopping malls, restaurants, and tourist hotels for foreign tourists. After the Korean War, souvenir sales targeted at U.S. troops stationed at the U.S. 8th Army base began, and the commercial district expanded in the early 1970s when the 121st Evacuation Hospital entered the U.S. 8th Army base. It was designated as Seoul’s first tourism special zone in 1997.
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◇Itaewon Commercial District Revival Resolution
We, as owners who love Itaewon and live our lives in Itaewon, resolve to promote the revival of the Itaewon commercial district based on mutual coexistence and cooperation, and pledge to practice as follows.
One. We all strictly comply with government quarantine rules to create a safe and pleasant clean Itaewon.
One. We landlords will refrain from excessive rent increases through win-win cooperation with merchants and actively participate in the government’s Good Landlord Project.
One. We merchants will strengthen our competitiveness and contribute to developing Itaewon’s unique personality and culture.
One. We all, as owners of Itaewon, will communicate and cooperate with Yongsan-gu to revitalize the Itaewon commercial district.
April 13, 2021
Building Owner Representative Lee Jeong-sook Merchant Representative Lim Dong-wook
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