[Photo] Yongsan-gu Holds 3rd Itaewon Star Shop Agreement Ceremony

[Seoul District Photo News] Yongsan-gu Holds Agreement Ceremony for 5 Selected Participants of 3rd Star Shop Project on May 31 at 10 AM in District Office Conference Room... Participant Introductions, Agreement Signing, and Support Project Explanation

[Asia Economy Reporter Jongil Park] Yongsan-gu (District Mayor Seong Chang-hyun) held the 3rd agreement ceremony for the ‘Itaewon Star Shop (star #shop)’ project on May 31 to revitalize the Itaewon commercial district.

The agreement ceremony was held for one hour with the participation of Seong Chang-hyun, Mayor of Yongsan-gu, Maeng Ki-hoon, Head of the Itaewon Commercial District Revitalization Promotion Team, Lee Jung-kyu, Team Leader of the Sookmyung Women’s University Campus Business Team, and the project selectees. The event proceeded in the order of participant introductions, greetings, signing of the agreement, and explanation of the support project.

‘Itaewon Star Shop’ is a district-led commercial district revitalization project that supports the competitiveness and startup of prospective entrepreneurs within the Itaewon Tourism Special Zone. The 3rd batch of selectees includes five people: Shin Yoon (plant-based desserts), Woo Jong-guk (Halal brunch), Joo Won-sang (fusion Korean cuisine), Jo Kyung-joo (Japanese cuisine), and Seo Hee-won (homemade smoothies).

After document and face-to-face evaluations, the five final selectees must complete business registration and startup within five months after the agreement and maintain their business until October 28, 2023. The recipients will be supported with a monthly rent subsidy of up to 1 million KRW for one year from the startup date, and ‘startup consulting’ education organized by the Seoul Credit Guarantee Foundation.

Seong Chang-hyun, Mayor of Yongsan-gu, said, “We have high expectations for the 3rd batch of prospective entrepreneurs selected through multifaceted considerations such as entrepreneurial capability, feasibility of startup realization, and preparation efforts,” adding, “As Itaewon is a ‘small global village within Seoul,’ I hope they grow into key players of Itaewon’s century-old businesses by highlighting the unique characteristics of their distinctive industries.”

The district started the first Itaewon Star Shop project in August 2021, achieving results such as four startups completed out of ten selected in the 1st batch, and two startups completed and three startups in progress out of eight selected in the 2nd batch.