Making Neighborhood Commercial Areas Seoul's Representative Commercial District... Seoul City Hosts Local Brand Experts Forum

'2022 Seoul Local Brand Commercial Ecosystem Forum' Held
Discussion on Strategies for Commercial Area Development through Creative Startup Ecosystem Creation and Local Brand Promotion

[Asia Economy Reporter Lim Cheol-young] Seoul City will hold the '2022 Seoul Local Brand Commercial District Ecosystem Forum' on the 30th to foster and expand 'local brand commercial districts,' developing well-known alleys into representative commercial districts of Seoul.

This event will discuss strategies to strengthen local brand commercial districts for the sustainable growth of landmark commercial districts, share cases of currently established and operated landmark commercial districts, and explore the roles of the private and public sectors.

First, Professor Mo Jong-rin of Yonsei University (Chairman of the Seoul Vision 2030 Subcommittee), known as the economist of alleyway economics, will deliver a keynote speech on the vision and necessity of local brands and expansion plans for existing famous commercial districts. Following this, Kim Jong-seok, CEO of Koom Partners, will share the growth case of the Yeonhui-dong commercial district developed through private sector initiatives, and Professor Yoon Joo-sun of Chungnam National University will share the case of the Gunsan City commercial district developed through joint growth of the private and public sectors.

The panel discussion will focus on the necessary elements for the development and expansion of commercial districts and public-private cooperation plans. Additionally, ideas for fostering local brands and voices from the field will be shared to discuss detailed strategies essential for actual commercial district development.

Seoul City selected five local brand commercial districts in April to develop alleys with potential into representative commercial districts of Seoul: Yangjaecheon-gil (Seocho-gu), Hapmart (Mapo-gu), Jangchungdan-gil (Jung-gu), Seonyuro-un (Yeongdeungpo-gu), and Oryu Beodeul (Guro-gu). The city plans to provide focused support including a budget of up to 3 billion KRW over three years, various facilities, and infrastructure.

Alongside, a project to nurture local entrepreneurs (local creators) planning to start businesses in these commercial districts is also underway, playing a leading role in strengthening the creative capacity of local communities, a national agenda.

Im Geun-rae, Head of Seoul City's Commercial District Revitalization Division, said, “We will establish a sustainable growth foundation for commercial districts through the creation of an ecosystem centered on creative small business owners and the promotion of policy projects that can support them.”