A Total Investment of 3 Billion Won Over 3 Years
[Asia Economy Reporter Kiho Sung] Seoul City announced on the 25th that it has finally selected two locations, Gyeongchunseon Supgil and Yongmarugil, as the target sites for the 'Local Brand Commercial District Development Project,' which aims to nurture alleyway commercial districts with potential into representative commercial districts of Seoul.
The purpose is to select promising alleyway commercial districts and invest up to 3 billion KRW per district over three years to provide various supports necessary for commercial district development, such as facilities, infrastructure, and content development, thereby presenting distinctive 'alley brands' and revitalizing the commercial districts.
The city added that it plans to develop the selected alleyway commercial districts into representative commercial districts of Seoul, attracting not only citizens but also tourists, by providing comprehensive support including ▲'hardware' such as facility and infrastructure improvements ▲'software' such as content and community ▲'humanware' such as fostering creative small business owners who will transform the commercial districts.
The alleyway commercial districts selected this time are Gyeongchunseon Supgil (Nowon-gu) and Yongmarugil (Yongsan-gu), totaling two locations.
Near 'Gyeongchunseon Supgil (Nowon-gu),' there are seven universities, resulting in a large floating population. The area has the fundamentals of a commercial district with the nature-filled Gyeongchunseon Supgil, the visually rich Gongeung-dong Dokkaebi Market, and the long-established Gongeung-dong Noodle Street.
Over the next three years, the goal of 'Gyeongchunseon Supgil' is to create a younger commercial district by utilizing the self-developed brand ‘Sait(it)gil Project.’ The young merchants who have been steadily entering the district will brand various products they develop and produce to enhance competitiveness, and open and operate an ‘independent mart’ that sells locally produced products. Additionally, through the application ‘Gongeung-dong 101,’ events and discount promotions within the commercial district will be announced to attract the younger generation.
The other selected site is 'Yongmarugil (Yongsan-gu).' Yongmarugil is adjacent to Hyochang Park (Line 6) Station and Gyeongui Line Forest Trail, making it a convenient location for both local residents and outsiders to visit. It is a place where rest areas for pedestrians and abundant green spaces can be created. Also, compared to other areas, the rent is affordable, making it popular as a first startup location for young entrepreneurs.
By utilizing currently operating emotional cafes and restaurants, new content will be developed to attract citizens' visits, and the plan is to create a commercial district that embraces a culture co-created by young business owners and young consumers. Furthermore, with the retro trend increasing the number of young people visiting traditional markets and long-established stores, various attractions linked to the nearby ‘Yongsan Yongmun Market’ will be prepared, focusing on win-win growth that revitalizes not only the Yongmarugil commercial district but also the traditional market.
In the first year of commercial district development, this year, branding direction will be set by understanding consumer awareness and demand. Seoul City, autonomous districts, and the Seoul Credit Guarantee Foundation will jointly discover the commercial district story and develop a BI (Brand Identity) based on it to spread symbolism. Along with this, anchor stores representing the alleyway commercial districts will be selected, and the commercial district’s recognition will be enhanced through citizen participation events and distinctive pop-up store operations.
Efforts will also be made to strengthen the competitiveness of merchants, which determines the sustainability of the commercial districts. Merchant education and programs reflecting the characteristics of the commercial districts will be operated, and merchant organization that can create synergistic effects will be supported. The budget is approximately up to 500 million KRW per commercial district in the first year, and up to 1 billion KRW annually in the second and third years, totaling up to 3 billion KRW per commercial district over three years.
Seoul City plans to conduct resource surveys and expert consultations for the two selected commercial districts to implement the project solidly, maximizing content and strengths that reflect the characteristics of each commercial district.
Meanwhile, last April, the first phase of five local brand commercial districts (▲Jangchungdan-gil ▲Hapmart ▲Seonyuro-un ▲Oryu Beodeul ▲Yangjaecheon-gil) completed the first-year foundational projects such as deriving brand directions for each commercial district and operating cultural hub spaces to share the value and culture of the commercial districts. In the second year this year, the focus will be on securing the commercial districts’ self-sustainability, and in the third year next year, the plan is to systematically achieve the creation of an ecosystem for sustainable operation.
Seoul City emphasized that it will continue to nurture promising alleyway commercial districts with local content such as regional characteristics and cultural resources into ‘local brand commercial districts’ to continuously invigorate the regional economy.
Park Jaeyong, Seoul City’s Director of Labor, Fairness, and Win-Win Policy, said, “The two commercial districts selected this time align with the city’s administrative directions such as pedestrian-friendly green cities and emotional cultural cities, and have abundant potential to enhance Seoul’s charm and dignity.” He added, “We will steadily promote the Local Brand Commercial District Development Project to become a representative model that can revitalize the local economy facing difficulties.”
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