Naju-si, Yeongsan-dong Area Designated as Jeonnam's First 'Autonomous Commercial Zone'

Naju City in Jeollanam-do has designated the Yeongsan-dong area, centered around the Yeongsanpo Honggeo Street, as the first autonomous commercial district in Jeollanam-do.

According to the city on the 30th, an autonomous commercial district is designated under the "Act on the Mutual Growth and Revitalization of Local Commercial Districts" to revitalize declining commercial areas.

Map of the autonomous commercial district in Yeongsan-dong, Naju City.
[Photo by Naju City]

The designated area must meet conditions such as having more than 50% commercial zones, a continuous decline in store sales or population, at least 100 wholesale and retail stores, more than two-thirds consent from merchants and landlords, and the signing of a mutual growth agreement.

Merchants in Yeongsan-dong began preparations for the activation of the Yeongsanpo autonomous commercial district by forming a preparatory committee in August last year, proceeded with the cooperative establishment approval process, and launched the "Naju City Yeongsanpo Autonomous Commercial Cooperative" on the 20th of last month.

Through this, they have steadily prepared for the designation of the autonomous commercial district to solve issues such as commercial area decline and vacancies, secure commercial competitiveness, and stabilize rents, achieving valuable results.

Currently, there are a total of 231 stores in the area, of which 42 are vacant.

Once designated as an autonomous commercial district, benefits such as rent restrictions set by mutual agreements and special privileges for accepting Onnuri gift certificates will be provided.

In particular, it raises expectations as it qualifies for participation in the 2025 commercial district revitalization project led by Jeollanam-do.

If selected for the project, up to 10 billion KRW (50% national funds, 50% local funds) will be supported over five years for commercial district revitalization projects aimed at recovering and relaunching the declining commercial area.

The city has applied for the 2025 commercial district revitalization project under the theme "The 15-Day Miracle of Yeongsangang, the Dream of Honggeo, Korea's Largest K-FOOD Glocal Commercial District."

To this end, together with the Yeongsanpo Autonomous Commercial Cooperative, they have established a commercial district revitalization plan with strategies including "establishing a self-sustaining commercial revitalization foundation," "securing commercial competitiveness through infrastructure development," and "sustainable management through integration with surrounding commercial districts."

They have also identified 23 detailed tasks such as developing specialized products using the local specialty aged Honggeo, creating a Yeongsanpo K-FOOD themed street, training Yeongsanpo food entertainers, and organizing local tourism festivals and events.

Mayor Yoon Byung-tae said, "The designation of the autonomous commercial district will not only revitalize the Yeongsanpo commercial area but also create synergy effects with linked projects such as urban regeneration in Yeongsanpo and the creation of Namdo Food Street. We will do our best to revitalize the entire Yeongsanpo commercial district by establishing a commercial revitalization strategy that connects differentiated foods like aged Honggeo, the natural scenery of the Yeongsangang River, and abundant modern cultural heritage."

Naju = Kim Yukbong, Honam Reporting Headquarters, Asia Economy baekok@asiae.co.kr