Policy Consultation Meeting with Small Business Owners at Seoul Gyeongdong Market on the 23rd
The Ministry of SMEs and Startups announced on the 23rd that it held the '5th Policy Council for Small Business Owners' at the Kyungdong Market Youth Mall in Dongdaemun-gu, Seoul. This council was organized to share excellent on-site cases and discuss policy directions under the theme of ‘Revitalization of Traditional Markets and Alley Markets’ with young market merchants and small business owners.
Kyungdong Market, located in Dongdaemun-gu, Seoul, is a traditional market established in 1960, marking its 64th year this year. It has recently gained attention through active win-win activities with large corporations. Starting with No Brand in 2018, in 2022 LG’s unique experience space ‘Geumseong Jeonpasa’ and a Starbucks Community Store remodeled from Kyungdong Theater were opened. Through these, it has established itself as a local landmark frequently visited by younger generations.
The 5th Policy Council focused on traditional markets and alley commercial districts, which are the foundation of people’s livelihoods and the backbone of the local economy. Small business owners active in 1,388 traditional markets and 3,540 local commercial districts nationwide play a key role as regional economic hubs. Recently, cases of self-sustaining revitalization of traditional markets and alley commercial districts have emerged, such as young people playing a vital role in traditional markets through business succession, or local creators adding creative ideas to unique local resources to produce innovative products or services.
Minister Oh Young-joo of the Ministry of SMEs and Startups visited the Youth Mall at Gyeongdong Market in Dongdaemun-gu, Seoul, on the 23rd, browsing products and conversing with young merchants.
At this policy council, Lee Ji-eun, CEO of Yukgeori Somunnan Mandu, who was a regular customer but took over the store and became the third-generation CEO, presented the process of seeking growth by diversifying sales channels and developing zero-sugar dumplings in response to recent environmental changes. Choi In-jong, CEO of Itali Donkatsu, shared his experience of overcoming the COVID-19 crisis and becoming a local favorite after opening a store in the Ansan Sinan Core Youth Mall based on his 10 years of culinary experience. Excellent cases of commercial district revitalization included the 'Soridangil Project' in Jung-dong, Changwon, and the 'Gongju Fortress Commercial District Revitalization Project' achievements.
Minister Oh Young-joo stated, “The Ministry of SMEs and Startups will support revitalization activities voluntarily promoted by the private sector, such as young small business owners who are bringing new innovation and vitality to traditional markets and alley commercial districts, through programs like the young merchants’ business succession program, entrepreneur-type small business owner development, and glocal commercial district projects, to ensure excellent cases are widely disseminated.” She added, “A comprehensive inter-ministerial plan for small business owners and self-employed people, incorporating these policies as a key pillar, is scheduled to be announced in June.”
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