Seoul Districts Mobilize All Efforts to Revitalize Local Commercial Districts
Ahead of Lunar New Year, Local Love Gift Certificates Issued and Support Measures Expanded
The livelihood economy is freezing solid at the beginning of the year. Accordingly, not only the government but also Seoul City and autonomous districts are doing their best to revive the livelihood economy.
Meanwhile, Yeongdeungpo-gu, Seocho-gu, and Dongdaemun-gu in Seoul are intensively promoting the issuance of local love gift certificates and other measures to revive the frozen neighborhood economy.
Especially with the Lunar New Year holiday approaching, various measures are being prepared to revitalize the local commercial districts.
Yeongdeungpo-gu Implements a Comprehensive Plan Worth 26.1 Billion KRW to Revive the Livelihood Economy
Ahead of the Lunar New Year holiday, Choi Ho-gwon, Mayor of Yeongdeungpo District, warmly greets residents at a traditional market.
Yeongdeungpo-gu (District Mayor Choi Ho-kwon) is implementing a ‘Comprehensive Plan for Revitalizing the Livelihood Economy’ worth 26.1 billion KRW to breathe new life into the frozen local economy.
Small and medium-sized enterprises and small business owners are struggling due to the contracted livelihood economy. Accordingly, since last month, the district has held ‘Livelihood Economy Revitalization Policy Meetings’ to listen to the on-site difficulties faced by small business owners and discuss solutions.
The ‘Comprehensive Plan for Revitalizing the Livelihood Economy’ allocates a total of 26.1 billion KRW with the main goal of revitalizing the livelihood economy, covering five policy areas: ▲support for small business owners ▲support for traditional markets and shopping districts ▲job creation, among others.
First, the district will expand the scale of loans from the Small and Medium Enterprise Development Fund from the existing 6 billion KRW to 8 billion KRW to help stabilize the management of small and medium-sized enterprises and small business owners facing management difficulties. In addition, a ‘Special Contribution Business Agreement for Revitalizing the Livelihood Economy’ has been signed with financial institutions including the Seoul Credit Guarantee Foundation to provide special guarantees.
Along with this, on the 15th, in celebration of the Lunar New Year, Yeongdeungpo Love Gift Certificates worth 8 billion KRW will be issued early. Starting in February, ‘Yeongdeungpo Ttaenggyeoyo Gift Certificates,’ usable on the public delivery app ‘Ttaenggyeoyo,’ will be sold at a 15% discount.
Support measures for revitalizing traditional markets and shopping districts are also included. By repairing aging arcades (roofs) and repaving roads, the district aims to strengthen the competitiveness of commercial districts and attract visitors. Additionally, the ‘Eoullim Market,’ a direct transaction market held in front of the district office plaza, will be expanded to provide stable sales channels for market merchants. Yeongdeungpo District Mayor Choi Ho-kwon said, “Small business owners, the roots of the local economy, must stand firm for the livelihood economy to revive. We will do our utmost to ensure that the contracted commercial districts recover quickly and the warmth of economic vitality returns.”
Seocho-gu Deploys 60 Billion KRW to Fully Revive the Frozen Economy
Jeon Seong-su, Mayor of Seocho District (right), is holding a meeting with merchants and listening to their difficulties.
Seocho-gu (District Mayor Jeon Seong-su) is taking swift and large-scale measures to revitalize the local economy for small business owners and residents starting an uncertain new year amid economic recession.
Since December last year, District Mayor Jeon Seong-su has visited livelihood sites to listen directly to merchants’ voices and ponder ways to revive the economy. On-site, merchants expressed that soaring prices of ingredients and rents, coupled with a decrease in gatherings and evening appointments among office workers, have frozen the year-end and New Year atmosphere, urging active support from the district.
Accordingly, at the start of the new year, the district is rapidly implementing the ‘Three Major Projects for Bustling Commercial Districts,’ injecting a record 60 billion KRW to create a vibrant local economy bustling with residents and smiling small business owners.
First, 7.7 billion KRW will be invested in 11 alley commercial districts such as Yangjaecheon-gil, Maljukgeori, and Bangbae Cafe Alley to add vitality. With a budget increased by 36.5% compared to the previous year, the district plans to fully engage in branding, landmark creation, events, and low-interest financial support tailored to each commercial district’s characteristics.
Among local brand commercial districts uniquely operated as doubles in Seoul’s autonomous districts, the Chemistreet Gangnam Station commercial district will focus on strengthening its brand with ‘K-Taste, Style, and Beauty,’ while the Yangjaecheon-gil commercial district will concentrate on ‘Salon in Yangjaecheon’ as its base. While Seocho Gangnam Station will showcase its charm through pop-ups, exhibitions, and performances linked with external resources, Yangjaecheon-gil is expected to expand the salon culture lifestyle centered on the Yangjae Salon Hall (1st floor of Yangjae Public Parking Lot). The Yangjae Art Salon, which has grown into a representative cultural market of Seoul, will continue to operate year-round at Yangjaecheon this year to support small business owners in developing sales channels and enhancing competitiveness.
Additionally, alley commercial districts such as Jamwon Hagil (Jamwon-dong commercial district), Cheonggyero-wa (Cheonggyesan entrance commercial district), and Bandeuregil (Banpo 1-dong commercial district) will expand events like beer festivals, trekking festivals, and light festivals utilizing local resources to add enjoyment for both merchants and visitors, and plan to establish symbolic installations representing the commercial districts to build a new consumption culture.
Furthermore, the district will lead efforts to enhance small business owners’ competitiveness by implementing the ‘Seoripul Artterior’ project, supporting interior and exterior improvements and product design of small business stores in collaboration with local artists, targeting 100 locations?the largest scale in Seoul. For small and medium-sized business owners, 6 billion KRW in loans from the Small and Medium Enterprise Development Fund and 50 billion KRW in ultra-fast loans under low-credit and unsecured conditions will alleviate financial burdens.
Next, the district will actively promote consumption to open residents’ tightly closed wallets. Seocho Love Gift Certificates (5% discount) and Seocho Ttaenggyeoyo Gift Certificates (15% discount) will be issued annually at 48 billion KRW and 3.6 billion KRW respectively to help recover the contracted consumer sentiment. In particular, ahead of the Lunar New Year holiday including government-designated temporary holidays, the district will issue 18 billion KRW worth of Seocho Love Gift Certificates early on the 15th to boost the domestic economy during the holiday period.
Not only residents but also various institutions and organizations in the region will be encouraged to actively use local commercial districts through the ‘Good Consumption Accompaniment Pledge for Revitalizing Seocho-gu Alley Economy,’ which will be launched for the first time this year. Within the district office, departments will be guided to use matched alley commercial districts, and campaigns supporting good consumption by residents and reasonable coexistence between landlords and tenants will be conducted through banners, electronic displays, and SNS.
Alongside this, the district will hold the ‘Lunar New Year Grand Market’ to significantly reduce residents’ holiday shopping burdens. The ‘Seocho Direct Transaction Grand Market,’ uniquely operated regularly in front of the district office yard in Seoul, is popular for its differentiated advantage of offering fresh and diverse Korean agricultural, fishery, and livestock products at reasonable prices in an era of high prices.
With prices rising consecutively for apples and pears this year, residents are worried about holiday shopping. The district is determined to reduce residents’ price burdens and showcase a variety of good products through the Direct Transaction Grand Market.
The market will officially start meeting residents from the Lunar New Year Grand Market on the 22nd and 23rd and continue operating in earnest in 2025. The holiday market will attract more participation from various regions and farms, including seasonal strawberries from Jinju City, Gyeongnam, winter delicacy seafood from Ongjin County, Incheon, Hanwoo and pork from Cheongyang County, Chungnam, moshi leaf jeotgal from Seocheon, Chungnam, and cheonggukjang from Goryeong County, Gyeongbuk. Seocho District Mayor Jeon Seong-su said, “Our biggest goal this year is to encourage good economic activities where residents and merchants coexist and to revitalize commercial districts so that every alley becomes bustling. We will spare no support to ensure that alley commercial districts, the residents’ living space and the barometer of the livelihood economy, are filled with smiles instead of sighs.”
Dongdaemun-gu Focuses on Livelihood Stability with Early Issuance of 8 Billion KRW Dongdaemun Love Gift Certificates and Small Business Support Policies
Dongdaemun-gu (District Mayor Lee Pil-hyung) is making multifaceted efforts to support local small business owners and revitalize the livelihood economy amid economic downturn.
The district is promoting support projects focused on revitalizing traditional markets for the Lunar New Year holiday. Through Lunar New Year event contests and Onnuri Gift Certificate refund campaigns, it plans to inject vitality into 20 traditional markets including Gyeongdong Market, aiming to attract customers and increase merchants’ sales.
In addition, Dongdaemun-gu Love Gift Certificates worth 8 billion KRW will be issued early at 2 p.m. on the 16th. These are issued separately from Seoul Love Gift Certificates and correspond to half of the amount planned for issuance this year. It is expected to contribute to recovering consumer sentiment contracted by high prices and high interest rates.
Loan support to alleviate financial difficulties of small and medium-sized enterprises and small business owners will also be strengthened. The district plans to implement a 4 billion KRW loan project in February, three months earlier than last year, in cooperation with the Seoul Credit Guarantee Foundation Dongdaemun branch and Kookmin Bank.
The support targets are small and medium-sized enterprises and small business owners with more than six months of business operation located in Dongdaemun-gu, who can apply for loans up to 100 million KRW per company. Dongdaemun-gu supports 1% interest, and if secured by a credit guarantee certificate, Seoul City additionally supports 1.8%.
Alongside this, the district is strengthening its role as a hub for small business support. The Dongdaemun-gu Small Business Support Center, opened in December last year, provides one-stop services from policy promotion to consultation and application. The center offers practical help to local small business owners who miss out on benefits due to lack of information by guiding central government and Seoul City small business support policies. In particular, it actively promotes Seoul City’s ‘Policy Fund and Special Guarantee Supply Project (totaling 2.1 trillion KRW)’ and has ‘Visiting Small Business Planners’ who directly visit small-scale businesses to assist with applications. Dongdaemun District Mayor Lee Pil-hyung said, “By fully operating the Small Business Support Center, we will listen to the voices of small business owners and strengthen policy support such as revitalizing traditional markets and expanding loan support. We will continuously prepare practical support measures that can be felt to stabilize livelihoods and revitalize the local economy.”
Economy is psychology. It is urgent to prepare various measures to unblock the financial flow and ensure a warm Lunar New Year holiday.
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