Seocho-gu Signs MOU with Seoul Credit Guarantee Foundation to Revitalize Local Economy Using Commercial Area Big Data

Display of Floating Population and Store Survival Rates Provided by the Foundation
Utilizing Commercial District Data for Small Business Support Policies

Seocho-gu, Seoul (Mayor Jeon Seong-su) announced on the 6th that it signed a Memorandum of Understanding (MOU) with the Seoul Credit Guarantee Foundation on the 4th to revitalize the local economy using commercial district big data.

As the importance of artificial intelligence (AI) and data-driven policy research has recently increased, the district collaborated with the foundation to systematically utilize big data for commercial district revitalization and small business support policies.

Seocho-gu and Seoul Credit Guarantee Foundation held a business agreement ceremony on the 4th and are taking a commemorative photo. From the center left in the photo, Choi Hang-do, Chairman of Seoul Credit Guarantee Foundation, and Jeon Seong-su, Mayor of Seocho-gu. Provided by Seocho-gu.

Since 2023, the district has been operating the ‘Seocho Big Data Platform,’ which provides information on 485 types across 11 fields, enabling residents to access real-time information related to urban conditions such as transportation and disasters, as well as district administration. Since last year, a ‘Commercial District Analysis’ menu has been added to allow residents to specifically learn about their neighborhood’s commercial districts, and the recent MOU with the foundation is expected to be a great help in this regard.

Previously, the foundation has been providing the district with big data related to commercial districts since last year, including floating population, working population, opening and closing rates, survival rates, deposits, rents, sales, and number of stores. Through this agreement, the district and the foundation will strengthen their existing cooperation and be able to stably collect and analyze commercial district data.

The district plans to diagnose the business environment of small business owners through commercial district analysis and establish customized policies tailored to the characteristics of each commercial district. In particular, by utilizing analysis results based on commercial district data, it is expected to provide practical support to small business owners and increase the survival rate of stores. Additionally, the ‘Commercial District Analysis’ menu has been placed in the center of the main screen within the ‘Seocho Big Data Platform’ to make data easily accessible to small business owners.

Mayor Jeon Seong-su said, “This agreement is an important first step in joining forces with the Seoul Credit Guarantee Foundation to prepare practical measures for supporting small business owners and revitalizing the local economy,” adding, “We will continue to enhance the reliability and efficiency of policies through scientific and objective data-driven administration and actively discover and share high-quality, high-demand public data with residents.”