Yongin City: Local Currency Now Usable at Small Business Stores within Large-Scale Shopping Centers

Suwon Premium Outlet in Yeongdeok-dong and Juneve Sunworld in Dongbaek-dong Now Accept Local Currency

Yongin City in Gyeonggi Province announced on July 4 that local currency can now be used at the large-scale stores "Suwon Premium Outlet" in Yeongdeok-dong and "Juneve Sunworld" shopping mall in Dongbaek-dong.

Previously, small business owners within large-scale stores were not allowed to register as local currency merchants under the "Gyeonggi Local Currency Merchant Management Guidelines." The city had continuously requested the Gyeonggi Local Currency Review Committee to ease these regulations, proposing that individual stores operated by small business owners within large-scale stores should be allowed to register as merchants.

In response to the city's proposal, a new standard for the "Evaluation Table for Lifting Restrictions on Large-Scale Stores in Collective (Sale) Buildings" was established last year. As a result, "other stores" and "specialty stores" within large-scale stores became eligible for evaluation, which enabled Suwon Premium Outlet to register as a merchant starting last month. The city further requested an improvement to the evaluation table to expand the scope to include "shopping centers," and after a recent review by the committee, Juneve Sunworld was also allowed to register as a merchant.

The city expects that this regulatory relaxation will increase the number of small business stores where local currency can be used by up to about 700.

Lee Sangil, Mayor of Yongin, stated, "Thanks to the city's efforts, the system has been improved in a way that benefits both small business owners and consumers, which will also contribute to revitalizing the local economy."