Sojinkong-LG Uplus to Support 'Revitalization of Traditional Markets and Youth Malls'

First Collaborative Project 'Youth Mall and Traditional Market Christmas Market' Online Event to be Held in December

At the 'Business Agreement Ceremony for the Revitalization of Traditional Markets and Youth Malls,' Jo Bong-hwan, President of the Small Enterprise and Market Service (left in the photo), is seen signing a non-face-to-face business agreement through a video conference with Hwang Hyun-sik, President of LG Uplus Consumer Business Division. Photo by Small Enterprise and Market Service

[Asia Economy Reporter Kim Heeyoon] The Small Enterprise and Market Service (SEMAS) announced on the 27th that it has signed a business agreement with LG Uplus to support the revitalization of traditional markets and youth malls struggling due to the novel coronavirus disease (COVID-19).

The signing ceremony was held non-face-to-face using a video conferencing solution in consideration of social distancing. The ceremony was attended by Cho Bonghwan, Chairman of SEMAS, and Hwang Hyunsik, Head of Consumer Business at LG Uplus.

Through this business agreement, SEMAS and LG Uplus will utilize their know-how and resources to engage in ▲ operation and support of online special exhibitions for traditional markets and youth malls ▲ execution of offline revitalization projects ▲ support for online and offline promotions ▲ support for win-win projects, among others.

Each company plans to operate U+ Road online and offline events quarterly on an ongoing basis from next year, linked with nationwide traditional market and youth mall promotions through regular consultative bodies.

As the first collaborative project, an online event called the ‘Youth Mall and Traditional Market Christmas Market’ will be held in December. The Youth Mall and Traditional Market Christmas Market is a special exhibition selling over 120 products from 35 youth malls nationwide at a 20% discount through Wemakeprice. To support this, SEMAS has continuously assisted youth merchants’ online advancement by producing detailed product pages and providing education on understanding the online market.

Cho Bonghwan, Chairman of SEMAS, said, “The agreement with LG Uplus has become an opportunity to actively respond to the paradigm shift toward non-face-to-face consumption,” adding, “Starting with this agreement, we will discuss revitalization plans for traditional markets using SEMAS’s experience and know-how in supporting traditional markets and LG Uplus’s big data to foster young and competitive traditional markets.”

Hwang Hyunsik, Head of Consumer Business at LG Uplus, said, “Through collaboration with SEMAS, we will fully utilize our resources such as marketing know-how to help traditional markets and youth malls struggling due to COVID-19 and come up with various ideas to provide differentiated benefits to customers.”

This content was produced with the assistance of AI translation services.