[2020 Nightmare of Self-Employment] The Fall of the Prime Commercial District... "Dark Until February Next Year"

Jonggak Station's 'Youth Street' Where Young People Have Disappeared
Flyers Pile Up in Front of 'Temporarily Closed' Stores
Six-Story Building Also Listed for Full Lease
80% of Gyms, Karaoke Rooms, and Entertainment Bars Closed
Franchise Restaurants and Coffee Shops Also Struggling

Around 5 p.m. on the 22nd, the main street shops in the food alley near Jonggak Station brightly lit their lights and prepared to welcome customers, but there were no pedestrians on the street.

[Asia Economy reporters Minyoung Cha and Seungjin Lee] The streets around Jonggak Station visited on the afternoon of the 22nd exuded such a bleak atmosphere that it was hard to find any trace of the former vitality. At the entrances of shops that had apparently closed temporarily at unknown times, various flyers and utility bills were piled up, and on the streets, rental notices were more visible than illuminated signboards.

Once called the 'prime commercial district,' the area around Jonggak Station, which attracted office workers and university students nearby, was so quiet that it was difficult to find any sign of its past glory. Along the roughly 700-meter stretch from Exit 12 of the Jonggak Station underground shopping center to Exit 14 of Jongno 3-ga Station, 11 stores were either empty or closed. Among them was a building with floors from basement level 1 to the 5th floor entirely up for lease. The main street was somewhat better off. On Jonggak's 'Youth Street,' one out of every two stores had its lights off. In the back alleys adjacent to Cheonggyecheon Stream, three out of four stores on the first floor of a commercial building were vacant, excluding a convenience store.

The worst-hit sectors were undoubtedly gyms, karaoke rooms, and hunting pubs?entertainment venues subject to gathering bans. According to real estate agents near Jongno, about 80% of these businesses have closed since May. Most pubs on the 2nd and 3rd floors of buildings have either shut down or applied for closure and are waiting for new tenants. Men's clothing stores targeting nearby office workers, selling shirts and neckties, have also rapidly disappeared. Mr. Yoojung Han (pseudonym), who has been working in real estate brokerage for 20 years, said, "This is by far the worst year I've experienced in real estate," adding, "I receive several inquiries about store sales every week, and tenants are increasingly putting their shops up for lease until February next year, so the future looks bleak," clicking his tongue.

On the 22nd, only the remnants of a sign indicating a former franchise cafe remain on a building in the Jonggak Youth Street.

Restaurants that are still operating are barely holding on with temporary measures such as reducing labor costs and shortening operating hours. A large Chinese restaurant that employed nearly 30 staff members at the beginning of the year had all 20 tables empty. The number of employees has now been reduced to a third, 10 people. A Vietnamese pho franchise restaurant used to close at 10:30 p.m. on weekdays but has moved the closing time up by an hour and a half to 9 p.m. A 24-hour noodle shop closes at 9 p.m. A coffee specialty store branch famous for its 'cost-effectiveness' has shortened its operating hours by 4 hours due to a 70-80% drop in sales compared to the previous year. During the busiest lunchtime, the average number of customers per hour is only 5 to 6, leaving no profit after labor and rent costs. A restaurant manager said, "We maintain about 60% of the tables due to social distancing, and although the franchise headquarters provides some support, the sales impact is huge," adding, "Many customers bring takeout coffee and chat inside the store, which can be troublesome at times, but we are grateful even for that."

Convenience stores, which are relatively better off, have also seen sales halved. Ms. Kim Ji-hye (pseudonym), who has operated a convenience store for four years, said, "We barely get by during the day, but after 9 p.m., when restaurants and bars close, customers completely disappear," adding, "With lodging businesses also shutting down, sales of cigarettes, alcohol, and snacks have taken a big hit." Mr. Ji Hyun-min (pseudonym), a part-time worker in his 30s at a privately owned convenience store located on the first floor of a building near Cheonggyecheon, said, "I've worked here for over two years, but sales have dropped by about 50% this year," adding, "Since office workers don't come to work at all, even our main products like cigarettes and lottery tickets aren't selling."

The streets have become desolate, and people have lost places to go. Near the front of Tapgol Park in Nakwon-dong, Jongno-gu, which has been closed for nearly 10 months, groups of elderly people wandering around fast-food restaurants nearby were also noticeable. Lotteria and McDonald's in front of Jonggak Station are among the few places where people can talk without worry. At tables packed with more than 30 people, there was usually just one cup of coffee or cola and one hamburger. Mr. Kim Heung-soon (pseudonym), in his 70s, sighed, "In the past, when I went to Tapgol Park, there were free meals, and I often went to see faces of people my age," adding, "It feels like there are fewer and fewer places for older people to spend their time."

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