Incheon Bupyeong, Gwangju Gwangsan, Jeonbuk Iksan... Selected as 'Commercial District Renaissance' Target Areas
[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced on the 12th that it has additionally selected three locations?Bupyeong in Incheon, Gwangsan in Gwangju, and Iksan in Jeonbuk?as the 5th phase target sites for the 'Commercial District Renaissance Project.'
The additional commercial districts were selected in order of high evaluation scores by the Deliberation and Adjustment Committee, in addition to the five sites announced as project targets on October 29: Incheon Jung-gu Gaehang Hope Cultural Commercial District, Andong Old Downtown Commercial District, Gyeongju Central Commercial District Revitalization, Miryang Old Downtown Sunshine Cultural Commercial District, and Gwangju Chungjang Commercial District.
During the National Assembly review process, the budget for next year was increased, allowing for the selection of three additional sites, finalizing a total of eight target commercial districts for the Commercial District Renaissance Project next year.
The selected commercial districts will receive a budget of approximately 8 billion KRW over five years, aiming to transform into comprehensive commercial districts that blend shopping, community, and culture reflecting regional characteristics.
Among the three newly designated commercial districts, Bupyeong Old Downtown Commercial District in Incheon plans to target the main customers in their 20s and 30s by utilizing smart technologies such as the metaverse and hosting various events themed around music and culture, expected to create a new model of an emotional commercial district.
The Songjeong Station Area Commercial District in Gwangju will create a food street highlighting 'the taste and style of Namdo' by utilizing local representative products such as Songjeong Tteokgalbi and gukbap, attracting the abundant floating population around Songjeong Station, and is expected to lead the revival of the 1913 Songjeong Station commercial district.
The Iksan Da I(e)ro-um Commercial District will develop Baekjedang-gil by utilizing Baekje cultural and historical resources such as Mireuksaji and the Seodong Festival, and, through cooperative efforts with nearby large marts, aims to leap forward as Iksan's representative commercial district.
The Ministry of SMEs and Startups plans to support the selected commercial districts by providing expert diagnosis and consultation in various fields to help supplement their business plans so that they can carry out substantial projects over the next five years.
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Jang Se-hoon, head of the Regional Commercial District Division at the Ministry of SMEs and Startups, said, "As the local commercial districts have continued to stagnate due to COVID-19 and other factors, there was a consensus among lawmakers across parties that support for revitalizing commercial districts should be expanded, making this additional selection possible." He added, "We ask merchants and local governments to work together so that the Commercial District Renaissance districts can overcome the current crisis and emerge as representative commercial districts driving the local economy."
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