Starbucks Opens 'Gyeongdong 1960 Branch'... Signs Regional Win-Win Cooperation Agreement

'Community Store No. 5'... Profit-Sharing Store
Offering Attractions Such as Local Artists' Cultural and Artistic Performances

Interior customer space of Starbucks Gyeongdong 1960 branch located in Dongdaemun-gu, Seoul. Photo by Starbucks

[Asia Economy Reporter Moon Hyewon] Starbucks Korea announced on the 15th that it will open a store in Gyeongdong Market, located in Dongdaemun-gu, Seoul, to create a special win-win partnership with traditional market merchants, presenting a new regional coexistence model.

On the 16th, Starbucks will open the ‘Gyeongdong 1960 Store,’ a remodeled store of the Gyeongdong Theater. The Gyeongdong Theater, built in the 1960s, had been a closed theater but will be transformed into a new space.

On the same day, Starbucks will sign a four-party win-win cooperation agreement with the Win-Win Growth Committee, the Gyeongdong Market Merchants Association, and KD Market Co., Ltd. The event will be attended by Cho Juhyun, Vice Minister of the Ministry of SMEs and Startups, and Lee Pilhyung, Mayor of Dongdaemun-gu.

Starbucks will operate Gyeongdong 1960 as the 5th ‘Starbucks Community Store,’ a profit-sharing type store aimed at driving positive change in the local community. For every item sold at the store, 300 KRW will be accumulated to create a regional coexistence fund for Gyeongdong Market. Through this, Starbucks plans to carry out various win-win activities such as improving local infrastructure, providing Starbucks barista employment opportunities to market stakeholders, and discovering and supporting the operation of public interest coexistence programs.

Additionally, the performance space within the store will regularly host cultural and artistic performances by local artists, offering entertainment for people of all ages.

By providing various cultural and artistic performances and other attractions, Starbucks aims to attract new customers such as the MZ generation, extend customers’ stay and convenience within Gyeongdong Market, and explore various measures to positively impact the surrounding commercial district while offering unique enjoyment.

CEO Son said, “I hope that by transforming an old space into a space with a special trend, our traditional market will be revitalized.”

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