6 Locations Including Sokcho and Geoje Selected as 'Neighborhood Commercial Area Development Centers' by the Ministry of SMEs and Startups

Annual 2 Billion KRW for Commercial Area Development and Growth Plans
'Excellent Planning Projects' Receive Up to 10 Billion KRW Support
"Creative Business Models Reflecting Trends"

Chilseong Shipyard in Sokcho, Gangwon Province, was a representative local shipyard. However, it declined as the scale of the fisheries industry shrank. Currently, the shipyard has closed and transformed into a space that operates as an exhibition area showcasing history and changes, as well as hosting events such as art, music, and cultural activities, along with a cafe (salon). Through this ‘transformation,’ it has been reborn as a tourist destination.

On the 1st, the Ministry of SMEs and Startups announced the selection of six ‘Neighborhood Commercial Area Development Centers,’ including Sokcho City, where Chilseong Shipyard is located. The other five locations are Geoje, Jeju City, Cheongju City, Seo-gu in Gwangju, and Gangneung City. The six preliminary commercial areas will form consortia consisting of local creators, basic local governments, local merchants, and residents to conduct research and planning on strategic tasks necessary for discovering local resources, building networks among local merchants, residents, local governments, and hometown enterprises, creating living labs, and establishing commercial area formation and development plans. They will receive 200 million KRW in support over one year. Additionally, excellent planning projects created through this initiative will be eligible for support from the ‘Regional Commercial Area Revitalization Project’ (up to 10 billion KRW over five years).

Sokcho City, a representative tourist destination in Gangwon Province, supports content development and local startups that can be enjoyed during nighttime in collaboration with the local creator Chilseong Shipyard. The strategy is to link with existing commercial areas such as Seorak Rodeo Shopping District and Sokcho Central Market. Geoje City will rebrand Gohyeon Traditional Market with the theme of ‘Geoje Island’ and island lifestyle culture. Jeju City plans to develop content to connect visitor routes linked to Dongmun Market in partnership with the corporation ‘Ilrowa.’ Additionally, Cheongju City will promote content production utilizing the world record heritage Jikji and the use of vacant stores, Seo-gu in Gwangju will produce content using the history of tangible cultural assets and promote good landlord livelihood activities, and Gangwon Gangneung City, with the organizing institution Urban Dale Ventures, is expected to become a case of commercial area support through nurturing local creators and investment.

Lee Young, Minister of SMEs and Startups, stated, “Local commercial areas must diversify in line with new social trends and customer demands,” and added, “Through Neighborhood Commercial Area Development Centers, we hope that new commercial areas reflecting trends can be created as creative business models in collaboration with private experts possessing professionalism and creativity.”

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