Itaewon Antique Commercial District on the Verge of a Comeback

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Yongsan-gu, Seoul (District Mayor Park Hee-young) has been selected for the '2024 Neighborhood Commercial Area Development Project' organized by the Ministry of SMEs and Startups.

The target commercial area is the Itaewon Antique Furniture Street district, which is the only location selected in Seoul among 13 nationwide.

The Neighborhood Commercial Area Development Project is carried out by a consortium consisting of commercial area planners, local governments, merchants, and residents. Based on a tourism-oriented business model proposed by the commercial area planner, it aims to solve commercial area issues and discover development strategies to revitalize the commercial district.

This project serves as a preliminary stage for commercial area revitalization and will be implemented from May to December. The strategic tasks established through this project will receive preferential support when linked to the autonomous commercial area revitalization project in the future.

The Itaewon Antique Furniture Street commercial area proposed by the district covers approximately 52,000 square meters around Itaewon Station, Cheonghwa Apartments, and the Saudi Arabian Embassy, with 128 stores located there.

Its origin dates back to the 1960s when nearby U.S. military personnel returning home began selling furniture they brought out. Since the 1990s, specialized stores dealing mainly in European antique furniture have formed the core, creating the distinctive alley commercial area seen today.

A district official explained, “Itaewon Antique Furniture Street already has a certain level of commercial area branding,” adding, “It seems to have received high evaluation because it is a commercial area that can develop rapidly if supported by professional and systematic projects.”

The Korea Market Management Institute has taken the role of commercial area planner. With a secured project budget of 100 million KRW, they plan to revitalize Itaewon Antique Furniture Street by promoting ▲branding enhancement ▲local resident participation programs ▲preparation for designation as an autonomous commercial area.

Park Hee-young, Mayor of Yongsan-gu, stated, “The Neighborhood Commercial Area Development Project will be an opportunity for local stakeholders to come together to solve regional commercial area problems and establish a tourism-specialized shopping district,” and added, “We will do our best to create tangible results for residents, such as the re-leap of Itaewon Antique Furniture Street and regional economic development.”

Meanwhile, from the 25th to the 28th of this month, the Itaewon Antique Furniture Street area will host the 'Antique & Vintage Spring Festival.' The festival will feature an antique flea market, auctions, street performances, and more to promote the commercial area. The festival is held twice a year, in spring and autumn.

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