[오늘 통한 과거리뷰] Gentrification – Financial Review

Baek Jong-won, the CEO of The Born Korea, discussed the issue of rising rents in Yesan Market, South Chungcheong Province, through his YouTube channel. He expressed concern over the impact of high rents on market competitiveness. If rents hinder competition, he plans to relocate the market with supportive traders.

Yesan Market has been operational since 1926 and became officially known in 1981. However, it has faced decline as people move to bigger cities. Although Yesan County launched a market modernization project, it did not address the root problem of population decrease.

Baek, a native of Yesan, has worked with the county since 2018 on the ‘Yesan-type Old Downtown Regional Coexistence Project.’ Initially, local traders were skeptical of his plans. However, after Baek remodeled facilities and made donations, their attitudes shifted positively.

After renovations, Yesan Market transformed into a tourist attraction, drawing 3 million visitors yearly. This increase in popularity led to gentrification, a process defined by significant rent increases as business values rise.

How is the​ modernization of Yesan Market⁣ affecting local⁢ businesses and communities?

Interview with Baek ​Jong-won, CEO of The Born Korea, on Rising ‌Rents in‌ Yesan Market

News Directory 3: Thank you for​ joining ⁤us today, Baek Jong-won. You’ve recently shared your ⁣concerns⁢ about⁢ rising rents in Yesan Market through your YouTube channel. Can you elaborate on why this ‍is an issue for the market’s competitiveness?

Baek Jong-won: ⁢ Thank‍ you for having me. Yes,⁢ the rising rents in Yesan Market are a significant concern. The increases‍ are‌ primarily driven by the success⁢ we’ve ​seen after‍ modernizing the market. While ⁢it’s fantastic to see more ‍visitors—3 million annually, in‌ fact—it has led ⁣to a wave of gentrification, making it increasingly difficult for local businesses to ‍compete. If rents continue to rise unchecked, I believe we ⁣may have to consider relocating the market altogether, ​with the support of local traders to ensure⁣ their businesses can thrive without bearing the brunt of ⁢rising ​costs.

News Directory 3: Yesan Market has a long history since⁤ it opened in⁣ 1926. How do you think ‌the past influences the current challenges facing the market today?

Baek Jong-won: The⁢ rich history of Yesan Market is ‌part of its identity, and people have deep-rooted connections to it. However, with the population declining as more residents move to larger cities, this poses a real challenge. The modernization project initiated by Yesan​ County was a step in the right⁤ direction, but it didn’t address the ​demographic changes that are crucial to the market’s sustainability. History⁣ alone isn’t enough to⁢ keep the market vibrant—active‍ strategies are needed to bring ​people ‌back.

News ​Directory 3: ⁣You’ve‍ been involved in the ‘Yesan-type Old Downtown Regional‌ Coexistence Project’ since​ 2018. ​What have been⁣ the major turning points in your relationship ⁢with local ⁣traders?

Baek Jong-won: Initially,⁣ many local​ traders were⁤ skeptical of my​ plans, fearing change would⁤ hurt their businesses. However, after we remodeled facilities and I committed to ⁤giving back to‍ the community⁤ through ⁢donations, their ‍attitude shifted. They began to see that modernizing ⁤the market could actually enhance their ⁣business prospects. Building⁢ trust was essential.⁣ Now, ‍many traders​ recognize the potential ‌for increased ​foot‍ traffic and are eager to collaborate on initiatives that align with our shared goals.

News Directory 3: Gentrification has both its pros and ⁢cons. In what⁢ ways ⁢can the community capitalize on its benefits while mitigating the downsides?

Baek Jong-won: Gentrification indeed can enhance the cultural value and ⁢overall ‍interest in the‍ area, which is⁣ a positive for tourism and⁣ local pride.⁣ However, we must be vigilant ⁣against ⁣its effects on ⁣existing businesses. Policies need to be implemented to manage and control rent increases while respecting property owners’ ⁣rights. It’s a balancing act: we need to ‌preserve the unique character of the market while fostering growth. I think ⁢it’s crucial to engage the community in these discussions to ensure everyone’s⁤ voice is heard.

News Directory‌ 3: ⁣Moving forward, what ⁣steps do you believe can be​ taken to support local businesses ⁤and ​maintain ​the market’s unique identity?

Baek Jong-won: The‌ first⁣ step is developing ⁤policies that can stabilize rents, so⁣ existing businesses aren’t ⁢forced⁣ to leave. We ‍should ‌also ‌explore financial​ assistance programs or incentives​ for businesses that are​ struggling due ‍to rising costs. Additionally, ‌fostering a ​collaborative spirit among traders⁣ and continuously​ engaging with the community will be⁣ key to enriching the market’s character. A market ‌thriving on its identity⁤ is one where both visitors and locals can​ enjoy a sense of belonging.

News Directory 3: ⁤Thank ⁢you, ⁤Baek Jong-won, for sharing your insights on this important issue. ⁤We appreciate your⁤ commitment to Yesan Market ‌and look ‍forward ⁢to seeing how it evolves in the future.

Baek Jong-won: ​Thank you for ‌having ‍me. ​I’m optimistic about the possibilities ahead as long as we work together as a community.

Gentrification can be beneficial for areas as it enhances cultural value and visitor interest. However, it also places a burden on existing businesses, leading to their decline. Store owners may leave due to rising rents, reducing the area’s uniqueness and causing a downturn in sales.

While it’s common for property owners to raise rents in response to higher sales, this can damage local businesses. The challenge is to preserve the area’s character while managing growth in a fair way. Experts suggest that creating policies to control these changes is essential, but some argue that complete avoidance of gentrification may not be feasible.