[비즈한국] The redevelopment of the Yongsan Electronics Market is progressing rapidly, centered around the Najin Shopping Center. In contrast, other zones such as the Wonhyo and Seonin Shopping Centers are struggling to gain momentum, creating a clear disparity in development progress across different areas. While merchants agree that changes are needed due to aging facilities and the stagnant offline commercial environment, they remain cautious about the actual pace of redevelopment and whether they will be able to continue their businesses in the future. On-site, some have also expressed concerns that the unique identity of the Yongsan Electronics Market may disappear.
The Yongsan Electronics Market consists of the Najin, Seonin, and Wonhyo Shopping Centers, as well as the Electronic Land. The Seoul Metropolitan Government is pursuing development by dividing the area into 11 special planning zones. The vision is to reorganize the area into a business hub centered on new industries such as AI and ICT, in connection with the Yongsan International Business District.
Currently, development procedures are underway in parts of the Electronic Land, its annex, and the Najin Shopping Center. Special Planning Zone 5, which includes Najin Buildings 12 and 13, and Special Planning Zone 7, which includes Najin Building 15, have received building permits and are scheduled to begin construction this October. Special Planning Zone 8, which includes Najin Buildings 17 and 18, and Special Planning Zone 10, which includes Najin Buildings 19 and 20, have completed architectural reviews.
When visited on the 14th, the entrances to Najin Buildings 17 and 18 were firmly locked with chains and iron gates. A notice was posted in front of the entrance prohibiting unauthorized access due to redevelopment. Notices of "Relocation" and "Business Closure" were visible on the glass doors and walls of the empty shops throughout the area. The rusted chains and closed iron doors were a stark reflection of the current state of the shopping center, which is devoid of foot traffic.
Najin Building 14 was also virtually out of operation. Most of the building's entrances had their shutters down. While the main shutter at the front of the building was up, the glass doors behind it were chained shut. A notice announcing the closure of the parking lot was posted at the entrance to the underground parking garage, and "No Entry" signs were prominent throughout the building. Najin Buildings 10, 11, 12, 13, 15, 19, and 20 were surrounded by steel hoardings after the demolition of the existing structures.
While the Najin Shopping Center area is picking up speed in redevelopment, the atmosphere at the Wonhyo and Seonin Shopping Centers was different. Unlike the Najin area, there were few signs of demolition or closure in these two centers. Merchants were still operating, organizing goods or packing deliveries in their stores, seemingly apart from the redevelopment discussions.
A resident who has been selling computer parts at the Wonhyo Shopping Center for 15 years, identified as 'A', said, "It's no longer the Yongsan people think of when they hear 'electronics market,'" adding, "It is true that Yongsan needs change." Person 'B', who sells supplies at the Seonin Shopping Center, also said, "I'm not strongly opposed to redevelopment, but I do think I'll have to consider where to go once it actually begins."
The merchants met at the Wonhyo and Seonin Shopping Centers on this day generally agreed on the need for redevelopment. They noted that the buildings are severely aged, and that the rise in online shopping since the COVID-19 pandemic has made traditional offline electronics business difficult. However, they were skeptical about whether the redevelopment would actually proceed quickly, citing the difficulty of reconciling interests between different building owners in both the Wonhyo and Seonin centers.
Person 'C', who runs a custom PC shop at the Seonin Shopping Center, said, "Because each shop in the Seonin center has a different owner, reaching a consensus won't be easy," adding, "Even if they do reach an agreement, it will be hard for the project to proceed quickly when you consider the subsequent stages."
Another merchant at the Wonhyo Shopping Center, 'D', said, "I don't know how much of an agreement has been reached between the individual owners," and added, "While I've been running my shop, I've seen construction companies open and then withdraw their redevelopment offices repeatedly, so I think it will take a long time before the project actually kicks off."
Electronic Land merchants also believed it would take time for redevelopment in their zone to begin in earnest. One merchant, who has operated a shop there for 30 years, said, "Talk of redevelopment has been around for a long time, but the plans keep changing, so I think we'll have to wait and see what actually happens." He added, "The process won't be easy, as backlash could arise if issues regarding the relocation of merchants emerge during demolition or large-scale remodeling."
The Seoul Metropolitan Government has stated that it will look after the difficulties faced by existing merchants during the redevelopment process. Seoul Mayor Oh Se-hoon visited the Najin and Seonin shopping centers last January and emphasized, "As the Yongsan Electronics Market is an area linked to the Yongsan International Business District where global companies gather, we will foster this area into a core hub for new industries." He added, "In the process of the electronics market area starting to prepare for the future, tenants and property owners must have felt much inconvenience and difficulty due to old buildings and high vacancy rates," promising that he would "carefully address the necessary administrative aspects."
On-site, some have expressed regret that as redevelopment gains momentum, the existing identity of the Yongsan Electronics Market may fade away. An owner who has operated in the electronics market for 40 years said, "Once redevelopment begins, the people who have worked in electronics will likely leave Yongsan one by one," adding, "It's a pity that the meaning the name 'Yongsan Electronics Market' holds will likely disappear little by little."