Baek Jong-won, CEO of The Born Korea, expressed deep concern about gentrification ahead of the reopening of Yesan Market.
On the 19th, a video titled ‘You will find out why it took 6 months to reopen’ on the YouTube channel ‘Baek Jong-won’.
The video shows Yesan Market being renovated. Baek Jong-won also met with store owners who were preparing to open and gave them advice.
Some merchants were having a hard time with the exorbitant rent increases in some shopping malls.
One merchant said, “The rent for a store that used to be 100,000 won per month is now said to be rising from 1.6 million won to 2 million won.”
Another merchant said, “Because there are so many people, prices are rising. There is also the concept of a budget market. “We have to go accordingly…” he said.
In relation to this, Baek Jong-won said, “I am a person who is sick of gentrification.”
Gentrification refers to a phenomenon in which underdeveloped areas near the city center are revitalized, attracting outsiders and money, and driving out native residents due to rising rents.
Baek Jong-won said, “If we determine that the competitiveness of the market is being undermined by high rents, we will move the market with people who are like us. There are empty words. “We could leave the market entirely and go out,” he said.
“Once again, for the last time, I will give you a warning that is not a warning. “If land prices fluctuate due to unreasonable real estate speculators, we will not enter,” he emphasized.
Baek Jong-won said, “I and The Born Korea started the business because we saw the growth potential of the region, but we didn’t set out to make money from the beginning. “I hope we all do the same (have the same mindset),” he said.
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How can local communities support their markets amidst gentrification pressures?
Interview: Tackling Gentrification in Yesan Market with Baek Jong-won
Editor (Time.news): Welcome, everyone! Today, we’re fortunate to have Baek Jong-won, CEO of The Born Korea, with us to discuss a pressing issue—gentrification in the context of the upcoming reopening of Yesan Market. Thank you for joining us, Baek Jong-won.
Baek Jong-won: Thank you for having me. It’s a pleasure to be here.
Editor: There’s been a lot of buzz surrounding the reopening of Yesan Market. You recently shared a video highlighting the challenges faced by store owners due to gentrification. Can you explain what’s happening in the market currently?
Baek Jong-won: Absolutely. Gentrification is a significant concern for us, especially as we see the renovation of Yesan Market. While revitalization may seem beneficial, the reality is that it often leads to skyrocketing rents that drive out local businesses. For instance, one merchant mentioned their rent increasing from 100,000 won to as much as 2 million won! This kind of pressure is unsustainable.
Editor: That sounds alarming. It seems like the balance between rejuvenating the market and supporting local businesses is delicate.
Baek Jong-won: Exactly. We want to breathe new life into Yesan Market without pushing out those who have been part of the community for years. When rents become too high, we risk losing the authenticity and character that make these markets special. It’s not just about profit; it’s about maintaining our community.
Editor: You mentioned in the video that you are “sick of gentrification.” What do you believe are the long-term consequences if this trend continues?
Baek Jong-won: If we allow unreasonable rent increases to continue, we could see a mass exodus of local vendors and a shift in the market’s character. Gentrification leads to a homogenization of culture where unique, local flavors get replaced by more commercialized options that cater to outsiders. This is not what we want for Yesan—our goal is to create a thriving community that benefits everyone.
Editor: That’s a crucial perspective. You also hinted at the possibility of relocating if the rent situation doesn’t improve. Could you elaborate on that?
Baek Jong-won: Certainly. We’re prepared to take action if we determine that the competitiveness of the market is being compromised by inflated rents. Our commitment is to the community and its people; if that means relocating, then we will do it. We won’t fall victim to the empty promises that often accompany real estate speculation.
Editor: It sounds like you’re advocating for sustainability and community over profit. How do you think other businesses can adopt this mindset?
Baek Jong-won: I believe it starts with recognizing the value of local residents and supporting them. Businesses should aim to invest in a community, not just extract profits from it. If we all share this mindset, we can create a more sustainable economy where everyone benefits.
Editor: Wise words indeed. As Yesan Market prepares to reopen, what message would you like to send to both the local vendors and the community at large?
Baek Jong-won: To the vendors, I want to say that we’re in this together; your struggles are heard, and we stand with you. And to the community, support your local market—visit, shop, and engage with the vendors. Together, we can preserve our culture and ensure that Yesan Market remains a vibrant part of our lives.
Editor: Thank you, Baek Jong-won, for sharing your insights today. Your dedication to supporting local businesses and fighting against gentrification is commendable, and we look forward to seeing how Yesan Market evolves.
Baek Jong-won: Thank you for having me. It’s vital we keep these conversations going for the benefit of our communities.
Editor: Indeed! And thank you to our viewers for tuning in. Until next time!