Is USFK to Blame for “Killing” Itaewon?
Via a reader tip comes this news that Itaewon is experiencing major economic problems in the aftermath of the relocation of Yongsan Garrison:
Retail businesses in Itaewon area are struggling due to soaring rent and the economic slowdown. Youngsters and foreigners still visit the area for drinks and partying at night, but activity is completely different during the daytime.
Korea Times
“A tenant store owner asked for the rent to be lowered several months ago. He said his brunch store was losing customers so he couldn’t pay the current rent,” said a Gyeongnidan building landlord surnamed Lee. Gyeongnidan is one of Itaewon’s neighborhoods, known for its cafes, bakeries and restaurants.
“He and I agreed to keep the rent at the current level for now. However, he is likely to shut down his business soon if it fails to attract more customers.”
According to the Korea Appraisal Board, the vacancy rate of medium- and large-sized stores in Itaewon area stood at 26.5 percent as of the second quarter of this year.
Medium- and large-sized stores here refer to business venues with a gross floor area larger than 330 square meters, and the vacancy rate in Itaewon is the highest among Seoul’s major business districts.
Experts said the Yongsan Relocation Plan to redeploy U.S. Forces Korea (USFK) personnel south to Camp Humphreys in Pyeongtaek, Gyeonggi Province, was another reason behind the soaring vacancies in the area.
You can read more at the link, but first of all USFK has nothing to do with the poor economic conditions overall in South Korea. Additionally the way I look at this is that the local government and shop owners in Itaewon have known for years the relocation was coming. If they did not adjust their business models and practices to prepare for that day that is their problem, not USFK’s.
Why did they not relocate to Camp Humphreys while the rents there were still low? Hell, for the price of rents in Itaewon they could have probably financed an entirely new building to set up their business in Anjongri. Oh well, lessons learned, I guess
Poor planning on their part. As Tagum said, this was not exactly a ‘we woke up and they were gone…’ situation. The move can almost be described as glacial and any one who didn’t see that losing a large population of fairly well paid people next to your shops and restaurants would not have negative impacts to your business is a fool. Then throw in the disastrous economic policies of commie moon…and well you get 🙁
Itaewon had two main tourist groups. USFK and the Japanese.
Frankly, I believe the massive influx of Muslims scared off the “normal” folks. “The Hill” used to be a place where one could have fun “tickling the dragon’s tail” and pretending to be quite naughty over a couple beers at a so-called “hostess club”; but that changed dramatically in the last ten to fifteen years.
The whole place went from seedy to trashy–and from what I hear, it’s almost as gay as those Twilight films, but not quite.
I was never in country long enough to spend much time there; but it was the Koreans who changed the character of Itaewon. And the regulars I knew told me they moved on…
I miss the old basement Nashville club and their burgers and darts and movies. I miss GG Kang’s tailor shop. I miss having breakfast at Wendy’s on the weekends. That disappeared long before Burger King
No, USFK bears no responsibility for what the Koreans did to Itaewon. Maybe the subway is partly to blame, too?
“He said his brunch store was losing customers so he couldn’t pay the current rent,” said a Gyeongnidan building landlord surnamed Lee. Gyeongnidan is one of Itaewon’s neighborhoods, known for its cafes, bakeries and restaurants.”
Yes … but Gyeongnidan is not in a part of Itaewon that GIs typically frequent(ed). That’s not an example that supports the idea that the relocation is killing business in Itaewon.
Actually, now that you mention it I know that place. Ate there once, remember the food was decent but overpriced; as most ‘western’ breakfast/brunch places are.
Gyeongridan just got killed off by greedy landlords. The main strip near the gas station gate might have a case for being affected by USFK’s withdrawal, but, then again they need this would happen.
Here’s the first photo that greets a visitor to the official Korean tourist site on Gyeongnidan-gil Road (경리단길): http://tong.visitkorea.or.kr/cms/resource/29/2005029_image2_1.jpg
And, looking on a map, I understand I went to a “traditional” style restaurant there once. But it’s long gone… I don’t know why anyone not from that area would be interested… I only visited once (because a local was buying me dinner)…
Move while the rent was low???, this is laughable and takes no account of the fact that the whole reason the rents moved up in PTK was a direct result of people relocating to Humphreys.
Itaewon dead!?! Well perhaps it’s not so much a foreigner only area as it once was, but the last time I was in Itaewon ( a few weeks ago) it seemed to be thriving. Which exception to the places that failed to adapt to the influx of young Koreans frequenting Itaewon these days. Itaewon has always been a dynamic part of the city with the Americans mostly moving south, a new demographic will fill the void and itaewon will change again.
“it seemed to be thriving”
Is that based on a casual observation of how many people are walking through it?
I’m kind of sure that a business owner there would disagree. Itaewon like many commercially dense areas of Korea gets tons of foot traffic but thanks to the chain of overpricing that lays underneath in multiple layers the shelf cost of everything is nonsense and most just end up window shopping.
Korea is the best example I’ve experienced of not judging books by their covers. Floating money is King. 🙁
Itaewon is the center of the “Caliphate of the Korean Peninsula”.
Self-inflicted wounds bite.
Jihadist ruin everything
Say no to Korea! Let the Chicom commies have them!
❗
Vegetable hill going down hill because USFK moved out? This may be a case of Korean should have been careful of what the wish for. BLAME the Caliphate.