Refer Report

“We are proud to say that the Yeouido commercial district is a representative commercial district that is comparable to major commercial districts in Seoul such as Seongsu and Hannam.”

Kim Yong-woo, Executive Vice President, CBRE Retail
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> In an interview with, he said, “Yeouido, which was bustling with people on weekdays but completely empty on weekends, is a thing of the past.”

Yeoui-dong in Seoul was a symbolic place representing our country’s politics, economy, and broadcasting. The National Assembly building, banks, and securities firms still remain, but the image of the broadcasting district has been erased since major broadcasting companies such as MBC left Yeouido, starting with SBS’s relocation to Mokdong in 2004.

The 30-40 generation who have been visiting Yeouido for a long time considers it as the ‘financial district number one’. However, this image is expected to fade soon. For the trend-sensitive 1020 generation (Generation Z + Alpha Generation), Yeouido is an interesting place that can stand shoulder to shoulder with the major commercial districts of Seoul.

Kim Yong-woo, managing director, said, "The foundation for the Yeouido commercial district was laid in 2012 with the opening of IFC Mall," and "The so-called five-day-a-week commercial district, or the traditional office commercial district, began to change with the opening of a shopping mall in Yeouido, but it was still shabby compared to other major commercial districts in Seoul."

However, the reason why the Yeouido commercial district suddenly rose was when 'The Hyundai Seoul' opened in 2021. According to the Yeouido Retail Market Report released by CBRE, the population inflow to the Yeouido commercial district has been increasing since The Hyundai Seoul opened. Looking at the trend of daily users of Yeouido Station on Subway Line 5 in Seoul, the number of users of Yeouido Station, which was only 73,631 in 2020, increased to 82,437 in 2021, 96,136 in 2022, and 104,947 in 2023, an increase of 42.53% compared to 2020.

Yeouido sales (based on local individual consumption, excluding corporate consumption) also increased. Sales, which were 36.34 billion won in February 2021, increased 47.39% to 53.56 billion won in July this year. The Hyundai Seoul and IFC Mall sales are following this trend. The Hyundai Seoul sales, which were 670 billion won in 2021, exceeded 1 trillion won at 1.1085 trillion won as of last year. IFC Mall also jumped to the 230 billion won range in 2019, but fell below 180 billion won in 2020, and then exceeded 300 billion won at the end of last year.

Mr. Kim Sang-moo explained, "After The Hyundai Seoul moved in, the roles of IFC Mall and The Hyundai Seoul were clearly divided." He added, "The Hyundai Seoul became more trendy, with pop-ups and other features, while IFC Mall became more of a general shopping mall."

He continued, "The 1020 generation spends time dating at Yeouido Hangang Park and moving to Hyundai Department Store Seoul to see and enjoy new things like pop-ups, while families in their 30s, 40s, and 50s and 60s often visit IFC Mall," adding, "The entire Yeouido commercial district has become a commercial district that embraces all age groups."

He emphasized, "When The Hyundai Seoul opened, the market said, 'IFC Mall will not have an easy time in the future,' but as a result, the two places are showing a strong synergy effect."

A commercial district does not maintain itself simply because it has a 'landmark'. In recent times, nature-friendly and culture-friendly aspects are important for commercial districts to develop. Dosan Park is in the Dosan Park commercial district, and Seoul Forest is in the Seongsu-dong commercial district. There are many art galleries in the Hannam-dong commercial district.

Director Kim explained, "In Yeouido, there is Yeouido Hangang Park, which is overwhelmingly the most visited Hangang Park, and in the Saetgang area, there is Yeouido Saetgang Ecological Park, so even though it is in the middle of the city, there is an environment where you can feel nature."

He continued, "As for cultural elements, a Korean branch of the 'Pompidou Center' is scheduled to open in 63 Square. The Pompidou Center opened in Paris, France in 1977 and is a famous art museum exhibiting works by great artists. It is considered one of the three major art museums along with the Louvre and Orsay." He added, "In addition, a 'Second Sejong Center for the Performing Arts' (tentative name) is planned for Yeouido Hangang Park, so cultural elements are expected to be enriched."

The fact that old apartments in the Yeouido area are undergoing reconstruction is also positive for the revitalization of the commercial district. Urban development projects are actively being promoted in Yeouido Pilot, Hanyang, and Sambu Apartments, which were built in the 1970s. In addition, as reconstruction talks are being held in several complexes, the demand from the back is expected to become solid.

He emphasized, "There are high expectations that the Yeouido area will be transformed into a high-end residential complex," and "From the perspective of commercial district survival, the Yeouido commercial district can be seen as a commercial district that can continue to grow."

CBRE Korea entered the domestic market in 1999 and has been providing real estate services in the commercial real estate market. It has about 420 professional staff and a solid global network. The retail headquarters mainly provides leasing consulting. It provides solutions that are a 'win-win' for both landlords and tenants.

After completing his master’s degree in real estate at Konkuk University, Managing Director Yongwoo Kim has been working at CBRE Korea since 2017. He is currently in charge of the retail sector at the company.

Astronaut. House (宇), house owner (宙), person (人). The symbolism of a house in our country is unique. A house that should be a space for living and resting has become intertwined with financial investment at some point, and if you can't have it, you feel a relative sense of deprivation. Through 'Lee Song-ryeol's Astronaut', we hear stories related to real estate through people. (Editor's note)

Article = Lee Song-ryeol, Hankyung.com reporter yisr0203@hankyung.com

Photo/Video = Reporter Yoo Chae-young, Hankyung.com ycycy@hankyung.com

Source: Korean