It was found that 29 million people visited Seongsu-dong in Seongdong District last year, including 3 million foreigners. Over the past few years, Seongsu-dong has emerged as a hotspot favored by young people and has become a place that foreign tourists must visit. In this process, corporations have also entered, creating jobs.
On the 25th, Seongdong District announced that, according to an analysis of the Korea Tourism Organization (KTO)'s Korea Tourism Data Lab, domestic visitors to Seongsu-dong increased by 31%, from 19.93 million in 2018 to 26.2 million last year. During the same period, foreign visitors rose from 60,000 to 3 million. As more people flocked, consumption also increased. Credit card sales jumped from 63.7 billion won in 2014 to 238.4 billion won last year.
This is thanks to Seongsu-dong emerging as a 'hot place' leading fashion, entertainment, and beauty trends. Consequently, corporations have settled in Seongsu-dong, with major companies like Musinsa, SM Entertainment, and KRAFTON establishing their headquarters there.
According to the National Statistical Office's national enterprise survey, the number of enterprises in Seongsu-dong increased by 78%, from 10,751 in 2014 to 19,200 in 2023. The number of employees also rose by 51%, from 82,747 to 124,923. As a result, the corporate income tax paid increased by 184%, from 372.7 billion won in 2014 to 1.058 trillion won last year.
Asset value has also significantly increased. The officially assessed land price in Seongsu-dong jumped from 3.21 million won per square meter in 2014 to 6.8 million won in 2024. The Gross Regional Domestic Product (GRDP) of Seongdong District was 12.7 trillion won in 2021, reflecting a 29% increase compared to 2014. The value of land and buildings obtained through contributed acceptance in Seongdong District is 157.6 billion won.
Based on these figures, the Seongdong District Big Data Center estimated the economic value increased from 436.4 billion won in 2014 to 1.5497 trillion won last year.
Seongsu-dong was once a declining semi-industrial area. Since 2014, Seongdong District has pursued urban regeneration that preserves local identity instead of large-scale redevelopment. Red brick buildings have not been demolished but transformed into cafes, galleries, and workshops, creating a unique atmosphere. Additionally, Seongdong District implemented the country's first gentrification prevention policy to maintain the livelihoods of residents and local businesses.
The famous British travel magazine 'Time Out' ranked Seongsu-dong 4th on its list of 'the coolest neighborhoods in the world' last year. Time Out described Seongsu-dong as a neighborhood that has transformed from an industrial zone that was the center of leather, printing, and shoemaking industries into an area filled with red-brick warehouses, old factories, container cafes, boutiques, and galleries, solidifying its position as a fashion district with numerous street fashion brands, calling it 'the Brooklyn of Seoul.'
Seongdong District Mayor Jeong Won-o said, 'Seongsu-dong is a successful case that shows a new model of urban growth, where a gathering of people attracts corporations, leading to regional growth.'