Seoul's Yongsan-gu district is moving to revitalize its local economy through big data.
The district announced Wednesday that it signed an MOU with the Seoul Credit Guarantee Foundation at the Yongsan-gu Office policy conference room, titled "MOU for Big Data-Based Local Economic Revitalization."
The agreement was pursued to address rapidly shifting consumer trends, changes in foot traffic patterns and evolving commercial district structures. The two organizations plan to strengthen the competitiveness of small business owners through objective data analysis and develop effective local economic revitalization policies.
Under the MOU, the two institutions will share big data related to local commercial districts and small businesses, conduct detailed analyses of those districts, and jointly develop tailored support policies.
Key areas of cooperation include data sharing and utilization, local commercial district analysis, data-based business performance analysis, and joint development of small business support policies.
The district plans to analyze a range of information — including business type, sales, population and competing stores — and carry out detailed assessments at the level of administrative neighborhoods, commercial zones and store-dense areas. This will inform policies that reflect Yongsan-gu's distinct local characteristics, including traditional markets, alley commercial districts and university areas.
The resulting analysis is expected to help small business owners make better management decisions, including choosing startup locations, selecting business types, comparing commercial districts and forecasting sales.
"For small businesses and alley commercial districts — the backbone of the local economy — to thrive, scientific analysis and policy development grounded in objective data are essential," district Mayor Kim Kyung-dae said. "We will use this MOU as an opportunity to further strengthen Yongsan-gu's local economy and continue developing policies that provide real, practical help to small business owners."
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