Seoul, South Korea – Celebrity chef and restaurateur Baek Jong-won has threatened to relocate the popular Yesan Market if skyrocketing rents continue to drive out small businesses. The market, which was revitalized through Baek’s efforts, has become a major tourist attraction, but its sudden popularity has led to a surge in property values and rental costs.
In a recent YouTube video, Baek expressed his frustration with the rising rents in the area, a phenomenon known as gentrification. "I hate gentrification," he said. “If the rent gets too high and it undermines the market's competitiveness, I will move the entire market with my team.”
Local merchants have reported significant increases in rent. Some have seen their monthly rent double or even triple within a short period. “Rent that used to be 100,000 won is now going up to 1.6 million or even 2 million won,” said one merchant.
Baek Jong-won initiated a project to revitalize the Yesan Market in 2018, aiming to revive the local economy and preserve the traditional market culture. His efforts, which included renovating the market and promoting it through his popular TV shows, have been highly successful. However, the unexpected surge in popularity has led to unintended consequences.
To address the issue of rising rents, Baek and his team have purchased some of the properties in the area to stabilize prices. He has also called for government intervention to prevent excessive rent increases. “I don't want to see real estate speculators come in and drive up property values,” he said. "This project was started with the goal of future growth, but it wasn't about making a quick profit. I hope everyone can share that sentiment."
The Yesan Market has seen a significant increase in visitors since its revitalization. According to the local government, the number of visitors to Yesan County increased by 95% in 2022 compared to 2019, and credit card spending in the area also rose by 22.5%.
Despite the challenges posed by gentrification, Baek Jong-won remains committed to his project and hopes to find a solution that will benefit both the local community and the small businesses that have made the market a success.
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