Dongdaemun market people have turned the crisis into an opportunity
As a pronoun for Dongdaemun market today, Pyeonghwa Market was founded by refugees from North Korea fleeing to South Korea during the Korean war which had occurred for three years from 1950.
Rebuilt on the ashes of a big fire, the market has grown into a unique marketplace for ‘producing and selling fashion clothes’ in the economic crisis and its aftermath that have lost many people’s lives and property during the war.
After the financial crisis in late 1997, the Korean economy faced a serious crisis of negative growth. In the midst of the economic crisis, wholesalers in Dongdaemun market, including Art Plaza, were extended their business hours from 8:30 pm to early next morning or 5: 00 pm, providing convenience for local retailers and foreign buyers.
Thanks to such market innovation, Dongdaemun market wrote the so-called Dongdaemun myth, which achieved business performance such as increase in sales and expansion of stores. In this way, Dongdaemun market people turned to opportunities whenever a crisis occurred.
According to the Egypt myth, the phoenix is a magic bird that lives for several hundred years before burning itself and then being born again from its ashes. An author Janet Fitch also said.
“The phoenix must burn to emerge.” +
To rise like a phenix from the ashes, Dongdaemun market has continued to grow in the midst of the crises over the past three quarters of a century.
Unfortunately, we are now in another disaster. While Covid-19, coronavirus continues to spread, many observers fear the epidemic will also cause major economic damage due to production losses, disrupted supply chains and a decline in consumption.
In this new economic crisis, Dongdaemun market people will need to implement innovative strategies such as the growth of online commerce and smart management technique.
As SeoulClick CEO Lee Yong Woo admitted, avoiding face-to-face contact between the seller and buyer, un-tact marketing is another strategic alternative to crisis in Dongdaemun market. Of course, the strategy is no different from online marketing.
Even in this market situation, we may be able to make some different debates and more positive arguments as follows.
With the spread of online commerce and smart management, the curtain of the 2nd Dongdaemun myth has already risen. Such debate is valid because Dongdaemun market people have been looking for opportunities for innovation in the crises.
“Surviving the difficult set of holes toward the finish was the key to my victory.” ++
A Korean golfer Sungjae Im, winning the 2020 Honda Classic at PGA National sent a message of hope to Koreans suffering from the great disaster of Covid-19.
+Johnnie L. Roberts, The Big Book of Business Quotations, Skyhorse Publishing, 2016, p. 251.
++ www.usatoday.com
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Rebuilt on the ashes of a big fire, the market has grown into a unique marketplace for ‘producing and selling fashion clothes’ in the economic crisis and its aftermath that have lost many people’s lives and property during the war.
After the financial crisis in late 1997, the Korean economy faced a serious crisis of negative growth. In the midst of the economic crisis, wholesalers in Dongdaemun market, including Art Plaza, were extended their business hours from 8:30 pm to early next morning or 5: 00 pm, providing convenience for local retailers and foreign buyers.
Thanks to such market innovation, Dongdaemun market wrote the so-called Dongdaemun myth, which achieved business performance such as increase in sales and expansion of stores. In this way, Dongdaemun market people turned to opportunities whenever a crisis occurred.
According to the Egypt myth, the phoenix is a magic bird that lives for several hundred years before burning itself and then being born again from its ashes. An author Janet Fitch also said.
“The phoenix must burn to emerge.” +
To rise like a phenix from the ashes, Dongdaemun market has continued to grow in the midst of the crises over the past three quarters of a century.
Unfortunately, we are now in another disaster. While Covid-19, coronavirus continues to spread, many observers fear the epidemic will also cause major economic damage due to production losses, disrupted supply chains and a decline in consumption.
In this new economic crisis, Dongdaemun market people will need to implement innovative strategies such as the growth of online commerce and smart management technique.
As SeoulClick CEO Lee Yong Woo admitted, avoiding face-to-face contact between the seller and buyer, un-tact marketing is another strategic alternative to crisis in Dongdaemun market. Of course, the strategy is no different from online marketing.
Even in this market situation, we may be able to make some different debates and more positive arguments as follows.
With the spread of online commerce and smart management, the curtain of the 2nd Dongdaemun myth has already risen. Such debate is valid because Dongdaemun market people have been looking for opportunities for innovation in the crises.
“Surviving the difficult set of holes toward the finish was the key to my victory.” ++
A Korean golfer Sungjae Im, winning the 2020 Honda Classic at PGA National sent a message of hope to Koreans suffering from the great disaster of Covid-19.
+Johnnie L. Roberts, The Big Book of Business Quotations, Skyhorse Publishing, 2016, p. 251.
++ www.usatoday.com
<15>
Bong Sul (Advisor, SeoulClick)
Read more: Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019.
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