Welcome to Dongdaemun Fashion Cluster


Apart from the tragic human consequences of the COVID-19 coronavirus pandemic, the economic uncertainty it has sparked will be difficult to predict. In the midst of this domestic and foreign economic crisis, Dongdaemun Fashion Cluster is also facing a big crisis, as if everything has stopped.

As every cloud has a silver lining, hopefully, the end of the crisis will come to us someday. The question will depend on how we meet the market situation at that time. This is because Dongdaemun market has had more structural problems in the market than factors appearing outside the market.

In the meantime, Dongdaemun market has grown by improving the productivity of human resources such as people and their development will rather than capital or size of market and other physical resources.


In the midst of economic growth, changes in market structure and social environment, however, people in Dongdaemun market are unable to adapt to the changes and prevent their competitiveness from deteriorating. Nowadays, the structural problem facing the marketplace is paradoxically lacks productive human resources while lacking jobs.

Even if the COVID-19 coronavirus pandemic and economic crisis are overcome, the lack of highly productive human resources in Dongdaemun market will remain a bigger problem.

With a rapidly ageing population, low birth rates and young people who are increasingly shunning marriage, Korean economy is causing structural problems in the population and human resources.

In particular, the increase in the unemployment size of the elderly who were heroic industrial forces in the age of development & economic growth and the deterioration of their quality of life are big problems. An American financier, Bernard Baruch said. +

“Age is only a number, a cipher for the records. A man can’t retire his experience. He must use it. Experience achieves more with less energy and time.”

“Welcome to Dongdaemun Fashion Cluster.”

Dongdaemun market will grow back into a V-shaped growth curve if restructuring and management innovation follow after such a big crisis. We are looking forward to the marketplace situation that turns crisis into an opportunity.

At that time, everyone with an experienced elderly population as well as a young workforce with ICT technology will be able to get new works, such as starting a business or getting a job.

Many of us were pessimistic, saying, “There is no place to invest, no jobs.” But they are not right. They can no longer just shout “The tragedy of it!”

Like SeoulClick CEO Lee’s management philosophy of doing his best every day, anyone with a dream should start preparing to go to the Dongdaemun market there. The marketplace is definitely a land of opportunity.


“Now, not tomorrow!”

+ After his success in business, he devoted his time toward advising U.S. Presidents Woodrow Wilson and Franklin D. Roosevelt on economic matters, and became a philanthropist. 
<18>


Bong Sul (Advisor, SeoulClick)
 Read more: Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019.

Comments

Post a Comment

Popular posts from this blog

The 2nd Dongdaemun Myth, which the Curtain has already risen (Spread of Online Commerce)

Image
As we often discussed, wholesalers in Dongdaemun market have continued to grow and develop their business size and performance with a peculiar marketing strategy of ‘selling good fashion products at lower prices’. Recently, however, the number of local retailers and foreign buyers visiting Dongdaemun wholesale market has declined significantly. Many people have been greatly worried about the difficult situation of Dongdaemun market. Is Dongdaemun market a chronic management crisis? Or is the market's future situation really dark? Instead of answering this question, we need to think about the causes of today's management crisis in Dongdaemun market. Depending on the idea, the phenomenon is due to the concentration of population in Seoul and the metropolitan area, and the recession of the local economy caused by the aftermath. As well as, there is a big reason for the rapid increase in the size of online commerce. On the other hand, such an increase in online com...
Read more

Dongdaemun Fashion and Supply-side Management

Image
  We often discuss whether the source of any fashion product is a design lab and a sewing factory, or a market to meet consumers. The issue of debate is whether it is a push on the supply side or a pull on the demand side. In fact, accounts differ.   Of course, designers’ creative designs, production in sewing factories, and supply and shipment to the wholesale market are made according to the consumer needs or preferences, and their desires. Some of suppliers, however, act as a driving force to stimulate and induce fashion consumers’ preferences and willingness to buy.   In Dongdaemun market, many designers, entrepreneurial wholesalers, and many small and medium-sized sewing factories scattered in Gangbuk, Seoul, as well as shops of an innumerable number of textiles and various fashion parts, are focused mainly on supply- side management.   They make decisions together or separately. They are partners, but sometimes competitors. Business behavior between these partn...
Read more

Dongdaemun Fashion and Innovation of Logistics System

Image
As is widely known, Dongdaemun market is a global shopping district that sells designers’ fashion products at low prices. In Dongdaemun market, however, its market competitiveness based on low price has been weakening gradually due to rising wages and other costs. In the late stages of development, it is true that Dongdaemun market is difficult to avoid the trend of wage increase., Furthermore, it is a big problem of the market that the cost is not reduced due to the inefficiency of physical distribution. We know about the Amazon effects, which have recently come up with an amazing business wave. As CEO Jeff Bezos said, Amazon’s mission is simple. They are trying to discover what products the global consumers want to buy and deliver the products to everyone on the planet. T o improve its performance and cost factors, Amazon is investing heavily in the mechanization of its warehouses. We should know that the key to Amazon’s success is, more than anything else, driven by l...
Read more