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...