Skyrocketing rents threaten local merchants after Yesan Market gains popularity

[Anchor]

The Yesan Market in Chungcheongnam-do province, which was reborn through a collaboration with restaurateur Paik Jong-won, is experiencing growing pains.

As it has become a national attraction, rental prices have skyrocketed, putting existing merchants at risk of losing their businesses.

Reporter Seong Yong-hee has the story.

[Report]

It's a weekday lunch, but the market square is packed.

Yesan Market, which was newly renovated last year after Paik Jong-won signed an agreement with the local government.

With its old charm and diverse food offerings, it has emerged as a national attraction, drawing over 3 million visitors last year.

Recently, it has also completed a six-month renovation.

While the appearance has improved, the expressions of the merchants tell a different story.

This is due to soaring real estate prices and rental costs.

A merchant who has rented a store since four years ago received an eviction notice without any discussions about extending the contract after it ended last year.

[Yesan Market Merchant/Voice Altered: "Typically, the increase is around 3-5%, so when I asked if I could raise it by that amount, they just told me to leave without any further discussion, which led to my eviction."]

The monthly rent, which was around 300,000 won before the renovation, has risen to as high as 2 million won, forcing some stores to move outside the market.

[Ko Young-jun/Yesan Market Merchant: "It turned out our rents were the highest, So if sales dropped, we could inevitably suffer."]

Real estate prices have also jumped by 2-3 times.

In response, Paik Jong-won issued a warning to real estate speculators.

He warned that he would take the merchants while leaving the market behind.

[Paik Jong-won/CEO of The Born Korea: "If we conclude that it undermines competitiveness, we will move with those who share our vision."]

Market merchants are appealing for measures, stating that if the skyrocketing rents are not resolved, they will inevitably be shunned by consumers.

This is KBS News, Seong Yong-hee.