In this file photo, foreign travelers walk down Myeongdong street in central Seoul on May 21, 2023. (Yonhap)
SEOUL, Aug. 30 (Korea Bizwire) — Myeongdong, renowned for its shopping scene and bustling with international tourists, is taking proactive steps to reshape its reputation from a “price-gouging haven.”
Jung Ward office in Seoul revealed plans on Tuesday to designate Myeongdong as a mandatory price-marking zone, effective from October, aimed at eliminating deceptive pricing practices.
A consultation session was convened involving local merchants to deliberate on the formal designation of Myeongdong as a mandatory price-marking area, addressing the issue at hand.
Recognized as a premier tourist hub and widely seen as Seoul’s shopping mecca among foreign visitors, Myeongdong has attracted a significant influx of Chinese tourists.
Although some 1.46 million foreign tourists explored Myeongdong in December 2019, this number dwindled during the pandemic.
The district has been reclaiming its stature as a quintessential tourist hotspot, witnessing over 961,000 visitors in June this year.
In recent times, concerns about unwarranted price inflation tainting Myeongdong’s image prompted a collective consensus for remedial action. As such, the price-marking initiative was conceived and subsequently put into practice.
The ambit of the price-marking endeavor encompasses shops within a 0.42 square kilometer radius, spanning from the President Hotel adjacent to Seoul Plaza to the IBK Finance Building, Myeongdong Station and Goryo Daeyeongak Tower.
This includes subterranean shopping centers, resulting in a total of 1,111 establishments falling under the scope of the price-marking mechanism effective this month.
Commencing on Oct. 1, following a grace period in September, the city will enforce the statute, levying fines of up to 10 million won (US$7,570) on non-compliant stores, validated through on-site inspections.
During the consultation, participating merchants highlighted a potential limitation of the price-marking strategy, particularly its exclusion of street vendors within Myeongdong.
Their viewpoint underscored that dining establishments and retail stores already prominently display prices on menus and labels.
It was emphasized that street vendors are the ones charging tourists inflated prices, warranting equal attention.
Ashley Song (ashley@koreabizwire.com)
