Myeongdong

Myeongdong ( 明洞, literally 'bright town') is a dong in Jung-gu, Seoul, South Korea between Chungmu-ro, Eulji-ro, and Namdaemun-ro. It covers 0.99 km² with a population of 3,529 and is mostly a commercial area, being one of Seoul's main shopping and tourism districts.

Characteristic

 

Seoul's financial hub is divided between here and Yeouido where the Korea Stock Exchange is located. Major insurance, securities, financial services companies, and investment firms with headquarters in Myeongdong include Citibank, SK Corporation, Kookmin Bank, Korea Exchange Bank, Lone Star Funds, Sumitomo Mitsui Banking Corporation, AIG Korea Insurance, Hana Bank, and HSBC. The Bank of Korea is also in the vicinity.
Other notable landmarks in Myeongdong include the Chinese Embassy, which was first opened on January 4, 1949. YWCA headquarters, UNESCO Hall, Myeongdong Theater, and the oldest Catholic cathedral in Korea, Myeongdong Cathedral.
Except for early morning and late night delivery hours, the main street and most of the alleys are blocked off for pedestrians to roam freely without being hindered by traffic.

Shopping

 

Myeongdong is one of Seoul’s main shopping districts featuring mid-to-high priced retail stores and international brand outlets, including Lacoste, Polo Ralph Lauren, Forever 21, Bulgari and Louis Vuitton, as well as Korean cosmetics brands such as Nature Republic, Missha, The Face Shop and Skin Food. It is a particularly popular area for young people and tourists as a center for fashion and sight-seeing. Several large shopping centers and department stores are in the district including Lotte Department Store, Shinsegae Department Store, Migliore, M Plaza, and Noon Square.
In August 2012, as part of Lotte Department Store's expansion programme into China, a replica of the street of Myeongdong is featured in its new store in Tianjin, with outlets of Missha, The Face Shop and Skin Food.

The floating population of Myeongdong is estimated to be around 2 million a day and in terms of floorspace rents, Myeongdong is one of the most expensive shopping districts in the world. Many hotels, restaurants, cinemas, theaters, and historical sites complete the diverse mixture of the area. In a poll of nearly 2,000 foreign visitors, conducted by the Seoul Metropolitan Government in November 2011, stated that 13.4 percent named shopping in Myeongdong as their favorite activity in Seoul.