As the summer heat sets in, street-style commercial developments along rivers, streams and lake parks are drawing growing interest. Waterfront spaces tend to attract more visitors seeking walks and leisure, thanks to their open surroundings and pedestrian-friendly environments.
Waterfront street retail strips serve not just as shopping destinations but as places to dine, stroll and relax. Families visit during the day while nearby residents walk the area in the evenings, and foot traffic tends to climb during the summer months.
Street retail districts near waterways have in fact recorded higher sales during the summer.
According to the Small Business Commerce Information System, cafes within 200 meters of the commercial facilities inside the Gwanggyo Hillstate Lake complex near Lake Park in Gwanggyo new town posted average monthly sales of 34.44 million won ($22,400) in July and 36.34 million won in August last year — the highest figures over the preceding 12 months. Those figures were roughly 1.5 times higher than the average for the same period in Gwanggyo 2-dong, where the complex is located.
Cafes within 100 meters of Venezia Megamall along the Cheonggyecheon in Hwanghak-dong, Jung-gu, Seoul, also posted strong summer numbers, averaging 41.79 million won in July and 40.32 million won in August last year — about twice the Hwanghak-dong average for the same period.
Industry observers note that waterfront street retail districts are well positioned to capture not only seasonal demand but also steady patronage from nearby residents and weekend visitors. Retail strips connected to walking paths and parks tend to keep customers on-site longer, and visitors frequently move on to restaurants, cafes and everyday lifestyle services.
"The warmer it gets, the more people tend to seek out waterfront spaces," an industry official said. "Street-style retail connected to walking paths sees not only seasonal demand but also day-to-day consumer spending from local residents."
Amid this trend, Suwon Ipark City West Avenue in Gwonseon-dong, Gwonseon-gu, Suwon, Gyeonggi Province, is a street-style commercial facility alongside Jangdari Stream.
The development runs from one below-ground floor to two above-ground floors, with a total floor area of about 37,000 square meters and 176 units arranged along a roughly 380-meter strip. A walking path along Jangdari Stream runs directly in front of the complex, connecting shoppers and visitors to the waterfront on foot.
Suwon Ipark City West Avenue currently houses or is in the process of opening a range of tenants, including Suwon Wellness Internal Medicine, SU Neurology Clinic, Chiryohaejouo Animal Hospital, Team Turtlet and Atlantis Kids Cafe, as well as dining and food businesses such as Shabu Yaki, Gomi Baker, Kim Seong-min Coffee, Somancan, Haenam Restaurant, Kkume Green Grocerant and Bakgane Mackerel.
The complex also benefits from strong residential demand. It is surrounded by a residential complex of about 7,000 households, along with nearby elementary, middle and high schools and a hagwon district. Seryu Station on subway Line 1 is within walking distance, and everyday amenities including a bus terminal retail district, NC Mall and E-mart (Suwon branch) are close by.
"We are operating the retail mix with a focus on F&B and businesses tied to residents' daily lives," said an official from Insight Group, the leasing agency. "We are currently maintaining an occupancy rate of around 80 percent."
kim3956@heraldcorp.com
