Myeongdong
Myeongdong is regarded as the fashion capital of Korea as it boast numerous signature and branded goods sold in outstanding shops like Louis Vuitton, Armani, Fendi, Forever 21 and the like. Beauty products is also a booming industry in Korea as it has produced numerous lines of skin care products like Bodyshop, Face shop, Skin Food, Hanskin and so many others. As you walk along the street, you would be brushing your elbows with foreigners mostly Japanese and other Southeast Asian tourists who are all looking for bargains. As on my own observation, the price of beauty products here is relatively cheap unlike in the Philippines, it is half the price for some items which is why many tourists opt to bring them as gifts and “pasalubong” (pasalubong in Filipino means a souvenir or token people give to their families at home)
Myeongdong dates back to the Joseon Dynasty when it was called Myeongryebang (명례방, 明禮坊) and mostly a residential area. During the Japanese occupation the name was changed toMyeongchijeong (명치정, 明治町) and became more of a commercial district, being influenced by the rising commerce in the neighboring Chungmuro area. It became the official district of Myeongdong in 1946, after independence.
After the Korean War and into the 1960s, the economy blossomed and the financial sector from Namdaemun-ro and Euljiro gradually expanded into Myeongdong.
The area flourished as city renovations took place and highrise buildings were built. Many department stores, shopping centers, restaurants, upscale shops and boutiques set up their businesses in Myeongdong and it became the mecca for the young and trendy in the 1970s. Besides being a major commercial and financial district, Myeongdong has been a popular location for political demonstrations and protests, especially during the turbulent years of the 1980s and 1990s. Myeongdong Cathedral has been a frequent spot for many of these demonstrations and still is to this day. As of March 2000, Myeongdong's has been designated as a special Tourism Promotion Area and is one of the stops on the official Seoul City Bus tour's main route.
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, Louis Vuitton and Nature Republic. 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. The floating population of Myeongdong is estimated to be around 2 million a day and in terms of floorspace rents, Myeongdong is the 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.
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, 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.
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