President Song Chiyoung Urges Visits to Traditional Markets and Alleyway Shops... Chuseok Public Statement

Calling Attention to the Structural Crisis in the Small Business Ecosystem

On September 20, the Federation of Small and Medium Business Owners issued a public statement for Chuseok, urging people to actively support local alleyway businesses and neighborhood shops struggling with the prolonged economic downturn.

Chiyoung Song, President of the Federation of Small and Medium Business Owners, expressed in the statement, "I would like to extend my deepest gratitude and consolation to the 8.1 million small business owners across the country who, despite difficult business conditions, continue to stand at the forefront of their livelihoods and support their local economies each day."

He went on to say, "With sluggish domestic demand and shrinking consumer sentiment continuing for an extended period, small business owners are facing this year’s Chuseok with heavier hearts than ever. As labor costs, raw material prices, rent, utilities, and financial costs have all risen, small business owners are left with little in hand even when sales grow, as this high-cost structure is making things even tougher for them."

Chiyoung Song, President of the Korea Federation of Small and Medium Business Associations. Korea Federation of Small and Medium Business Associations

He identified the current crisis facing small business owners as a "structural problem in the ecosystem." To address this, he stressed the urgent need for fundamental solutions, including: creating a management environment that allows businesses to endure before closure, providing safe closure support, and building a robust social safety net that offers real opportunities to try again.

President Song also appealed to the public to actively patronize local small business shops during the Chuseok holiday. He said, "This Chuseok, I ask that you share your warmth for family and neighbors with your local small business owners as well. If you buy your holiday gifts at nearby traditional markets and alleyway stores, and dine with your family in local restaurants or small shops, it will give small business owners the strength to open their doors again."

In conclusion, President Song stated, "We will actively communicate the urgent voices from the field to the government and the National Assembly so they can bring about meaningful policy change. The recovery of small business owners is directly tied to the recovery of the local and national economy. As such, I hope the light of hope shines brightly once more in every alleyway this Chuseok."

This content was produced with the assistance of AI translation services.