Survival Characteristics of the Food and Beverage Businesses in a Gentrified Commercial Area – a Case Study on Seoul, Korea

Commercial gentrification is a common cause of urban transformation in modern cities. The former residential and industrial areas are being transformed into commercial ones specializing in the food and beverage (F&B) industry due to their special atmosphere. However, the F&B businesses in the gentrified commercial areas are prone to an intense competition of survival that debate on the emerging commercial street’s sustainability. Thus, this study analyzed the F&B street businesses’ survival characteristics where commercial gentrification has occurred. The research site was selected among Seoul’s commercial streets using data analysis. The Cox proportional hazards model and the urban spatial indicators were used to analyze the factors affecting the survival time. The research findings were as follows: First, physical attractiveness such as openness or visual accessibility lowered the closure risk. Second, the accessibility to cultural facilities or open spaces was beneficial for the nearby F&B demands, however, occasionally intensified the competition. Finally, the competitive businesses’ agglomeration increased the closure risk, while the non-competitive ones’ agglomeration and diversification decreased it. This research’s result could be useful for policymakers to promote a more sustainable business environment for the F&B entrepreneurs