Commercial gentrification is a common cause of urban transformation in modern cities. Former residential and industrial areas are being transformed into commercial ones specializing in the food and beverage (F&B) industry because of their unique atmosphere. However, F&B businesses in the gentrified commercial areas are prone to intense competition for survival that debate on the emerging commercial street's sustainability. Thus, this study analyzed F&B street businesses' survival characteristics where commercial gentrification has occurred. The research site was selected among Seoul's commercial streets by performing data analysis. The Cox proportional hazards model and urban spatial indicators were used to analyze the factors affecting survival time. The research findings were as follows: First, physical attractiveness, such as openness or visual accessibility, lowered the closure risk. Second, accessibility to cultural facilities or open spaces was beneficial for the nearby F&B demands; however, it occasionally intensified the competition. Finally, competitive businesses' agglomeration increased the closure risk, while non-competitive ones' agglomeration and diversification decreased it. This research's results could be useful for policymakers in promoting a more sustainable business environment for F&B entrepreneurs.
Keywords: Agglomeration economies; Commercial district; Commercial gentrification; Cox proportional hazards model; Restaurant business.
© 2023 The Authors.