New Busan Cinema Center - What Impact on the Economy of Nampo Dong?

The 2011 Busan International Film Festival also differs from the 2010 version of the festival in that this year, all film screenings are held in the Haeundae gu area of Busan.  Last year, many films were screened in Nampo dong in addition to Haeundae gu.

Haeundae gu (해운대구) is a neighbourhood located in the south-eastern part of Busan.  It is an area that is popular with tourists, because a large beach is located there.  It also appears to be one of the most modernized neighbourhoods of the city.  Nampo dong (남포동), on the other hand, is located in south-central Busan, and is one of the oldest areas of the city.  Nampo dong's most interesting feature is perhaps the Jagalchi market (자갈치 시장), a fresh seafood market located right on the Pacific coast.

There are three large cinemas in Nampo dong, the Cinus cinema, the Daeyoung cinema, and the CGV Nampo cinema.  Many films were screened at these venues during the 2010 PIFF.  This seems to have been the case during many of the previous PIFF's as well, as the area near these cinemas is known as "PIFF plaza".  The plaza is decorated with cinema-themed sculptures, and populated with street food vendors working behind food carts and under parasols bearing the acronym "PIFF".

PIFF plaza in Nampo dong.

PIFF parasols over street food carts, by PIFF plaza.

It seems that the PIFF has been an important yearly economic activity in Nampo dong for a number of years.  But, with the construction of the Busan Cinema Center, BIFF film screenings have been held exclusively in Haeundae gu this year, and may be held exclusively in Haeundae gu during future installments of the BIFF.  I therefore wonder if the construction of the Busan Cinema Center will have a long-term negative impact on the economy of Nampo dong.