Recently, Haebangchon has become the 'new' area in Yongsan to open or establish a new business. It became one of the hot places in Seoul juxtaposed with Itaewon and Gyeonglidan-gil (right across the street from Haebangchon). On the old alleyways up to Namsan, cafes, restaurants, pubs, studios, and bakeries are taking up. It is known for its unique atmosphere of co-existence of past and present, Korean and foreign. The HBC Music festival has been a main component in drawing people and new business to the Haebangchon area.