In this study, we aim to compare food establishments a major retail district(bal-dal retail area) and its extended area(gol-mok retail area) in Itaewon from 2001 to 2006. First, using Kernel density estimation, we delineate the boundary of those two areas, and second, using Kaplan-Meier method and Cox’s proportional hazards regression, we empirically analyzed differences of survival rates and factors(locational characteristics & restaurants characteristics) influencing hazards of restaurants in each retail district. As a result of Kaplan-Meier modeling, extended area(median survival time 2,304 days)has faced a higher risk of closing their business than their counterpart major retail district(median survival time 2,748 days). However, Cox’s proportional hazards model, with controlling various factors influencing the business operation, suggests the opposite that the extended trade area has been an advantageous location, as the hazard of closing business is lower by -29.9% than the one of the major retail district. Variables being franchise is common variable to impact the survival time in each retail district. On the other hand, variables such as reach, straightness, on the 1st floor(major) and distance to subway & main road, parcel slope(extended) are more likely to impact the survival time at each area. Based on findings of this study, we conclude that failure patterns of those two retail areas are not identical and different strategies should be utilized for risk-management using the aforementioned factors.