"80% Closure Rate" Bleak 'Ghost Market' Transforms Into a Vibrant Hotspot

[Anchor]

The formula for coexistence between corporations, local communities, and commercial districts is changing. Companies are transforming stagnant traditional markets into trendy hotspots, allowing both merchants and corporations to achieve dual success.

Reporter Sim Useop has the details.

[Reporter]

Sinheung Market in Haebangchon, Seoul, was once called a "ghost market" with its closure rate exceeding 80%.

The alleys, which seemed frozen in time, have now transformed into emotional and vibrant hotspots.

[Woo Seo-yoon and Cho Su-min (23): It feels a bit like being abroad, so I think a lot of young people are visiting these days, and the atmosphere is really great. I didn't know it was an old market.]

On the shabby stairs, in flower pots, and all around the restaurants, a beverage logo is stamped like pop art.

A global brand invested a significant amount to brightly decorate every corner of the market.

[Lee Sang-soo / Managing Director, Coca-Cola Korea: Actually, I was a fan of Sinheung Market. The original beauty of a traditional market and the fun, unique vibe of a global brand have fused together, and I think visitors will have a very fun experience.]

A cultural space opened at the entrance of the market is filled with photos capturing the individual faces of the merchants.

[Hong Seung-jin / Vice President, Sinheung Market Merchants Association: Seeing these images where the merchants are the main characters, they feel a bit shy at first. But within that shyness, there is a sense of pride and fulfillment.]

Moving beyond simple sponsorship, the collaboration between corporations and local commercial districts is taking place in various regions and through diverse methods.

Ottogi, which joined hands with small business owners in the village of Sehwa-ri in Jeju, introduced collaborative products successively in Jeju and Seoul, while Goesan County in North Chungcheong Province opened a pop-up store with Daesang Group to promote local specialties and attractions.

Starbucks, which opened a small concept store inside Gwangjang Market, allocates a portion of its monthly profits to improve the market's environment.

[Yeo Jun-sang / Professor of Business Administration, Dongguk University: Not only is there nostalgia for the old, but in the process of reinterpreting it modernly, it is somewhat fascinating. People can feel a unique style that wasn't seen before, and the response from the younger generation toward such social values is quite significant.]

As regions and small business owners see increased sales and corporations achieve brand enhancement, a win-win strategy that attracts consumers' attention with fresh appeal is unfolding.

(Camera Reporter: Bae Moon-san, Video Editor: Ahn Yeo-jin, VJ: Lee Ji-hwan)
※ Please note: This article was translated by AI and may contain errors.