The Surprising Revival of a Dying Alleyway: How Corporate Involvement Turned It Into a Hotspot

Once called a "ghost market" with an 80% closure rate, Sinheung Market in Seoul's Haebangchon neighborhood has transformed.

The alley, which once seemed frozen in time, has turned into a trendy, atmosphere-filled destination.

[Woo Seo-yoon & Cho Sumin (23) : It kind of feels like being abroad, so I think a lot of young people are visiting these days, and the atmosphere is really nice. I didn't know it was that old.]

A beverage logo, reminiscent of pop art, is stamped across the shabby stairs, flower pots, and various parts of the restaurants.

A global brand invested significant funds to vividly decorate corners of the market.

[Lee Sang-soo / Managing Director, Coca-Cola Korea : Actually, I was a fan of Sinheung Market. By combining the original aesthetic of a traditional market with the fun and unique touch of a global brand, I think (visitors) will be able to have a very entertaining experience.]

A cultural space opened at the entrance of the market has been filled with photographs capturing the faces of each merchant.

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

Moving beyond simple sponsorship, collaborations between corporations and local commercial districts are taking on various forms and expanding to different regions.

Ottogi joined hands with small business owners in the village of Sehwa-ri, Jeju, successively launching collaborative products 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, uses a portion of its monthly profits to improve the market environment.

[Yeo Jun-sang / Professor of Business Administration, Dongguk University : Beyond nostalgia for the past, the process of reinterpreting it modernly creates a sense of wonder. People can experience a unique style that cannot be seen elsewhere, and young people are responding enthusiastically to these social values.]

With regions and small business owners achieving increased sales, and companies gaining a boost in their brand image, a win-win strategy is unfolding that captures consumers' attention through fresh and interesting experiences.

"80% Closure Rate" Desolate "Ghost Market"… A Splendid Transformation (September 5, 2026, 8 News)

(Reported by Shim Woo-seop | Written by Choi Yoon-seo | Filmed by Bae Moon-san | Video Edited by Yeojin | VJ: Lee Ji-hwan | Produced by SBS Digital News)
※ Please note: This article was translated by AI and may contain errors.