Ministry of SMEs and Startups Opens Applications for Traditional Market Store Revitalization Support Next Year

[Asia Economy Reporter Moon Hyewon] The Ministry of SMEs and Startups announced on the 21st that it will recruit applicants for the ‘2021 Traditional Market and Shopping District Revitalization Project’ for a total of 11 projects, including specialized market development, market management vouchers, complex youth mall creation, and parking environment improvement, from the 1st to the 24th of next month.

This announcement is expected to enhance project outcomes by deciding next year’s support targets in advance, allowing local governments to reflect local budgets early, and enabling applicant markets to secure sufficient preparation time for the projects.

First, traditional markets that have participated in the ‘Good Rent’ campaign to overcome the impact of the novel coronavirus disease (COVID-19) through private sector coexistence will be given preferential support. If more than 20% of all stores participate in rent reduction, additional points will be awarded across all projects, and markets with a mobile Onnuri gift certificate affiliation rate of 60% or higher will also receive preferential support.

Additionally, as consumer behavior has shifted to non-face-to-face transactions after COVID-19, support will be provided for building online delivery platforms so that traditional markets can also adopt non-face-to-face transaction methods.

The voices of policy beneficiaries and stakeholders were also actively reflected. For the ‘Old Electrical Wire Replacement Project,’ which had low participation due to difficulties in securing private contributions, the structure was changed so that local governments and Korea Electric Power Corporation share the traditional market’s self-payment, allowing more markets to participate.

The eligibility for applying to the ‘Fire Alarm Facility Installation and Old Electrical Wire Replacement Project’ was also eased from requiring participation of more than 50% of all stores in the traditional market to more than 30%, making it easier to apply for the project.

In the case of the parking environment improvement project, since there is a possibility of complaints related to private property rights, submission of consent forms from stakeholders is now mandatory when applying to ensure smooth project implementation.

Traditional markets wishing to receive support for the projects must submit their application forms and project plans by mail or online by the 24th of next month. The results of the candidate market selection are scheduled to be announced at the end of September, and the final support targets will be confirmed around December once the support budget is finalized.

Park Young-sun, Minister of SMEs and Startups, said, “Traditional markets are currently facing a great crisis if they stick to existing business methods amid changes in consumer behavior toward non-face-to-face consumption and smartization due to the Fourth Industrial Revolution. The Ministry of SMEs and Startups plans to mobilize all policy capabilities to help traditional markets become smart markets through changes and innovations such as supporting the introduction of non-face-to-face transaction methods like online delivery and ‘live commerce,’ and spreading ‘easy payment’.”

This content was produced with the assistance of AI translation services.