Hyundai Motor Group Takes on Urban Regeneration of Gangneung Seobu Market

Agreement Ceremony for 'Seobu Market Revitalization Cooperation' Held at Gangneung City Hall on the 8th
Complex Cultural Space Creation and Revitalization Aimed for Completion by 2022
Smart Mobility Solutions and Healthcare Services Also Provided in Gangneung

Hyundai Motor Group signed a business cooperation agreement for the "Seobu Market Area Revitalization Project" at the Gangneung City Hall on the 8th. From the left, Kim Yeon-sun, Secretary General of the Community Chest of Korea, Kim Han-geun, Mayor of Gangneung, and Yang Jin-mo, Vice President of Hyundai Motor, are posing for a commemorative photo at the agreement ceremony. (Photo by Hyundai Motor Group)

[Asia Economy Reporter Jihee Kim] Hyundai Motor Group is launching an urban regeneration project to transform Gangneung Seobu Market into a complex cultural space in collaboration with Gangneung City.

On the 8th, Hyundai Motor Group held a 'Business Cooperation Agreement Ceremony for the Revitalization Project of the Seobu Market Area' at the Gangneung City Hall, the group announced on the 9th. Attendees at the ceremony included Kim Han-geun, Mayor of Gangneung, Kim Yeon-soon, Secretary General of the Community Chest of Korea, Yoo Da-hee, CEO of the social enterprise Public Art Prism, and Yang Jin-mo, Vice President of Hyundai Motor Company, among other officials.

Urban regeneration projects differ from complete demolition and redevelopment by maintaining the existing appearance while improving deteriorated urban environments. Specifically, Gangneung City is carrying out the urban regeneration New Deal project called 'Salmat Naneun Jungang-dong' to improve outdated facilities. Hyundai Motor Group will be responsible for design maintenance for urban regeneration, developing specialized products and tour programs with stories. The project aims to create a complex cultural space in Seobu Market and revive the stagnant commercial district, running for about three years from this month until 2022.

Seobu Market, located in Yonggang-dong, Gangneung, is a shopping mall-type building established in 1977. After more than 40 years, its facilities have become outdated. The market houses 162 stores including restaurants, clothing shops, and oil shops, but due to the influence of nearby large supermarkets and Jungang Market, the commercial area has gradually shrunk, and currently only about 50 stores, approximately 30% of the total, are actively operating.

Hyundai Motor Group and Gangneung City plan to transform Seobu Market into a complex cultural space called a 'Food Hall' where visitors can enjoy local food, products, and festivals. The Food Hall is a space based on local restaurants and cafes where food and culture such as concerts and festivals can be enjoyed together.

To this end, Hyundai Motor Group, together with Gangneung City and others, will proceed step-by-step with ▲ overall market design maintenance and creation of market symbols (landmarks) such as the market entrance ▲ attracting stores handling Gangneung traditional food, specialties, and tourism souvenirs ▲ developing proprietary brand products containing the story of Seobu Market ▲ developing themed tour programs linked with nearby tourist attractions.

In particular, Hyundai Motor Group plans to invigorate the local community by providing smart mobility solutions and healthcare services for the elderly population in Gangneung. Once Gangneung City decides on the introduction timing along with mobility safety-related laws and infrastructure maintenance, Hyundai Motor Group will deploy 50 electric kickboards to connect major hubs and Seobu Market. Additionally, in cooperation with Gangneung City Public Health Center, various digital contents such as meditation and dementia prevention for the elderly will be developed and provided to the senior community center near Seobu Market.

Vice President Yang said, "Gangneung was recently selected as one of the four major tourism hub cities by the Ministry of Culture, Sports and Tourism," adding, "We will strive to contribute to the development of the local community by integrating urban regeneration projects, mobility services, and healthcare services together with Gangneung City."

Meanwhile, Hyundai Motor Group has been conducting the public-private partnership urban regeneration project 'Cheongchun Balsan Village' with Gwangju City for four years since 2015, achieving a 40-fold increase in average monthly visitors and a 36% reduction in housing vacancy rates.

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