Seoul Credit Guarantee Foundation "Clear Sales Increase Effect from Facility Environment Improvement Project"... Presents 22 Detailed Implementation Tasks

The Business Environment Improvement Project Shows Clear Differences in Effects by Project
Vision Established for 'Competitive Seoul Traditional Markets Coexisting with Local Communities,' Proposing Three Major Strategies

[Asia Economy Reporter Lim Cheol-young] The Seoul Credit Guarantee Foundation analyzed the support effects on Seoul's traditional markets and found that while the sales increase effect of facility environment improvement projects was clear, the management environment improvement projects showed starkly contrasting effects depending on the type of project.

On the 25th, the Seoul Credit Guarantee Foundation established the vision of "a competitive Seoul traditional market that coexists with the local community" through the study "Establishment of Support Plans for Revitalizing Seoul's Traditional Markets and Shopping Districts," and presented promotion strategies and detailed implementation tasks for revitalizing traditional markets.

This study was conducted to analyze the empirical effects of support policies and to suggest the direction of desirable mid- to long-term support policies for traditional markets and shopping districts.

As a result of the foundation's focused analysis on sales increase effects by policy, physical improvement policies centered on facility environment improvement projects showed clear effects of budget input, and the larger the input scale, the greater the sales increase effect.

In contrast, management environment improvement projects showed differences in policy effects depending on the type of project. In particular, when budget amounts exceeding the average required budget per project were invested, the sales increase effect was markedly large, whereas when budgets below the average were invested, the policy effect was minimal.

The foundation suggested, "The effectiveness and necessity of facility environment improvement projects, which focus on modernizing aging facilities, are expected to continuously increase," and added, "In the case of management environment improvement projects, it is necessary to concentrate and allocate limited budgets to targeted traditional markets."

Based on the results of this study, the foundation derived promotion strategies such as △ traditional markets where merchants and citizens coexist, ▲ pleasant and smart traditional markets, and ▲ traditional markets where tradition and stories live, along with 22 detailed strategic tasks. Among the 22 detailed strategic tasks, 11 new tasks were discovered, including digital transformation of traditional market management systems, introduction of traditional market-type subscription economy, development of tourism products using the metaverse, and comprehensive support for succession of traditional market family businesses.

Um Chang-seok, Acting Chairman of the Seoul Credit Guarantee Foundation, said, “Traditional markets are a very important center of the local economy responsible for citizens’ dining tables and a key community where diverse cultures and information are exchanged, holding significant value. We will continue to strive to develop and implement support policies that can practically help traditional market self-employed merchants.”

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