Jung-gu, Full Effort to Attract Bids for Namdaemun Commercial District Renaissance Project

Jung-gu Office, Namdaemun Merchants Association, Shinsegae Department Store, IBK Industrial Bank, and Others Form Council to Diagnose Decline Factors and Seek Solutions for Namdaemun Market and Nearby Commercial Areas

[Asia Economy Reporter Jong-il Park] Jung-gu, Seoul (Mayor Seoyangho) has formed a Commercial District Revitalization Council to actively promote the bid for the 'Commercial District Renaissance Project' for Namdaemun Market.

The 'Commercial District Renaissance Project' is a program implemented by the Ministry of SMEs and Startups that combines markets, shopping streets, underground shopping centers, and commercial areas forming a single commercial district to revitalize the local commercial district and thereby enhance the competitiveness of traditional markets and shopping streets.

Namdaemun Market, a comprehensive traditional market with a history of 600 years, is located near Myeongdong, Sungnyemun, and City Hall Plaza, making it one of the essential tourist courses that foreign tourists must visit at least once.

However, it is gradually declining due to aging facilities and failure to adapt to rapid changes in the distribution environment. On top of that, the COVID-19 pandemic has caused a halt in tourist visits, severely impacting the surrounding commercial districts as well.

To overcome the current situation, Jung-gu launched the Namdaemun Commercial District Revitalization Council on the 18th in cooperation with the market merchants' association and local companies such as Shinsegae Department Store and IBK Industrial Bank.

At the inauguration ceremony attended by executives of the Namdaemun Market Merchants' Association, Jung-gu Office, and local stakeholders, the causes of decline in Namdaemun Market and nearby commercial districts were diagnosed, and revitalization measures were sought. In addition, in-depth discussions were held on effective plans for the Commercial District Renaissance Project bid and measures to secure national and city government budgets.

The specific issues discussed that day included ▲improving the street environment within the aging commercial district ▲creating rest areas for market merchants and visitors ▲developing specialized food products to strengthen food competitiveness ▲and various promotional activity plans to support new online and offline sales channels.

Moon Namyeop, president of the Namdaemun Market Merchants' Association, urged, "Please actively work to attract the Commercial District Renaissance Project and secure budgets for Namdaemun Market, which is on the path of decline, so that the market commercial district, the grassroots of the local economy, can be revived."

Seoyangho, mayor of Jung-gu, stated, "As Namdaemun Market, a traditional market representing our country, rapidly adapts to the online and digitalizing economic environment, we will spare no institutional and policy support to help it find new opportunities."

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