Gwanak-gu, Establishment of 2024 Traditional Market Revitalization Plan

Full-scale Promotion of Management and Facility Modernization Projects, Safety Inspections to Revitalize Traditional Markets
Support Project for Fostering Specialized Markets (Cultural Tourism Type), Second Year of Implementation
New Support for Organizing Merchants in Preliminary Alley-type Shopping Districts

Gwanak Sinsa Market Arcade

Gwanak-gu (District Mayor Park Jun-hee) has established the '2024 Traditional Market Revitalization Plan' to secure the self-sustainability of traditional markets and strengthen their competitiveness, and is actively working to revive traditional markets and the local economy.

This year’s Gwanak-gu traditional market revitalization plan consists of a total of 35 projects in four areas: ▲Business Modernization Projects ▲Facility Modernization Projects ▲Safety Inspection and Repair Projects ▲Starlight Sinsari Commercial District Renaissance Project, with a total budget of 3.7 billion KRW.

A key focus for 2024 is the Business Modernization Project, specifically the Ministry of SMEs and Startups’ public contest project, the ‘Specialized Market (Cultural Tourism Type) Development Support Project.’ This year, a budget of 830 million KRW will be invested in two traditional markets (Gwanak Sinsa Market and Inheon Market) that were selected last year. Through the second year of this project, these markets are expected to transform into distinctive and self-sustaining traditional markets.

Additionally, to strengthen the competitiveness of traditional markets and shopping districts, support will be provided for unique events tailored to each traditional market, along with lectures and practical training related to market management to enhance the capabilities of merchant organizations.

In the Facility Modernization Project area, a budget of 600 million KRW will be allocated for repairs to the arcade at Sinwon Market, replacement of outdated equipment (LED electronic display boards, CCTV) at Gwanak Sinsa Market, and management support for traditional market store turnarounds. These facility improvements aim to prevent damage from natural disasters and enhance customer convenience.

A total of 220 million KRW will be invested in Safety Inspection and Repair Projects, including traditional market safety inspections, maintenance of facilities, and support for fire insurance enrollment, to establish a safe image for traditional markets.

The Starlight Sinsari Commercial District Renaissance Project is in its fifth and final year, with a budget of 1.4 billion KRW supporting 20 projects such as the Starlight Festival, flea markets, and relay events.

Furthermore, an exit strategy will be developed to ensure that the Starlight Sinsari commercial district remains vibrant even after the project concludes.

Park Jun-hee, Mayor of Gwanak-gu, stated, “I applaud the market merchants who have worked hard to overcome the difficulties of economic downturn and declining customers. We will do our best to provide practical support tailored to the conditions of traditional markets and to revitalize these markets.”

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