This study aims to present policy implications for revitalizing the traditional market through an empirical analysis of the factors influencing the visit demand and vacancy rate of traditional markets across the country.
This study classified 29 variables selected in literature studies and previous studies into regional and social characteristics, market and economic characteristics, and then created a research model to demonstrate the factors affecting the dependent variables, visit demand and vacancy rate. Ultimately, based on the analysis results, it was intended to enhance the direction of the support project and derive implications by improving the customized system for revitalizing the traditional market.
Based on the analysis results, the following contents are suggested as a way to revitalize the traditional market.
First, in order to revitalize the traditional market, transportation accessibility and convenience must be improved regardless of the metropolitan area and non-metropolitan area. In particular, in the case of the metropolitan area, traffic access is secured, so it is absolute to secure parking lots, and efforts should be made to commercialize the traditional market itself by discovering historical and cultural specialized factors and storytelling elements.
Second, in order to revitalize the traditional market, customized support projects that reflect discriminatory and regional specialized factors should be promoted by reflecting the characteristics of individual traditional markets. To this end, a differentiated business strategy is needed, and it is necessary to establish a consistent system that links commercial district revitalization projects from the stage of establishing business plans, such as the recently implemented neighborhood power plant project.
Third, the revitalization of the traditional market has a virtuous cycle function in which sales increase as demand for visits increases and empty stores decrease as demand for start-ups increases. Therefore, the direction of support for traditional markets needs to be subdivided according to the size and location of the market, and business plans should be established by specifying influencing factors such as visit demand, vacancy rate, and sales.
Fourth, in order to revitalize the traditional market, the management and supervision function should be strengthened to prevent moral hazard of business participants so that government subsidies are not wasted. On the other hand, if the continuity and expertise of the project are not secured due to frequent replacement of professionals, the revitalization project cannot achieve the desired purpose. To this end, it is essential to ensure the independence of work and employment of related employees, such as the head of the business who actually leads the business, and to upgrade the business stage through specialized manpower training. Fifth, the aging of merchants is difficult to establish S/W-centered activation factors no matter how much facilities or management improvement is made, so it is necessary to cultivate young merchants with generational change in mind.
Finally, projects to revitalize traditional markets should be promoted with business plans created based on practical experience by increasing the utilization of the private sector, such as local creators.