Seomun Market, the largest traditional market in Daegu, southeastern South Korea, remains empty of shoppers on the afternoon of Sept. 22, 2020, despite the approach of the Chuseok holiday. (Yonhap)
SEOUL, Nov. 22 (Korea Bizwire) — More than 200 traditional markets in South Korea have shut down over the past 14 years, data showed Monday, due largely to the failure of responding to the changing retail industry.
The government-affiliated agency Small Enterprise and Market Service reported there were 1,401 traditional markets in the country as of 2020, down by 209 markets since 2006.
Sorted by city and province, the largest drop was seen in North Gyeongsang Province, where 53 traditional markets closed down over the period, with 138 markets remaining. Another 30 markets in South Jeolla Province have closed, with 90 remaining.
The number of stores located in traditional markets stood at 207,145 in 2020, down by 8.2 percent since 2006. The daily average sales of each traditional market stood at 57.3 million won (US$42,190), down by 1 percent.
Local supermarkets and retail stores, forming the so-called street commercial district alongside traditional markets, have also been suffering.
Statistics Korea showed that sales at retail stores between January and September this year stood at 100.3 trillion won, down by 1.5 percent from the same period in 2015.
The drop in local commerce is largely attributed to the popularity of department stores, malls and convenience stores.
In addition, the online retail offensive from Coupang and Market Kurly offering one-day or early morning delivery services has made it even more difficult for traditional markets and small businesses to survive.
Lina Jang (linajang@koreabizwire.com)
