Seoul's Shinjoongang Market to Be Transformed into a Global Tourist Attraction... 18.7 Billion Won Invested

[Financial News] Shinjoongang Market in Jung District, Seoul, is set to be transformed into a global tourist attraction through a design-innovation project involving an investment of 18.7 billion won. Going beyond merely improving aging facilities, the project aims to connect the market with surrounding alleys into a single space, creating a complex cultural market where visitors can enjoy everything from shopping to relaxation and culture. In particular, the Seoul Metropolitan Government plans to develop the market as a key hub for Seoul's night economy by linking it with nearby tourist attractions such as Dongdaemun Design Plaza (DDP) and Hipdang-dong. The Seoul Metropolitan Government announced on the 22nd that it held a groundbreaking ceremony for the "Design Innovation Traditional Market" at Shinjoongang Market and had begun full-scale construction. Shinjoongang Market is the first of the Design Innovation Traditional Markets promoted by the Seoul Metropolitan Government to enter actual construction. With a total project cost of approximately 18.7 billion won, the project is scheduled for completion in August 2027.
This project was launched to develop traditional markets beyond mere spaces for buying and selling goods into tourist attractions where visitors can experience Seoul's daily life and culture. The core of the initiative is to move away from installing uniform arcades and amenities, instead reflecting the market's history, local character, alley structure, and commercial district characteristics in the design. The Seoul Metropolitan Government selected Shinjoongang Market and Tongin Market as project sites in 2023 and has been proceeding with the design and project preparations.
The 'Roof Wave' design by YOAP Architects and TCA Architects will be applied to Shinjoongang Market. The concept envisions the vitality of the small alleys spreading to the surrounding area along the market's roof. The existing arcade will be renovated into an eco-friendly wooden roof that allows natural light to enter, enhancing the sense of openness, while the plan is to preserve the market's unique atmosphere by making the most of the existing structure.
Connectivity between the market and the surrounding 16 alleys will also be strengthened. "Open roofs" serving as entrances will be installed at every alley entrance to lower the boundary between the market and the alleys and naturally connect pedestrian routes. Tiered rest areas for visitors and merchants will be created, and facilities such as exposed power lines will also be improved. The plan is to enhance both user convenience and the market landscape while maintaining the existing underground connecting routes.
The Seoul Metropolitan Government plans to develop Shinjoongang Market as a key hub of the 'Dongdaemun-Sindang Night Tourism and Commercial Belt,' which connects DDP, Hipdang-dong, Sindang-dong Tteokbokki Town, and Gwanghui-dong Central Asia Street. The plan is to encourage tourists visiting DDP to explore the market and surrounding alley commercial districts, thereby increasing their length of stay and spending.
In particular, it will be developed into a stay-oriented market where visitors can comfortably shop during the day and enjoy food and cultural content in the evening. To this end, plans include collaborating with merchant associations and relevant agencies to develop nighttime food and cultural programs that highlight local characteristics, as well as linking them with tourist routes and promotions. The goal is to revitalize the entire local commercial district by expanding visitors' movements from within the market to the surrounding alley commercial areas.
The Seoul Metropolitan Government is expanding the Design Innovation Traditional Market Project to other regions, starting with Shinjoongang Market. The plan is to establish a 'Seoul-style Traditional Market Innovation Model' that highlights the unique characteristics of each market. Design services for Tongin Market in Jongno District are scheduled to be completed this November, with construction set to begin in February 2027. Cheongnyangni Traditional Market Complex in Dongdaemun District will begin the project in earnest following a design competition in February 2027.
After attending the groundbreaking ceremony that day, Seoul Mayor Oh Se-hoon visited shops at Shinjoongang Market ahead of Chuseok to encourage merchants and listen to their on-site opinions and concerns. He also discussed ways to revitalize traditional markets and improve convenience for visitors.
Mayor Oh stated, "Shinjoongang Market is Seoul's first design-innovation traditional market, serving as a starting point to redraw the market's future beyond simple facility improvements," adding, "Based on the design capabilities Seoul has built, we will develop it into a market where citizens and tourists stay longer and vitality spreads to surrounding commercial areas."

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