Revitalizing Traditional Markets: The Transformation of Yangjae Market in Seoul
The Seoul Metropolitan Government is accelerating the renovation of traditional and small markets to enhance urban competitiveness and expand residential and commercial space supply.
Once regional commercial hubs, many markets have seen their functions weaken due to facility deterioration and changes in the distribution environment. The strategy is to revitalize these markets to simultaneously stimulate the local economy and utilize urban spaces efficiently.
A prime example of this is the renovation project of Yangjae Market in Seocho-gu. Once a key commercial area near Yangjae Station, Yangjae Market is set to transform into a new urban complex after nearly 38 years.
1. Reasons for Accelerating the Renovation of Traditional Markets
Seoul is facing chronic shortages of available and vacant land. In a situation where securing new sites is nearly impossible, the key challenge has become how to reorganize existing urban spaces.
Background of the Traditional Market Renovation Policy:
- Numerous regional commercial hubs formed in the 1970s and 1980s
- Spread of e-commerce, large supermarkets, and corporate stores
- Deterioration of facilities and increasing vacancy rates
- Neglect of mixed-use residential and commercial spaces after losing commercial functions
To address these issues, Seoul plans to actively utilize the 'market deregulation' system for small markets that have lost their functions.
2. Comprehensive Reevaluation of 57 Small Markets Under 10,000㎡
In December 2025, Seoul will initiate a study to revise the market site evaluation criteria established in 2017. These criteria will be applied to evaluate 57 small markets under 10,000㎡.
Characteristics of the Markets Under Evaluation:
- Only a portion of commercial facilities remain
- Mixed-use buildings with residential units
- Decreased pedestrian traffic
- Practical loss of market functions
Main Evaluation Criteria:
- Building deterioration
- Distribution competitiveness
- Potential for commercial revitalization
- Local resident demand
Although the complete list is not publicly available due to it being private land, known markets include Sinsoo Market (Mapo-gu), Seongsu Shopping Center (Seongdong-gu), and Sadang Market (Dongjak-gu).
3. Transition of Yangjae Market from Traditional to Mixed-Use Facility
Established as a building-type traditional market in 1988, Yangjae Market has functioned as a core commercial area for nearly 38 years. However, since the 2000s, it has lost competitiveness against large supermarkets and corporate stores.
Current Status of Yangjae Market:
- Location: 1-7 Yangjae-dong, Seocho-gu
- Established: 1988
- Issues: Facility deterioration, increasing vacancy rates, decreased pedestrian traffic
Considering these circumstances, in June 2025, Yangjae Market was approved as a target for renovation projects.
4. Approval of Integrated Review for Renovation Project
On January 15, 2026, the first integrated review committee for renovation projects conditionally approved the architectural and educational review of the Yangjae Market renovation project.
Project Overview:
- 4 basement levels and 10 above-ground levels
- Mixed-use community facilities
- Commercial and office spaces
The project is expected to receive its implementation approval in the first half of the year, accelerating the pace of development.
5. Space Design Considering Commercial Continuity and Convenience
This renovation project is characterized by its focus on connectivity with existing commercial areas rather than just building a new structure.
Main Plans by Floor:
- 1st Floor: Restaurants, cafes, ensuring continuity with the Maljukgeori commercial area
- 2nd Floor and Above: Life service facilities reflecting demand from nearby office and residential areas
This design will maintain connectivity with existing commercial areas while attracting new foot traffic.
6. Establishing a Foundation for Community Development through Public Contributions
Seoul prioritizes public interest in the renovation process, and Yangjae Market will include public contribution facilities.
Main Public Contribution Details:
- 2nd Floor
- Total area: 231.06㎡
- Creation of a multipurpose community space
This space will support the mutual development of local merchants in the Maljukgeori alley and will also serve as a meeting and education venue, addressing the shortage in Seocho-gu.
7. Institutional Changes from Market Deregulation
According to city officials, deregulation will significantly improve the speed of business implementation for owners.
Expected Benefits of Deregulation:
- Simplified approval procedures for business implementation
- Swift processing of management and disposal approvals
- Increased flexibility for private development
However, Seoul plans to establish public contribution criteria during the change of use process to prevent indiscriminate development.
The Yangjae Market renovation project aims not only to renovate the market but also to reconstruct urban spaces, revitalize commercial areas, supply office facilities, and improve the regional image.
Seoul plans to expand similar cases in the future to enhance urban vitality. The answer lies in reusing spaces that have disappeared from the citizens' living radius, as exemplified by Yangjae Market.
Source :https://blog.naver.com/ta8301/224149253379
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