Bill to Tackle Vacant Shops in Traditional Markets Passes National Assembly

The 'Traditional Market Vacant Shop Resolution Act' (an amendment to the Special Act on the Promotion of Traditional Markets and Shopping Districts), championed by Rep. Park Yong-gap of the Democratic Party of Korea, passed the National Assembly's plenary session on the 23rd.

The amendment focuses on improving systems to allow for more active utilization of vacant shops within traditional markets and shopping districts.

According to the Small and Medium Business Foundation's '2024 Traditional Market/Shopping District Store Management Status Survey,' out of approximately 320,000 stores in 1,403 traditional markets, 280 shopping districts, and 264 alley-type shopping districts nationwide, 36,224 were found to be vacant.

Prior to the passage of the amendment, government support was limited to areas such as installing customer information facilities, operating cultural and educational programs, and supporting youth entrepreneurship. However, with the amendment's implementation, support will now extend to cases where existing merchants, merchant associations, or entrepreneurs establish sales facilities.

Rep. Park Yong-gap stated his expectation that the passage of this bill will serve as an opportunity to utilize over 36,000 vacant shops nationwide as new startup spaces and revitalize traditional markets and local commercial areas.