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1913 Songjeong-yeok by Hyundai Card, South Korea 1913 Songjeong-yeok by Hyundai Card, South Korea
1913 Songjeong-yeok by Hyundai Card, South Korea 1913 Songjeong-yeok by Hyundai Card, South Korea
1913 Songjeong-yeok by Hyundai Card, South Korea 1913 Songjeong-yeok by Hyundai Card, South Korea
1913 Songjeong-yeok by Hyundai Card, South Korea 1913 Songjeong-yeok by Hyundai Card, South Korea
1913 Songjeong-yeok by Hyundai Card, South Korea 1913 Songjeong-yeok by Hyundai Card, South Korea

Market makeover

26 : 05 : 2016 Hyundai Card : South Korea : Placemaking

South Korea – Hyundai Card has led the redevelopment of a 103-year-old marketplace in the southern city of Gwangju.

  • Younger store owners have reduced the average age of merchants by 15 years
  • Following the renovation, the number of visitors has jumped from 200 a day in May 2015 to 4,300 a day

Before the redevelopment, just 36 of the once bustling marketplace’s 70 stores were open for business, and it was viewed by residents as more of a tourist attraction than a commercial centre.

Through the Gwangju Creative Economy Innovation Center, which was established by parent company Hyundai Motor Group in 2015, credit card company Hyundai Card has rebranded the marketplace as retail and cultural hotspot 1913 Songjeong-yeok. The company selected 17 young entrepreneurs from more than 100 applicants to open stores in the marketplace, inspiring innovation among the existing stores, which range from delicatessens to barber shops.

The opening of a nearby high-speed KTX railway connection in 2015 was a boon for the area and a new waiting lounge enables travellers to sample snacks while keeping an eye on the departure boards.

The Big Picture

For more on how brands are taking a more proactive role in shaping their cities, download our 2016 Placemaking Summit Report for free here.

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