Young entrepreneurs revitalizing local traditional markets

Korea's traditional markets are bustling with a new energy these days, generated by a fresh generation of young entrepreneurs drawn by low rents and the prospect of making it on their own.
Their start-ups, in turn, are attracting shoppers and revitalizing the markets.
Shin Se-min reports.
Nambu Traditional Market in Jeonju had a proud tradition of being one of the country's three busiest markets... until a couple of years ago.
The market, like many others,... had found itself losing ground to large supermarkets with lower prices.
But that's changing fast...


"It's become one of the busiest traditional markets in the country,… with thousands of visitors dropping by every day. It owes much of its renewed popularity to young entrepreneurs whose unconventional shops drew consumers to this historic space."

Thirty-five fledgling entrepreneurs have set up shop here,... drawn by lower rents and the prospect of reducing start-up costs.
Kim Eun-hong gave up his job in Seoul to pursue the life he'd always wanted.


"I want to make just enough money to live my life to the fullest. That's all I want. I'm not looking to make a fortune."

He's not the only one.
Forty-eight other young entrepreneurs have achieved their goal of making "just" enough money,... and their businesses are doing well.


"The start-ups have even helped the traditional shopkeepers on the main floor, bringing the market's total sales up by 20-percent last year."

Just last year, over 22-thousand entrepreneurs under the age of 39 started their own businesses -- becoming the largest group in any age bracket.
And soon, the start-up sector could expand even further.
The government is working to reach a wider group of young entrepreneurs... by offering to subsidize rental costs at local markets, and Shinsegae Group has vowed to invest over 9 million U.S. dollars to train young entrepreneurs seeking to open shop in local markets.
Shin Se-min, Arirang News.