“This video captures a performance by Miles Davis, a pivotal figure in modern jazz history, at the Paris Jazz Festival in 1989. I’ve truly discovered a rare treasure.”
On October 6, at a secondhand record store in Dongmyo Flea Market in Jongno, Seoul, Joe Vickers beamed with pride as he showcased his 'loot.' In his hands was an album by Davis, an American trumpeter and composer known for pioneering new styles of jazz in the mid-20th century, which he found for just 7,000 won.
Originally from London, Vickers is an exchange student at Dongguk University. He said, “I wanted to show my friends the diverse aspects of Korea, so I visited the flea market. I tried a chive pancake from a street vendor for the first time, and it was delicious. This will definitely be an unforgettable memory.”
Korea is captivating foreign visitors. From January to August this year, 15.04 million foreign tourists visited Korea, a 21.6% increase compared to the same period last year, which saw 12.37 million visitors. In August, Seoul was ranked first as the ‘Favorite Worldwide City’ in the 2026 Trazees, an award organized by the travel media Trazee Travel, marking its fifth consecutive year at the top. This ranking reflects the preferences of trendsetting travelers aged 25 to 40, a key consumer demographic in the global travel market.
As foreign visitors shift away from typical tourist attractions to experience local life and culture, traditional markets have emerged as essential destinations. After exploring K-fashion and K-beauty at pop-up stores and cultural spaces in Seongsu-dong, tourists are enjoying street food and vintage shopping in Dongmyo.
The routes taken by foreign tourists in Seoul are expanding beyond traditional landmarks like Myeongdong and palaces to include traditional markets, cultural spaces, and urban hiking spots. According to an analysis by the Seoul AI Foundation, the number of foreign visitors to major tourist sites in 2025 is projected to increase by 12.1% at Dongdaemun Design Plaza, 11.8% at Achasan, 10.5% at Hongdae and Naksan Park, 10.4% at Gwangjang Market, and 10.0% at Gwanaksan.
In response to this trend, traditional markets are evolving. The Starbucks at Kyungdong 1960 is cited as a prime example of a public-private partnership revitalizing the local economy.
Opened in December 2022 after remodeling the long-abandoned Kyungdong Theater from the 1960s, Starbucks Kyungdong 1960 has garnered significant interest from young people and foreigners.
The store has a unique story, preserving the original theater's structure to maintain its charm. It features a performance space where cultural events are regularly held. The store spans 363.5 pyeong and includes approximately 200 seats across the third and fourth floors of the Kyungdong Market main building.
A Japanese woman named Mei, who visited the store, said, “I came with friends because I heard there’s a huge Starbucks in a remodeled theater. It’s interesting to feel the retro atmosphere here.”
Located within Gwangjang Market, the Olive Young Gwangjang Market store is decorated in a 1960s retro style. Naila, who came from Indonesia, remarked while selecting products from a cosmetics video, “The store has a unique character. It’s great to explore the traditional market while shopping for cosmetics.”
The influx of foreign tourists is translating into economic benefits for traditional markets. According to the Seoul city government, the cumulative card spending by foreign tourists in Seoul from January to August this year reached 7.7813 trillion won, a 59.9% increase from 4.8662 trillion won during the same period last year. Notably, foreign card spending in traditional markets surged by 50.1%, with Gwangjang Market (127.4%) and Namdaemun Market (67.9%) showing significant increases.
The government is also working to improve payment convenience for foreign tourists at traditional markets. QR payments are now possible at Onnuri gift certificate merchants in traditional markets through over 40 foreign payment apps, including Alipay, without the need for currency exchange.
While the shift in foot traffic from foreign tourists and young adults to traditional markets is notable, it remains uncertain whether this will compensate for the rapidly declining number of traditional market customers. According to a survey by the Small Enterprise and Market Service, the annual customer count for traditional markets, which reached 2.06 billion in 2020, dropped to 2.03 billion in 2021, 1.96 billion in 2022, and is projected to plummet to 1.66 billion in 2023, with estimates of just 1.57 billion in 2024.
Experts highlight 'storytelling' as a key to revitalizing traditional markets. They advise that efforts should be made to incorporate unique cultural narratives that can attract foreign visitors into government initiatives like the ‘Cultural Tourism Traditional Market’ project.
Jeong Eun-ae, a researcher at the Small and Medium Business Administration, stated, “Support should be directed toward increasing the variety of products, events, and experiences that consumers want in the market. We need to create spaces that encourage longer stays by utilizing vacant stores.”
As seen in the case of Starbucks Kyungdong 1960, collaboration with large corporations can inject ‘new stories’ into traditional markets. Lee Jeong-hee, a professor at Chung-Ang University, emphasized the need for companies to actively discover cases of co-growth with traditional markets, suggesting that creating diverse narratives could lead to mutual benefits for all parties involved.
Additionally, research indicates that global performances and tourism, such as K-content, positively impact local economies and small business revenues.
The Ministry of SMEs and Startups reported that an analysis of sales changes among small businesses in Busan before and after the BTS world tour concert ‘Arirang’ held on June 12-13 showed a 3.6% increase compared to the same period last year. This figure significantly exceeds the national average sales growth rate of 0.4% and Seoul's rate of 0.3% during the same period.
On October 6, at a secondhand record store in Dongmyo Flea Market in Jongno, Seoul, Joe Vickers beamed with pride as he showcased his 'loot.' In his hands was an album by Davis, an American trumpeter and composer known for pioneering new styles of jazz in the mid-20th century, which he found for just 7,000 won.
Originally from London, Vickers is an exchange student at Dongguk University. He said, “I wanted to show my friends the diverse aspects of Korea, so I visited the flea market. I tried a chive pancake from a street vendor for the first time, and it was delicious. This will definitely be an unforgettable memory.”
Korea is captivating foreign visitors. From January to August this year, 15.04 million foreign tourists visited Korea, a 21.6% increase compared to the same period last year, which saw 12.37 million visitors. In August, Seoul was ranked first as the ‘Favorite Worldwide City’ in the 2026 Trazees, an award organized by the travel media Trazee Travel, marking its fifth consecutive year at the top. This ranking reflects the preferences of trendsetting travelers aged 25 to 40, a key consumer demographic in the global travel market.
As foreign visitors shift away from typical tourist attractions to experience local life and culture, traditional markets have emerged as essential destinations. After exploring K-fashion and K-beauty at pop-up stores and cultural spaces in Seongsu-dong, tourists are enjoying street food and vintage shopping in Dongmyo.
The routes taken by foreign tourists in Seoul are expanding beyond traditional landmarks like Myeongdong and palaces to include traditional markets, cultural spaces, and urban hiking spots. According to an analysis by the Seoul AI Foundation, the number of foreign visitors to major tourist sites in 2025 is projected to increase by 12.1% at Dongdaemun Design Plaza, 11.8% at Achasan, 10.5% at Hongdae and Naksan Park, 10.4% at Gwangjang Market, and 10.0% at Gwanaksan.
In response to this trend, traditional markets are evolving. The Starbucks at Kyungdong 1960 is cited as a prime example of a public-private partnership revitalizing the local economy.
Opened in December 2022 after remodeling the long-abandoned Kyungdong Theater from the 1960s, Starbucks Kyungdong 1960 has garnered significant interest from young people and foreigners.
The store has a unique story, preserving the original theater's structure to maintain its charm. It features a performance space where cultural events are regularly held. The store spans 363.5 pyeong and includes approximately 200 seats across the third and fourth floors of the Kyungdong Market main building.
A Japanese woman named Mei, who visited the store, said, “I came with friends because I heard there’s a huge Starbucks in a remodeled theater. It’s interesting to feel the retro atmosphere here.”
Located within Gwangjang Market, the Olive Young Gwangjang Market store is decorated in a 1960s retro style. Naila, who came from Indonesia, remarked while selecting products from a cosmetics video, “The store has a unique character. It’s great to explore the traditional market while shopping for cosmetics.”
The influx of foreign tourists is translating into economic benefits for traditional markets. According to the Seoul city government, the cumulative card spending by foreign tourists in Seoul from January to August this year reached 7.7813 trillion won, a 59.9% increase from 4.8662 trillion won during the same period last year. Notably, foreign card spending in traditional markets surged by 50.1%, with Gwangjang Market (127.4%) and Namdaemun Market (67.9%) showing significant increases.
The government is also working to improve payment convenience for foreign tourists at traditional markets. QR payments are now possible at Onnuri gift certificate merchants in traditional markets through over 40 foreign payment apps, including Alipay, without the need for currency exchange.
While the shift in foot traffic from foreign tourists and young adults to traditional markets is notable, it remains uncertain whether this will compensate for the rapidly declining number of traditional market customers. According to a survey by the Small Enterprise and Market Service, the annual customer count for traditional markets, which reached 2.06 billion in 2020, dropped to 2.03 billion in 2021, 1.96 billion in 2022, and is projected to plummet to 1.66 billion in 2023, with estimates of just 1.57 billion in 2024.
Experts highlight 'storytelling' as a key to revitalizing traditional markets. They advise that efforts should be made to incorporate unique cultural narratives that can attract foreign visitors into government initiatives like the ‘Cultural Tourism Traditional Market’ project.
Jeong Eun-ae, a researcher at the Small and Medium Business Administration, stated, “Support should be directed toward increasing the variety of products, events, and experiences that consumers want in the market. We need to create spaces that encourage longer stays by utilizing vacant stores.”
As seen in the case of Starbucks Kyungdong 1960, collaboration with large corporations can inject ‘new stories’ into traditional markets. Lee Jeong-hee, a professor at Chung-Ang University, emphasized the need for companies to actively discover cases of co-growth with traditional markets, suggesting that creating diverse narratives could lead to mutual benefits for all parties involved.
Additionally, research indicates that global performances and tourism, such as K-content, positively impact local economies and small business revenues.
The Ministry of SMEs and Startups reported that an analysis of sales changes among small businesses in Busan before and after the BTS world tour concert ‘Arirang’ held on June 12-13 showed a 3.6% increase compared to the same period last year. This figure significantly exceeds the national average sales growth rate of 0.4% and Seoul's rate of 0.3% during the same period.
* This article has been translated by AI.
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