IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v10y2018i6p1779-d149522.html
   My bibliography  Save this article

What Makes an Old Market Sustainable? An Empirical Analysis on the Economic and Leisure Performances of Traditional Retail Markets in Seoul

Author

Listed:
  • Yun-Myong Yi

    (Environmental Planning Institute, Graduate School of Environmental Studies, Seoul National University, Seoul 08826, Korea)

  • Tae-Hyoung Tommy Gim

    (Environmental Planning Institute, Graduate School of Environmental Studies, Seoul National University, Seoul 08826, Korea
    Department of Environmental Planning, Graduate School of Environmental Studies, Seoul National University, Seoul 08826, Korea
    Interdisciplinary Program in Landscape Architecture, Seoul National University, Seoul 08826, Korea)

Abstract

Traditional retail markets have long been the center for urban vitality, yet they have been under threat of advancing superstores run by corporate retailers. Studies have attempted to identify the competitiveness of the markets, but empirical evidence is not sufficient for presenting which factors contribute to the maintenance of a traditional market’s economic vitality. In South Korea, urban policies have been directed to revitalizing the markets, but their effectiveness has been questioned. This study aims to fill this void by examining traditional markets in Seoul with multiple regression on (1) the revenue and (2) the volume of customers and with negative binomial regression on (3) the popularity measured by the number of blog posts on the markets. Using a comprehensive set of variables, this paper finds that investments in physical infrastructure ( p < 0.000) and organizational/operational capacities ( p < 0.008 and p < 0.094) make a significant contribution to the economic vitality. Among product categories, the ratios of perishable food stores were found to be significant ( p < 0.000) as well as those of food shops and vendors ( p < 0.030). On the other hand, extending convenient facilities and anchor stores would reduce the revenue in the short term. In addition, traditional markets that are recognized as popular destinations may not necessarily be profitable. In this vein, attention should be paid to this mismatch when a strategy is deliberated to transform a market into a tourist attraction.

Suggested Citation

  • Yun-Myong Yi & Tae-Hyoung Tommy Gim, 2018. "What Makes an Old Market Sustainable? An Empirical Analysis on the Economic and Leisure Performances of Traditional Retail Markets in Seoul," Sustainability, MDPI, vol. 10(6), pages 1-22, May.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:6:p:1779-:d:149522
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/10/6/1779/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/10/6/1779/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Gyu Hwan Kim & In Kwon Park, 2015. "Agglomeration economies in knowledge production over the industry life cycle: evidence from the ICT industry in the Seoul Capital Area, South Korea," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 19(3), pages 400-417, November.
    2. Tony Yuo & Neil Crosby & Colin Lizieri & Philip McCann, 2003. "The Management of Positive Inter-Store Externalities in Shopping Centres: Some Empirical Evidence," Real Estate & Planning Working Papers rep-wp2003-10, Henley Business School, University of Reading.
    3. Seongman Jang & Youngsoo An & Changhyo Yi & Seungil Lee, 2017. "Assessing the spatial equity of Seoul’s public transportation using the Gini coefficient based on its accessibility," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 21(1), pages 91-107, January.
    4. Tae-Hyoung Gim, 2012. "A meta-analysis of the relationship between density and travel behavior," Transportation, Springer, vol. 39(3), pages 491-519, May.
    5. Geon Kim & Kyung-Min Kim, 2018. "The impact of firm size and industrial diversity on office market volatility," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 22(4), pages 565-578, October.
    6. Xin Li & Bingruo Duan, 2018. "Organizational microblogging for event marketing: a new approach to creative placemaking," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 22(1), pages 59-79, January.
    7. Maruyama, Masayoshi & Wu, Lihui & Huang, Lin, 2016. "The modernization of fresh food retailing in China: The role of consumers," Journal of Retailing and Consumer Services, Elsevier, vol. 30(C), pages 33-39.
    8. de La Pradelle, Michèle & Jacobs, Amy & Katz, Jack, 2006. "Market Day in Provence," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226141848, February.
    9. Tony Yuo, 2003. "The management of Positive inter-store externalities in shopping centres," ERES eres2003_304, European Real Estate Society (ERES).
    10. Marcus Gerbich, 1998. "Shopping Center Rentals: An Empirical Analysis of the Retail Tenant Mix," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 283-296.
    11. Colin Lizieri & Neil Crosby & Tony ShunTe Yuo & Philip McCann, 2004. "Tenant Mix Variety in Regional Shopping Centres. Some UK Empirical Analyses," ERES eres2004_175, European Real Estate Society (ERES).
    12. John Haltiwanger & Ron Jarmin & C. J. Krizan, 2010. "Mom-and-Pop Meet Big-Box: Complements or Substitutes?," NBER Chapters, in: Cities and Entrepreneurship, National Bureau of Economic Research, Inc.
    13. Finn, Adam & Louviere, Jordan J., 1996. "Shopping center image, consideration, and choice: Anchor store contribution," Journal of Business Research, Elsevier, vol. 35(3), pages 241-251, March.
    14. Boarnet, Marlon & Crane, Randall, 2001. "The influence of land use on travel behavior: specification and estimation strategies," Transportation Research Part A: Policy and Practice, Elsevier, vol. 35(9), pages 823-845, November.
    15. Wadu Mesthrige Jayantha & Chu Chun Ming, 2015. "The effect of urban redevelopment on retail shopping property values: a case study in Hong Kong," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 19(3), pages 379-399, November.
    16. Lawrence J. Vale, 2018. "Cities of stars: urban renewal, public housing regeneration, and the community empowerment possibility of governance constellations," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 22(4), pages 431-460, October.
    17. Holbrook, Morris B & Hirschman, Elizabeth C, 1982. "The Experiential Aspects of Consumption: Consumer Fantasies, Feelings, and Fun," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 9(2), pages 132-140, September.
    18. Raul P. Lejano & Wing-Shan Kan, 2015. "Seeing urban regeneration through an institutional lens: toward a new contextualism," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 19(3), pages 257-268, November.
    19. Youngkook Kim, 2016. "Impacts of the perception of physical environments and the actual physical environments on self-rated health," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 20(1), pages 73-87, March.
    20. Tara L. Ramani & Josias Zietsman, 2016. "Sustainable transportation – alternative perspectives and enduring challenges," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 20(3), pages 318-333, September.
    21. Matthew P. Drennan, 2018. "Do agglomeration economies decay over short distances? Are they stable in the face of shocks? Evidence from Manhattan," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 22(1), pages 1-16, January.
    22. Sophie Watson, 2009. "The Magic of the Marketplace: Sociality in a Neglected Public Space," Urban Studies, Urban Studies Journal Limited, vol. 46(8), pages 1577-1591, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fang-Wu Tung, 2021. "Rediscovering Herb Lane: Application of Design Thinking to Enhance Visitor Experience in a Traditional Market," Sustainability, MDPI, vol. 13(7), pages 1-15, April.
    2. Yun‐Myong Yi & Tae‐Hyoung Tommy Gim, 2020. "Does virtual discussion of a retail space affect the economic outcomes of the retail stores? The dynamics among retail environment, economic performances, and the perceived characteristics of the trad," Growth and Change, Wiley Blackwell, vol. 51(4), pages 1921-1953, December.
    3. Zanete Garanti & Aysen Berberoglu, 2018. "Cultural Perspective of Traditional Cheese Consumption Practices and Its Sustainability among Post-Millennial Consumers," Sustainability, MDPI, vol. 10(9), pages 1-15, September.
    4. Liang, Chih-Chin & Yu, Annie Pei-I & Le, Thi Hong, 2021. "Customers focus and impulse buying at night markets," Journal of Retailing and Consumer Services, Elsevier, vol. 60(C).
    5. Dian Shao & Weiting Xiong, 2022. "Does High Spatial Density Imply High Population Density? Spatial Mechanism of Population Density Distribution Based on Population–Space Imbalance," Sustainability, MDPI, vol. 14(10), pages 1-22, May.
    6. Kim, Woohyoung & Kim, Hyun & Hwang, Jinsoo, 2020. "Sustainable growth for the self-employed in the retail industry based on customer equity, customer satisfaction, and loyalty," Journal of Retailing and Consumer Services, Elsevier, vol. 53(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tae-Hyoung Tommy Gim, 2018. "An Analysis of the Relationship between Land Use and Weekend Travel: Focusing on the Internal Capture of Trips," Sustainability, MDPI, vol. 10(2), pages 1-17, February.
    2. Hermanus Geyer Jr, 2011. "The Retail City in Greater Birmingham – The changing face of urban retail districts as a result of retail-led regeneration and containment policy," ERSA conference papers ersa11p1358, European Regional Science Association.
    3. Lo, Ada & Qu, Hailin, 2015. "A theoretical model of the impact of a bundle of determinants on tourists’ visiting and shopping intentions: A case of mainland Chinese tourists," Journal of Retailing and Consumer Services, Elsevier, vol. 22(C), pages 231-243.
    4. Tae-Hyoung Tommy Gim, 2018. "Tourist Satisfaction, Image, and Loyalty from an Interregional Perspective: An Analysis of Neighboring Areas with Distinct Characteristics," Sustainability, MDPI, vol. 10(4), pages 1-18, April.
    5. Tony Shun-TeYuo & Colin Lizieri & Phillip McCann & Neil Crosby, 2011. "Rental Values in UK Shopping Malls," Urban Studies, Urban Studies Journal Limited, vol. 48(8), pages 1667-1679, June.
    6. Carolina Ajeng & Tae-Hyoung Tommy Gim, 2018. "Analyzing on-Street Parking Duration and Demand in a Metropolitan City of a Developing Country: A Case Study of Yogyakarta City, Indonesia," Sustainability, MDPI, vol. 10(3), pages 1-14, February.
    7. El Hedhli, Kamel & Chebat, Jean-Charles & Sirgy, M. Joseph, 2013. "Shopping well-being at the mall: Construct, antecedents, and consequences," Journal of Business Research, Elsevier, vol. 66(7), pages 856-863.
    8. Tae-Hyoung Tommy Gim, 2022. "How does the length of residence in a neighborhood vary the effects of neighborhood land use on commuting trip time and mode choice?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 68(1), pages 95-123, February.
    9. Tae-Hyoung Tommy Gim, 2023. "Residential self-selection or socio-ecological interaction? the effects of sociodemographic and attitudinal characteristics on the built environment–travel behavior relationship," Transportation, Springer, vol. 50(4), pages 1347-1398, August.
    10. Khare, Arpita, 2011. "Mall shopping behaviour of Indian small town consumers," Journal of Retailing and Consumer Services, Elsevier, vol. 18(1), pages 110-118.
    11. Elvis Bregu & Bitila Shosha, 2019. "The Diffusion of M-Pesa in Developing Countries: Convergence Program Lead Vodafone Albania Sh.a, Tirane, Albania," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 5, May - Aug.
    12. De Nisco, Alessandro & Warnaby, Gary, 2014. "Urban design and tenant variety influences on consumers' emotions and approach behavior," Journal of Business Research, Elsevier, vol. 67(2), pages 211-217.
    13. Imroz Mahmud & Shamsad Ahmed & Farid Ahammad Sobhani & Md Aminul Islam & Samira Sahel, 2023. "The Influence of Mall Management Dimensions on Perceived Experience and Patronage Intentions in an Emerging Economy," Sustainability, MDPI, vol. 15(4), pages 1-16, February.
    14. Hanna Larsson & Erik Asberg, 2011. "Not in the Shopping Cart - On the experiential aspects of retail shopping centers," ERSA conference papers ersa10p837, European Regional Science Association.
    15. Küper, Inken & Edinger-Schons, Laura Marie, 2020. "Is sharing up for sale? Monetary exchanges in the sharing economy," Journal of Business Research, Elsevier, vol. 121(C), pages 223-234.
    16. Michel Clement & Anke Lepthien & Tim Schulze, 2016. "Erfolgsfaktoren bei der Vermarktung von Kunst [Success Factors for Marketing of Arts]," Schmalenbach Journal of Business Research, Springer, vol. 68(4), pages 377-400, December.
    17. Siwarit Pongsakornrungsilp & Pimlapas Pongsakornrungsilp & Theeranuch Pusaksrikit & Pimmada Wichasin & Vikas Kumar, 2021. "Co-Creating a Sustainable Regional Brand from Multiple Sub-Brands: The Andaman Tourism Cluster of Thailand," Sustainability, MDPI, vol. 13(16), pages 1-23, August.
    18. Wikstrom, Solveig & Carlell, Camilla & Frostling-Henningsson, Maria, 2002. "From real world to mirror world representation," Journal of Business Research, Elsevier, vol. 55(8), pages 647-654, August.
    19. Carmela Milano, 2015. "Democratization or else vulgarization of cultural capital? The role of social networks in theater’s audience behavior," Working Papers CEB 15-004, ULB -- Universite Libre de Bruxelles.
    20. Li, Jingjing & Kim, Changjoo & Sang, Sunhee, 2018. "Exploring impacts of land use characteristics in residential neighborhood and activity space on non-work travel behaviors," Journal of Transport Geography, Elsevier, vol. 70(C), pages 141-147.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:10:y:2018:i:6:p:1779-:d:149522. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.