Transforming Local Stores into Smart Shopping and Experience Spaces

Ministry of SMEs and Startups Calls for Stores to Participate in 2021 'Experiential Smart Market Pilot Project'

[Asia Economy Reporter Kim Jonghwa] The Ministry of SMEs and Startups is recruiting stores to participate in the 'Experiential Smart Market Pilot Project' for fostering retail stores based on smart technology from the 29th until the 23rd of next month.

The 'Experiential Smart Market Pilot Project' selects neighborhood stores with smart capabilities and creative ideas and supports the infrastructure to implement them. Selected stores will receive support to build infrastructure so that customers can enjoy smart devices and local specialty content while shopping at neighborhood stores.

This year, about 130 stores will be supported as a pilot. The project is divided into convergence type, which utilizes smart devices with high accessibility and experience, and regional specialization type. The convergence type is a model that creates a smart shopping space differentiated from convenience stores and large marts by combining the fusion of various industries and the entertaining elements of smart devices. The regional specialization type is a model that builds a region-customized, specialized smart service space centered on local content and community that cannot be replaced by online services.

Eligibility requires meeting the small business standards for sales scale and number of regular employees (retail and wholesale sales under 5 billion KRW, fewer than 5 regular employees), using POS devices and programs, and operating a retail business.

Selected stores will receive up to 30 million KRW in government funding covering 85% of the costs necessary for planning the experiential market, introducing smart equipment, and utilizing smart technology, with 15% co-payment by the store owner. Additionally, participants can receive assistance to refine their creative ideas through an advisory group composed of experts in design, architecture, branding, and marketing.

Baek Seokhee, Director of Small Business Management Support at the Ministry of SMEs and Startups, stated, "The experiential smart market is an advanced form beyond the existing simple unmanned smart supermarkets, supporting convergence among retail stores and community with local residents to enhance the competitiveness of neighborhood stores." He added, "In the future, we will nurture neighborhood stores into attractive independent stores in the region by combining various retail technologies and store owners' ideas."