Young People Gain Practical Business Experience, Solving the Issue of Vacant Stores in Traditional Markets
80% Rent Subsidy and Educational Support, Business Know-How Shared Through Collaboration with Existing Merchants
Mapo-gu (Mayor Park Kangsu) is recruiting young participants for the "Youth Merchants Living and Working in Traditional Markets for a Month" program until June 4.
According to the "Traditional Market and Shopping District Store Management Status Survey Report" (September 2024) by the Small Enterprise and Market Service, there are 22,681 vacant stores in traditional markets nationwide, accounting for 9.8% of the total.
In contrast, the National Tax Service's "Statistical Analysis of the Top 100 Everyday Business Types" shows that the rate of businesses remaining open for more than three years is 53.8%, and for more than five years is 39.6%, indicating that the longer the business operates, the lower the retention rate becomes.
To sustain a business under these circumstances, it is crucial to have sufficient preparation time and the basic operational capacity to bear capital burdens. In addition, a stable sales base, thorough market research, and a solid business plan must be in place.
In response, Mapo-gu has launched the "Youth Merchants Living and Working in Traditional Markets for a Month" program to help young people gain hands-on business experience in traditional markets using their own ideas, while also addressing the issue of vacant stores in these markets.
Eligible applicants are young people aged 19 to 39 who reside in Mapo-gu as of May 21, 2025, the announcement date. Anyone with an innovative business idea that can promote coexistence with existing merchants and revitalize traditional markets is welcome to apply.
Youth wishing to apply can download the application form and business plan template from the Mapo-gu Office website, complete them, and submit the required documents via email to the Economic Promotion Division of Mapo-gu.
Final participants will be selected through document screening and in-person interviews.
Selected youth will be able to run their businesses in Mapo-gu-designated vacant stores within the Mapo Agricultural and Marine Products Market during their desired period between July and December, with up to 80% of the rent and other costs subsidized.
Additionally, Mapo-gu will provide educational programs to strengthen the business capabilities of young merchants and plans to connect them with existing market vendors to pass on business know-how.
For more details about the "Youth Merchants Living and Working in Traditional Markets for a Month" program, please refer to the announcement posted in the notices section of the Mapo-gu Office website.
Park Kangsu, Mayor of Mapo-gu, stated, "I hope this program will provide young people with a valuable opportunity to run their own businesses and serve as a catalyst for new vitality and change in traditional markets. Mapo-gu will continue to offer support and attention so that young people can grow into key players in the economy."
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