Present and Future of the Korean Firms: Focused on the Traditional Market

Purpose - This study aimed to explore and examine the government policies and supporting systems of the traditional market in Korea. Research design / data / methodology - Recognizing these problems, the Korean government enacted three special legislations and adopted six support policies in support of the traditional markets. Results - Those markets with modernized stores, parking lots, and arcades have certainly increased sales and the number of customers. However, this uniform modernization support policy was short of supporting strategies that could have developed characteristics and advantages of each market, so many markets and merchants lost self-sustainable ability and ended up with relying on government support. Conclusions - The study indicates that Small & Medium Business Administration's role in implementing government policies including selection of the markets that needed to be modernized, developing commercial areas in connection with traditional market and neighboring shopping streets, customizing and improving distribution system, developing specialty stores, merchant college, merchants' self-sustainable ability, and creating convenient and safe shopping environment is vital to traditional markets' future success.