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Korean fish market resists gentrification

Seoul's oldest and largest fish market -- a city landmark and tourist hot-spot -- is fighting a move to a futuristic, half-billion-dollar facility, with vendors insisting they prefer the sprawling, run-down site they have called home for 45 years. The dispute mirrors others in the vibrant South Korean capital, where design upgrades of some traditional locations and neighbourhoods are being fiercely resisted.

Nestled between densely packed high-rises in the southern part of the city, Noryangjin Wholesale Fisheries Market is a 24-hour sensory overload that sells pretty much every seafood imaginable -- much of it still alive. The Suhyup corporation which manages the market wants it moved into a shiny, steel and glass, state-of-the-art facility that it built next door -- in the shape of a dolphin -- at significant expense.

The management argues that the current site is outdated, inefficient and structurally dangerous, while the vendors say the stalls they are being offered in the new building are too small and over-priced. The plans echo the situation in Tokyo, home to the famed Tsukiji market -- the world's biggest fish emporium, which authorities are planning to move to a new, more modern facility this year at an estimated cost of $3.8 billion.

The 66,000 square-meter market has been operating 24/7 since South Korea lifted a nighttime curfew in 1982, and serves 30,000 customers a day. It has become a cultural landmark that attracts hundreds of tourists. Vendors opposed to the move fear the market will lose its identity and the sights, sounds, smells and general chaos that make it both authentic and unique. But the management is insistent.

The new complex could hardly be more different. Along with the fish market, it will house glitzy restaurants with a spectacular river view and terrace cafes that will stage live concerts. It has been ready to welcome new tenants since October but, four months in, it's still a ghost structure, with only the parking lot and underground refrigeration system in use. But the vendors' committee and others are still refusing to shift.

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Losing money, losing face

The issue of Non Performing Assets has to be dealt with firmly. Why should the public pay again, for the failure on the part of the banks?

Binayak Datta
Published Mar 10, 2016, 12:00 AM IST
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Losing money, losing face

The cat is out of the bag “ finally. Only, nobody seems really to know how big and mighty this “cat” is. Finally, the junior minister for finance in the Gyan Sangam came out with the number, a whopping Rs 8 lakh crores of Non Performing Assets (NPA) - double of total planned revenue expenditures made by the union government in a year. Banks advance loans to companies and individuals out of the deposits that citizens place with them from their hard earned savings. These loans…

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