This study attempts to identify major gaps in the perception of merchants and customers on the attractiveness of Namdaemun Market in downtown Seoul. Selected interviewees were asked to express their opinions on the strengths and weaknesses in the locational characteristics of the Market. Also investigated were, inter alia, relationships among the shopkeepers and their attitudes toward online shopping. The results clearly reveal the changes that took place over the years and various challenges lying ahead for the Namdaemun Market to remain competitive. Future efforts need to focus on maintaining pleasant shopping environment, while improving the level of service and accessibility to attract more young groups of consumers.