为什么传统市场对海湾合作委员会的未来很重要

Traditionalmarketsasurbanassets

AGCCplaybooktoboosturbanvitality,heritagevalue,andeconomicgrowth

Traditionalmarketsorsouqsshouldnotbenostalgicrelics.Theyshouldbemultipurposeassetsthat,whenintentionallydesignedandwell-run,advanceinclusivegrowth,anchorheritage,andanimatecitylife.

BenchmarksacrosstheGCCandgloballyshowthatwell-runtraditionalmarketscandelivereconomic,cultural,

tourism,andcommunityoutcomes.

Thisreportcombinesthreekeyinputs:abenchmarkof30traditionalmarkets,aglobal

consumersurveyofmorethan2,000respondents,andinterviewswithinvestorsandoperatorsfromacrosstheGulfCooperationCouncil(GCC).1

ThefollowingroadmaptranslatestheinsightsgatheredintoapracticalapproachforGCC

governments,usingtacticalurbanism—temporary,low-costpilots—tovalidatedemand,

refineoperatingmodels,andde-riskinvestmentbeforescalingacrosscitiessuchasAbuDhabi,Doha,Dubai,Jeddah,KuwaitCity,Muscat,Riyadh,andothers.

1Methodology:Ourconsumersurveycaptured2,250respondentsacrossages18-60+(largestcohorts25-35and36-46),with

61%female,spanningtheGulfCooperationCouncilcountries,thewiderMiddleEast,Asia,Africa,andEurope/Americas.

©OliverWyman3

WHYMOVENOW

Evidence,demand,andinvestmentreadiness

Thischaptersetsoutwhytraditionalmarketsmeritrenewedinvestmenttoday,supportedbystrongperformance,provendemand,anddeliverymodelsthatreducerisk.Whenmarketsareactivelymanagedratherthanlefttochance,theydelivermeasurablereturns:

1.Attractiveinvestmenteconomics:Well-runtraditionalmarketsdeliverattractiveand

resilientreturns,creatingacompellingcaseforbothpublicandprivateinvestment.InLondon,rentalincomefromactivelymanagedmarketsconsistentlyoutperformscomparabledistrictselsewhereinthecity,accordingtoLoopNet.CoventGarden,forexample,achievesanannual

returnofUS$106persquarefootversusUS$85intheCityofLondon(+25%);ChapelMarketpostsUS$66versusIslington’sUS$41(+61%);whileBoroughMarketrecordsUS$45versusSouthwark’sUS$36(+25%).

InterviewswithGCC-basedinvestorsandoperatorsindicateastrongappetiteforsuchmodels,providedrisksareclearlymanagedandrolesarewelldefined.Investorstendtofavorscalablemarketinvestmentsthatcanbereplicatedacrossmultiplesites,ratherthanone-off,large-scalebespokedevelopments,particularlywhereactivemanagementandclearoperatingstandards

underpinperformance.Theserentpremiumsarebuiltthroughcuratedtenants,clearoperatingstandards,andyear-roundprogrammingthatturnsoccasionalvisitsintohabit,keepingsales

steadybetweenpeaks.

2.Footfallthatendures:Istanbul’sGrandBazaarinTurkeywelcomesupto400,000visitorsaday—evidencethatwhenheritage,easyaccess,andastrongvendormixalign,crowdsarebothlargeandreliable.Thatconsistencyliftsthesurroundingdistrict:itfuelsspendingon

adjacentstreets,strengthenstheperformanceofhospitalitybusinesses,andreinforcesthecity’sbrandthroughmemorableeverydayexperiences.

3.Livelihoodsthatgrow:SouqSuwaiqahinSaudiArabia’sMadinahhastrained3,000womeninrecentyears,showinghowarevivedheritagemarketcandoubleasaninclusionengine—buildingskills,microenterprise,anddiversifiedhouseholdincomeatcityscale.Theprogramtrainsartisans,placesgraduatesinsupportedstalls,andconvertsheritageintojobsthat

diversifyhouseholdincomeandstrengthentheculturaleconomy.

4.Consumersentiment:Ourresearchshowsthatpeoplearedrawntotraditionalmarketsfortheiratmosphere,heritage,andsenseofplace.

©OliverWyman4

ForGCCleaders,themessageissimple:treattraditionalmarketsasinvestablepublicrealm

assets.Donewell,marketsbecomeculturalanchors,tourismgateways,andcommunityhubsthatliftdistrictperformanceandstrengthencityidentity.

Exhibit1:Traditionalmarketsdelivermultiplecityoutcomes

Culturalandheritageanchor

Serveaslivingrepresentationsofheritageinamodernizingcity

AlAinSouq,locatedintheoasisofAlAin,tellsthestoryofAbuDhabi'srichheritage,authenticallypreservingtheessenceandfeelofatraditionalmarketplace

ByblosSouqinLebanonisembeddedwithinthehistoriccoreofoneofthe

world'soldestcontinuouslyinhabitedcities,adjacenttotheMedievalCitadel

Economicengine

Enablegrassrootseconomicparticipationandsupportdiversebusinessecosystems

SouqSuwaiqahinMadinahhas

providedtrainingandemploymentto3,000women

TraditionalMarketslikeCoventGardenareabletocharge25%higherretailleaserates

Tourismgateway

Actasaccessiblepointsofentryintoacityscultureforvisitors

GrandSouqinDeira,Dubai,drewmorethan1.8millionvisitorsforRamadanin2026

KhanElKhaliliisoneofthemostfamousmarketsintheworldattractingtourists

Communityplatform

Providespacesforresidentstogather,interact,andcelebratetraditions

SouqAlZalinRiyadhhaslongbeenagatheringspotforthelocalcommunity

AlAinshistoricsouqareascontinuetofunctionaseverydaygatheringplacestiedtotheoasiscitysheritageand

communitylife

Navigationallandmark

Traditionalmarketscanactasgatewaystohistoricdistrictsorheritagesites

The600meterSouqAl-Hamidiyah

linksthemainroadfromoutsidethecitadeltotheUmayyadMosque

SouqWaqifQatarispositioned

betweenCornicheanddowntown

Dohaandactsasaspatialthreshold

Source:OliverWyman

©OliverWyman5

GCCheritageadvantage

GCCcitiesalreadyhavestrongfoundationstobuildon—authenticplaces,well-knownmarketnames,andstill-vibrantcrafttraditions.

•Leverageprovenanchorsandextendthem.SitessuchasDoha’sSouqWaqif,SouqAl

MubarakiyainKuwait,Jeddah’sAlBaladsouqs,AbuDhabi’sMinaMarket,AlAin’shistoricsouqareas,andMadinah’sSouqSuwaiqahofferrecognizablelocations,vendorbases,andheritageappeal.Akeymoveistofirstfocusonupgradingexistingmarketanchors—raisecomfort

withshade,seating,andclimatemeasures;improvelegibilitywithclearwayfindingand

standardizedsignage;andprogramregulareventsandartisandemonstrations—thenusethosestrengthenedanchorstoconnectadjacentstreetsandassetsintodistrict-widemarketcorridorsandacoherentcitynetwork.

•Connectanchorsintoheritagecorridorsthatdriveflowandspend.Linkmarkethallsandretailstreetstohistoricdistricts,trails,andmajorassetssuchasmosques,museums,andwaterfronts,sovisitorsnaturallymoveandengageacrossawiderarea.Addclear

wayfinding,shadedroutes,andgatewaystoincreasedwelltimeandlocalspend.

Inshort,GCCcitiesaren’tstartingfromscratch.Byprioritizinganchoredsitesandstitching

themintoheritagecorridorsandadjacentanchors,theycanturnrecognizedheritageareasintohighperforming,accessiblemarketdistricts.

WHATWORKSBEST

Settingtheambitionfortraditionalmarkets

Acriticalstartingpointfortraditionalmarketsregenerationistheexplicitdefinitionoftheir

intendedroleandambitionwithinthecity.Internationalexperienceshowsthattraditional

marketscanoccupyawidespectrumofroles,rangingfromsymbolicornicheculturalattractions—primarilyvaluedforheritage,tourism,orcommunityevents—tohighlyintegratedurban

assetsthatfunctionascoreeconomicandsocialinfrastructureembeddedindailyurbanlife.

Insomecities,marketsoperateasmulti-functionalspacescombiningretail,tourism,

placemaking,andlocalservices,whileinotherstheyremainperipheral,ad-hoc,orlegacyassetswithlimitedimpactbeyondtheirimmediatesurroundings.ExamplessuchasIstanbul’sGrandBazaarorBangkok’sneighborhoodmarketsillustrateintermediatemodelswithstrongidentitybutwithpartial/selectivespatialintegration,whilecitieslikeBarcelonaandHanoidemonstratehowmarketscanbesystematicallyembeddedwithincitywideplanningframeworksand

servicenetworks.

©OliverWyman6

Importantly,theambitionselectedfortraditionalmarketshasdirectimplicationsonhowtheyareplanned,governed,anddelivered.Higher-ambitionmodelsrequireintentionalspatial

distributiontoensureequitableaccessacrossneighborhoods,strongintegrationwithurbanandstrategicpolicy(includingmobility,publicrealm,andlocaleconomicdevelopment),andclear,centralizedgovernancestructurestomanagestandards,investment,andoperations.

Symbolicmodels,bycontrast,oftenrelyonfragmentedgovernance,selectivespatialpresence,andlimitedpolicyintegration.

Accordingly,thevaluepropositionoftraditionalmarketswillbedefinedbytheambitionselectedandwillshapetheirsocial,cultural,andeconomicimpactonthecity,determiningwhethermarketsfunctionprimarilyasculturalattractions,communityanchors,orfully

integratedurbanassets.

Whenmarketsareplannedwithintent,theymovefromsymbolicheritagetosharedurbaninfrastructure

Exhibit2:Atmosphere,heritage,andauthenticproductsarethestrongestassociationswithtraditionalmarkets

Whatcomestomindwhenyouthinkoftraditionalmarkets?

49%

49%

48%

47%

44%

40%

36%

33%

31%

Aromasofspices,food,andoud

Unique,locallymadeproducts

Richhistoryandheritage

Traditionalcraftsandartisans

Authenticculturalatmosphere

Senseofcommunityandlocallife

Bargainingandnegotiation

Amemorableandimmersiveexperience

Decorativearchitectureandsouqlayout

Source:OliverWymanConsumerSurvey

©OliverWyman7

HOWTODELIVERATSCALE

Governance,pilots,andfinancing

Turningambitionintoimpactmeansmakingownershipandstandardsexplicit,testingideasthroughquickpilots,andusingestablishedfinancingstructurestoscalewithconfidence.

Scalabledeliverythroughgovernance

Scalingatpaceandqualitydependsonhowmarketsaremanaged.Themostsuccessfulcitieshavemadegovernanceexplicit,mappedassets,andcoordinateddelivery.

•Londoncreatedacitywidedeliverystructure:AdedicatedMarketsBoardwasestablished,mapping280markets,andlaunching55revitalizationprojects—puttingcoordinationanddataatthecenterofexecution.

•SouthKoreausednationalpolicyasadeliveryengine:Followinglegislationinitiatedin

Seoul,aspecialactmandatedtriennialtraditionalmarketmasterplansattheprovinciallevel,drivingmorethan1,000marketimprovementsnationwide.

•Hanoidemonstratedapilottopolicypathway:Thecitypilotedthreetraditionalmarket

regenerationprojectstotestadeliverymodelcoveringgovernance,design,andoperations.Followingthesuccessofthosepilots,thenationalgovernmentrequiredprovincestopreparetraditionalmarketmasterplans,enablingprovenapproachestobereplicatedatscale.

•Barcelonaembeddedmarketsintothemunicipalapparatus:A43-marketnetworksitswithinformalgovernance,withclarityonownership,standards,andfunding,ensuringconsistentdeliveryandupkeep.

Designingtheoffer,place,andoperations

Inordertobebothusefulanddistinctive,marketsshouldbedesignedtobalanceproducts

witheverydayrelevance,suchasfreshfoodandhouseholdgoods,withheritage-ledcategoriesthatdrivevisitorappeal,suchaslocalartsandcrafts,perfumes,andhandicraft.Additionally—wherescalerequiresit—designersshoulduseclearlyclusteredzonesforkeycategoriessothatnavigationiseasyanddiscoveryfeelsnatural.

Nearlyhalfofsurveyedrespondents(46%)favorablendofmodernfunctionalitywithtraditionalarchitecturalelements,whileonlyaroundone-in-fivepreferafullytraditionalaesthetic.Keep

theexperiencelivelyyetauthenticwithregularculturalnights,pop-upstalls,andperformances,

©OliverWyman8

usingarchitecturethatblendsmodernfunctionalitywithtraditionalmotifssothatcomfortstayshighwhileheritageremainsvisible.Addingaservicelayersuchastailoring,calligraphy,henna,orperfumeblendingcanhelpfurtherdeependwelltimeanddifferentiatetheoffer.

Locateanddesigneachmarketsoitworkswithitssurroundingsandiseasytouse.Selectthephysicalformthatsuitsthesiteandclimate—markethall,coveredarcade,retailcorridor,or

temporarystructure—and,wherehelpful,consideralternativessuchasrooftop,underground,floating,oradaptedhistoricorindustrialbuildings.Putmarketswheretheyperformbest:

currentorhistoriccenters,alongheritageroutes,ornexttoanchorassets,suchasmosques,museums,andwaterfronts.

Integratesupportingusesandexpectedamenitiessuchashospitalityandculturalassets,

F&Bclusters,artisanworkshops,religiousandcommunityfacilities,wayfinding,parking,andaccessibilitywithrobustback-of-housefacilitieshandlingwasteandloading.

Makethejourneyfrictionlesswithasimpledigitallayer—citywidee-payments,wayfinding,QR-linkedprovenanceandvendorstories,andclick-and-collectordeliverywhereappropriate—givenhighuserreadinesstoadoptthesefeatures.Thenalignoperatingschedulestolocalpatterns(year-roundwhereviable,seasonaloverlaysforclimateorfestivals,andlateeveningsintheGCC).

Thedeliveryplaybook:Sixmovestoscaletraditionalmarkets

Thisplaybookisintendedforpublic-sectorentitiesresponsibleforplanning,delivering,and

stewardingtraditionalmarketsatcityordistrictscale—includingmunicipalauthorities,

developmentandregenerationagencies,andotherpublicbodieswithurban,heritage,orplace-makingmandates.

1.Setcitywideambitionandownership:Decidetheroleyouwantmarketstoplayacross

thewholecity.Thisiscalledthemarketnetwork:thecity’sportfoliooftraditionalmarkets

andtheconnectingpublicrealmcorridorsthatlinkthem,suchasheritageroutes,adjacent

streets.Chooseoneofthreeambitionlevels:culturaltouchpoints(orsymbolicorniche),a

portfolioofmultifunctionalurbanassets,orcoresocioeconomicinfrastructure.Next,designateasingle,namedMarketsBoardorAuthoritytoownstandards,budgets,anddeliveryacross

thatnetwork,supportedbyacitywidemasterplanandmapping.Putgovernancetoworkwithasimplerulebook—cleartenantselection,onesignagestandard,hygieneprotocols,and

predictableapprovals—sothatdeliveryisfastandconsistent.

©OliverWyman9

2.Selecttheconceptforeachsite:Decidetheroleyouwantmarketstoplayacrossthewholecity—focusingoncultural,symbolic,ornichetouchpoints,aportfolioofmultifunctionalurbanassets,orcoresocioeconomicinfrastructure—andcreateaviablemarketnetwork,linkingthecity’sportfoliooftraditionalmarketswithconnectingpublicrealmcorridorssuchasheritage

routesandadjacentstreets.Thentunedesigntouserexpectations.

Exhibit3:Fourprovenconceptsdefinehowtraditionalmarketsoperate

Benchmarksacrossglobalcitiesshowrepeatableoperatingmodelsratherthanone-size-fits-all

Activecommercial

Upscalecurated

Culturaltourist

Lively

center/Massmarket

traditionalmarket

traditionalmarket

communityhub

Aninclusive,accessible,

Acurated,upscale

Athematicallydriven,

Asociallyvibrant,

high-footfallmarket

marketoffering

heritage-focusedmarket

resident-oriented

cateringtoawiderange

premiumproductsand

prioritizingcultural

marketthatfunctions

ofincomelevels,

services,primarily

immersion,storytelling,

asaregulargathering

anchoredineveryday

targetinghigher-income

andtraditionalproducts,

placeforcommerce,

goodsandservices.

segmentswithastrong

whileremaining

connection,andlocal

emphasisonexperience,

accessibleandaffordable

culture.

aesthetics,andquality.

toabroadvisitorbase.

Centralmarket,PhnomPenh

CoventGarden,London

GrandBazaar,Istanbul

ChapelMarket,London

ChandniChowk,Delhi

SouqatCentral

Market,AbuDhabi

SouqWaqif,Doha

MercatodiCampode’Fiori,Rome

Source:OliverWyman

3.Learnfrompeersanduseasimplesequence:Decidecentrally,testlocally,thenset

standardsandapplythemcitywide.Thiskeepsworkonapredictableschedule,avoidsstop-startdelivery,andensuresconsistentqualityacrossallmarkets.

4.Designtheofferandplace:Setabalancedproductandservicemixandaddculturallyrootedservicestoextenddwelltime.Chooseconfigurationsthatfitthesiteandclimate,locatenear

anchorsandheritageroutes,ensureright-sizenetleasablespace,andkeeptheareaactivewithregularevents.

5.Pilotfast,thenscalewhatworks:Startwithlow-costpilots—pop-ups,nightmarkets,shade,andstreetscapeupgrades—thenkeepwhatworksanddropwhatdoesn’t.Scalestrongpilotsinwavesunderthemasterplan.Duringpilots,trackasmall,repeatableKPIset,includingfootfall,dwelltime,spendpervisit,occupancyandtenant-mixquality,hygienesatisfaction,anddigital

adoption(e-payments,QRscans,navigationappusage)andonlyscaleoncetargetsaremet.

©OliverWyman10

6.Governforqualityandinvestmentreadiness:Setafewcitywiderules,suchaspedestrianprioritystreets,standardizedsignage,productcertification,andhygieneprograms.Make

responsibilitiesexplicitacrossthelifecycle—regulationandstrategy,landandfunding,designanddelivery,andday-to-dayoperations—sodecisionsmovequicklyandstandardshold.Use

structureslendersrecognize,suchasjointventuresorpublic-privatepartnerships,sothat

financingmovesfaster.Establishtheowner/operator,publishstandards,makepermitting

predictable,provedemandbeforemajorinvestments,anddeliverinphasesbehindstrong

results.InterviewswithGCC-basedinvestorsandoperatorsrevealedthattheirinterestiscloselytiedtogovernanceclarity.Respondentsconsistentlyemphasizedtheimportanceofanamed

owneroroperator,clearallocationofresponsibilities,publishedoperatingstandards,andpredictablepermittingprocesses.

Risksandhowtomitigatethem

Over-formalizationthatdisplacestradition:Theriskisthatupgradesmakemarketsfeel

genericandpriceoutlongstandingcraftspeople.Keepthesoulofthemarketbyusingtieredrentsforheritagevendors,incubationspacesfornewartisans,andvendorupskilling.Enforcequalitythroughsimplestandardswithoutforcinguniformity.

Over-buildingbeforedemandisproven:Large,permanentprojectslaunchedwithoutevidence

oftenunderperform.Startsmall:pilotlow-cost,reversiblechanges—events,popups,shade,streetmanagement—measuretheresults,andonlyscaletheideasthatwork.

Fragmentedownershipandaccountability:Whenmanyentitiesshareresponsibility,deliveryslowsandstandardsslip.CreateanamedMarketsBoard/Authority/Departmentwithaclearmandate,budget,andcross-agencypowerstosetstandardsandmakedecisionsquickly.

Weakinvestorconfidence:Capitalhesitateswhenriskallocationisunclearandevidenceisthin.Offerflexibleterms(suchasrevenueshareorseasonalleases),showpilotdataonfootfallandspend,andstreamlinepermittingsoprojectscanmovefromideatoexecutionwithoutdelays.

©OliverWyman11

CONCLUSION

Fromintenttoimpact

Traditionalmark