Shinsegae Department Store announced Tuesday that it will hand out cash vouchers that can be used at traditional markets -- known as “onnuri gift certificates” -- to its foreign customers at its main branch until the end of this month.

For customers who hold foreign passports, the department store is issuing 5,000 won ($4.40) cash certificates for purchases over 100,000 won and 10,000 won vouchers for purchases over 200,000 won at its main branch located in central Seoul.

Through the promotional event, the local retail giant is looking to lend a hand in revitalizing Namdaemun Market, located next to the main Shinsegae branch, by encouraging its foreign customers to visit and make purchases at the traditional market as well.

“Shinsegae launched this event in an aim to urge foreign tourists at our main branch to visit the neighboring Namdaemun Market, South Korea’s representative traditional market,” said Shinsegae CEO Jang Jae-young.

According to the Namdaemun Market Vendors Association, the market currently sees around 10,000 daily visitors, which stands at just 2.5 percent of some 400,000 foreigners who visit South Korea every day.

“We plan to continue making efforts to help promote Namdaemun Market as a tourist hot spot and pursue shared growth with small businesses,” Jang said.

The “onnuri gift certificates” were first released in 2009 by the Small and Medium Business Administration and the Agency for Traditional Market Administration, in an aim to vitalize traditional markets.

Meanwhile, Shinsegae Department Store has also contributed 1.5 billion won toward a government-led initiative to transform Namdaemun Market and the neighboring areas into a “global premium marketplace.”

By Sohn Ji-young (jys@heraldcorp.com)