Traditional markets, or souqs, are among the GCC’s most distinctive urban assets — places where commerce, culture, tourism, and community life meet. When intentionally designed and well managed, they can support inclusive growth, strengthen cultural identity, animate public life, and boost local economies.
Our latest report, Traditional Markets as Urban Assets, explores the multifaceted benefits of revitalizing traditional markets in the Gulf Cooperation Council (GCC) region, drawing on benchmarks from 30 markets, a global consumer survey, and interviews with key stakeholders.
Why traditional markets and souqs are important multipurpose assets
The traditional souq is more than a shopping destination; it is a cultural hub that embodies the identity of a community. The GCC is witnessing a burgeoning demand for well-run markets that can yield economic, cultural, tourism, and community benefits.
More than 3,000 women have graduated from training programs at Souq Suwaiqah in Medina, for instance, showcasing the socio-economic potential of these spaces. UAE’s Al Ain Souq demonstrates the heritage role markets can play, authentically preserving the essence of the oasis city and telling the story of Abu Dhabi's rich history. Istanbul’s Grand Bazaar, one of the world’s oldest and largest covered markets, exemplifies how heritage-driven markets attract and retain consistent visitor numbers, influencing surrounding businesses positively. The bazaar houses more than 4,000 shops and attracts nearly 40 million visitors a year.
How cities can revitalize traditional markets for lasting urban impact
Effectively revitalizing traditional markets means clearly defining their role within the urban ecosystem. They can range from niche cultural attractions to essential components of urban infrastructure. To translate revitalization ambitions into tangible impact, cities should implement clear governance structures and pilot programs.
Six critical steps include:
- Set citywide ambition: Decide on the role traditional markets will play in urban life.
- Select the right concept: Choose market types that best fit community needs.
- Learn from pilot programs: Test ideas locally before scaling.
- Design experiences: Create spaces that are both useful and attractive to visitors.
- Govern for quality: Establish oversight mechanisms for consistent management.
- Mitigate risks: Handle challenges such as over-formalization with tiered rent structures for vendors.
These strategies will ensure that new investments align with community aspirations while reducing risk.
Transforming GCC traditional markets into thriving urban hubs
Revitalizing traditional markets in the GCC is not just about preservation — it is about building a connected system of urban assets.
GCC cities are uniquely well-positioned to do this. They already have strong foundations: established markets, recognized heritage districts, and trusted anchors embedded in urban life. The opportunity now is to connect these assets, fill the gaps with well-placed concepts, and manage them as a coherent network rather than as standalone sites.
Done well, this shifts traditional markets from occasional destinations to essential urban infrastructure: places that support daily commerce, strengthen communities, and shape the identity of cities over time.
