[2] The licensed merchants and shop owners in Seoul lost much of their business to competition as a result of these reforms, so King Gojong created a warehouse market called Changnaejang, which eventually developed into Namdaemun Market.

In reaction to the seizure of Namdaemun Market, a group of private Korean investors, including wealthy merchants, decided to create a new market that was not under the control of the Japanese.

They combined funds to create the Gwangjang Corporation on 5 July 1905, and purchased the land for the market with 100,000 won.

Today the market has approximately 1500–2000 vendors selling fruit, vegetables, meat, fish, bread, street food, clothing, textiles, handicrafts, kitchenware, souvenirs, and Korean traditional medicinal items.

[2] There are also many restaurants and food stalls selling traditional Korean cuisine, but the market is most famous for its bindaetteok, or mung bean pancakes, and mayak gimbap.