The market contains many shops that sell fruit, vegetables, meat, fish, breads, clothing, and Korean traditional medicinal items.
Due to the emergence of large discount stores in the area, the city government began a market-revival initiative in the early 2000s to improve the infrastructure around Ulsan's traditional markets, while attempting to maintain their traditional atmosphere.
The first set of Wolbong's renovations finished on May 3, 2003, and included the installation of a 140 m long, 4–8 m wide arcade to keep shoppers dry in rainy weather.
Also included in the renovations were window-sill replacements, electrical improvements, toilet repair, roof waterproofing, construction reinforcements, the addition of fire-fighting facilities, and other remodeling jobs.
A second renovation was conducted in 2007 and included the installation of new sewer pipes and manhole covers.