Traditional markets have played essential roles in local distribution in Korea, but such roles have declined as large department and discount stores have appeared, providing convenient parking and various services in new town centers. Dramatic changes in distribution, diet, and lifestyle are other reasons for the traditional market decline, which has also caused the local economies to decline. Recently, however, some traditional markets are trying to overcome these challenges through localized marketing strategies and improvements in traditional brands, marketplaces, product quality, and distribution efficiency. They are not only providing improved local distribution to residents and visitors, but are also promoting urban regeneration as cultural centers. This study analyzes traditional markets that successfully revitalized through various methods, conducts a literature review to investigate floor plans, photos, and statistical data, and creates case studies by visiting specific markets. We selected five successful traditional markets to study their utilization of space and revitalization methods. We also analyzed previous case studies similar to ours. We then selected a severely declining traditional market in a small city to analyze the status of its basic elements, such as its complex buildings, usage, and spatial characteristics, and finally, to propose a method to revitalize it.