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| RESEARCH ON THE VALUE CO-CREATION MECHANISM IN THE TOURISM TRANSFORMATION OF WET MARKET IN OLD CITY: TAKING SHUANGTA MARKET IN SUZHOU AS AN EXAMPLE |
| YANG Yun1, YAN Ruo-xiao2 |
1. School of Business, Suzhou University of Science and Technology, Suzhou 215009, China;
2. School of Tourism, Nanchang University, Nanchang 330031, China |
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Abstract The touristic transformation of wet markets is an important part of urban renewal, and it is also a complex process involves multiple actors. Taking Suzhou Shuangta Market as the study site, this paper adopts a grounded theory approach to explore the behavioral logic and internal mechanism of multi-actor participation in the process. The following results emerged. First, five groups of actors create value in specific contexts through dynamic and multi-level service exchange and resource integration. Actors' responses to policy and cultural inheritance constitute the key driving factors of value co-creation. Second, a specific institutional logic is identified. The five actors have played complementary roles in value co-creation, which is characterized as active participation, multi-layered interaction, and multiple beliefs. Third, relying on the effective institutional arrangement formed through multi-actor interaction, the touristic transformation of the market has built a loosely interconnected, mutually beneficial, and dynamically evolving ecological system. Such a system reduces transaction costs while continuously stimulates new rounds of value co-creation and service innovation, thus produces and sustains social value. This study provides an empirical reference for the transformation of wet markets and urban organic renewal.
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Received: 10 August 2023
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2024, Vol. 39 
