Lessons learned from historical development and modern practice of marketplaces – focus on the Serbian capital city

Abstract

PurposeThe starting premise of the case study is to describe the ongoing interventions and experiences within the observed public marketplaces' organization. The objective of the research is to examine specified aspects of social and economic perspectives and the role of marketplaces in changing the local surroundings and economy of the Serbian capital and its largest city – Belgrade.Design/methodology/approachMultiple methods of analysis, such as archival investigation, participants' observation and semi-structured interviews were conducted. To inspect the research questions, the case implemented qualitative research that sampled 21 employees in the examined public company which manages all the analyzed urban marketplaces.FindingsThis case study will describe the city-sponsored organization, the Public Utility Company (PUC), that sustains marketplaces and the implications of that city sponsorship. Additionally, the outcomes describe the social and economic impact of marketplaces in placemaking around the region.Practical implicationsThe most imperative implications of the manuscript are twofold: (1) the research results have shown that the potential of the city marketplaces can be increased through the support of the PUC and the city government; (2) as one of the first empirical projects about the social organization of the marketplaces in this part of Europe, the findings provide an overview of the contemporary market processes, and market outcomes. This study can affect other future research to explore similar aspects of the markets' organization.Social implicationsThis research can encourage comparable future examinations to explore other components of the market, varying in the regional diversities on one hand, and the manifold prospects for the community development with fewer benefits, on the other.Originality/valueThe study analyzes all the local markets in the selected urban area. This is the first empirical research on the social perspective and the role of marketplaces in the process of changing the modern society and economy in Belgrade. Moreover, it may contribute to future analysis in the field of social perspective and economic directions in future strategies of city planning.