The government on Thursday said it was inviting expressions of interest in running stalls at Stanley Waterfront Mart after earlier indicating that it was now empty.
The last operator at the market, which used to have 20 stalls offering light refreshment as well as dry and wet goods, left in September following the expiry of a long lease.
The Food and Environmental Hygiene Department said it was now taking in stall owners on short-term leases, but intended to change how the market would be run, such that one private operator would be in charge.
"Through enhancing the communal seating area, setting up a pet-friendly resting area and offering a diversified mix of dining, retail, and cultural experiences, the site can be transformed into a new venue welcomed by both the public and tourists," it said in a statement.
Parties are welcome to put forward concrete proposals on such matters as layout design, stall mix and other suitable operating models.
The operator can merge stalls into larger units as it sees fit, with the department hoping that a wider range of catering options would be on offer.
The department also said it was open to having the stalls sell a mix of local and traditional crafts, cultural products and modern lifestyle goods.
The market could offer a wide range of cultural and community events, such as a "craft and dine festival", live music performances and art exhibitions.
