Namdaemun Market Store Rent Reduced by 20%

Namdaemun Shopping Mall Building Owners Voluntarily Join Good Rent Campaign... Over 2,000 Namdaemun Merchants Receive 20% Rent Reduction for 3 Months... Jung-gu Maintains Store Disinfection and Monitoring, Reviews Institutional Support for Balanced COVID-19 Response

Seo Yang-ho, Mayor of Jung-gu, is expressing his gratitude to the store representatives at the Namdaemun Market office on the 20th.

[Asia Economy Reporter Jongil Park] A warm breeze is blowing through the frozen Namdaemun alleyway market, which had been hit hard by the COVID-19 crisis, drawing attention.

To revive the stagnant local market, the building owners of Namdaemun Market voluntarily reduced rents by 20% temporarily for about 2,000 merchants.

On the 3rd, the representative of 'C-dong Namdaemun Central Market,' a large shopping complex within Namdaemun Market, Goryeo Insam Department Store, announced that they would reduce the rent for 50 stores by 20% for three months, marking the beginning of this initiative.

As visitors to the Namdaemun area stopped coming due to COVID-19, deepening the merchants' worries, the building owners decided to share the current difficulties and overcome them together.

In particular, the representative of Goryeo Insam Department Store is known to have encouraged surrounding building owners to reduce rents, becoming a catalyst for the spread of this kind rent reduction.

Subsequently, on the 5th, the CEO of Dongchan Enterprise joined the 20% rent reduction effort. Thanks to this, about 780 merchants in E-dong and G-dong of Namdaemun Market were able to ease their rent concerns caused by business difficulties for three months.

Additionally, the representatives of Samho Wooju Market and Namjeong Building also joined the rent reduction. As a result, rents for about 550 stores within Samho Wooju Jewelry Town will be reduced by 20% for three months, and rents for approximately 770 stores in Namjeong Building will also decrease.

Seoul Jung-gu (District Mayor Seoyangho) expressed gratitude at a meeting with Namdaemun Market building owners held at the Namdaemun Market (Inc.) office on the afternoon of the 20th and encouraged participation in the spread of kind rent reductions.

Seoyangho, Mayor of Jung-gu, said, "I sincerely thank the building owners who practiced sharing the pain to overcome COVID-19 together, and I hope this event will lead to a wider spread of rent reductions. The district will also respond to COVID-19 with thorough quarantine and defense measures and will do its best to revitalize the stagnant local economy."