Rent at Dongdaemun-gu Gyeongdong Market Reduced by 20%... Savings of 270 Million Won

Signing of 'Win-Win Agreement' on the 26th between Dongdaemun-gu, Gyeongdong Market Co., and Gyeongdong Market Merchants Association

Yoo Deok-yeol, Mayor of Dongdaemun District Office (center), Seo Hyung-won, President of Gyeongdong Market (right), and Noh Yong-shin, Chairman of Gyeongdong Market Merchants Association, are posing for a commemorative photo.

[Asia Economy Reporter Park Jong-il] The rent for stores in Gyeongdong Market, located in Dongdaemun-gu, will be reduced by 20% from March to May.

As a result, a total rent reduction of approximately 270 million KRW over three months has become possible.

This is because Dongdaemun-gu (Mayor Yoo Deok-yeol) held a 'Win-win Agreement Ceremony for Revitalizing Local Commercial Districts' among Dongdaemun-gu Office, Gyeongdong Market, and the Gyeongdong Market Merchants Association at 4 p.m. on the 26th in the mayor's office on the 5th floor of the district office.

This agreement was prepared to help local traditional market merchants who have faced difficulties due to the sharp decline in sales caused by the recent spread of COVID-19.

The ceremony was attended by Dongdaemun-gu Mayor Yoo Deok-yeol, Gyeongdong Market landlord representative Seo Hyung-won, president of Gyeongdong Market, and tenant representative Noh Yong-shin, chairman of the Gyeongdong Market Merchants Association, who signed the agreement.

According to the agreement, the landlords of Gyeongdong Market will reduce store rents by 20% from March to May. Consequently, 748 tenant stores within Gyeongdong Market will be able to save a total of approximately 270 million KRW in rent over three months.

Dongdaemun-gu will also actively support the revitalization of traditional markets by modernizing facilities through urban regeneration projects.

Mayor Yoo Deok-yeol of Dongdaemun-gu stated, “We thank Gyeongdong Market Co., Ltd. for reducing rents to support tenants who are struggling due to COVID-19,” and added, “Our district will also spare no effort to provide various supports so that more residents can visit traditional markets.”

Previously, Dongdaemun-gu provided emergency funds at a low interest rate of 2%, up to 200 million KRW per company, to local small and medium-sized enterprises and small business owners. For businesses facing difficulties due to closures caused by visits from confirmed COVID-19 cases, the district extended the reporting and payment deadlines for taxes such as acquisition tax and local income tax by up to six months.

Additionally, the district expanded the closure days of its employee cafeterias from once a month (the last Friday of each month) to four times a month (every Friday), encouraging employees to use local restaurants. These efforts aim to revitalize the local economy, which has been weakened by the spread of COVID-19.