Dongseung Co., Ltd. Shares Burden with Small Business Owners... Rent Reduction at Dongdaemun General Market

JW Marriott Dongdaemun Square Seoul and the exterior of Dongdaemun General Market. (Photo by JW Marriott)

[Asia Economy Reporter Seungjin Lee] JW Marriott Dongdaemun Square Seoul and Dongdaemun General Market owner, Dongseung Co., Ltd., announced on the 28th that it has decided to reduce rent for the merchants of Dongdaemun General Market who are suffering economic hardships due to the spread of the novel coronavirus infection (COVID-19).

Dongseung will share the pain of the merchants of Dongdaemun General Market, who are experiencing business difficulties such as poor sales due to the COVID-19 impact, by temporarily reducing rent by 20% for about 4,300 stores for three months.

In addition, the rent increase scheduled for this year will be postponed for three months, and the proposed increase in security deposits will also be withdrawn. They hope this decision will provide great comfort to the merchants suffering economic losses due to COVID-19.

Furthermore, they are participating in preventing the spread of COVID-19 by conducting intensive disinfection of the entire building and all fixtures. In particular, sterilization and disinfection are carried out frequently every day around customer frequently used areas such as elevators, entrances, and restrooms.