KT to Reduce Small Business Rent by 30% for Three Months Starting March

[Asia Economy Reporter Oh Su-yeon] KT announced on the 16th that it will reduce rent for three months for small business owners residing in KT buildings to support those facing liquidity difficulties due to increased energy costs such as electricity and gas.

KT expects about 2,000 businesses to be eligible for the rent reduction. KT buildings located in urban areas nationwide house many lifestyle-friendly businesses such as franchise cafes and restaurants in the food and beverage industry, insurance, home appliances, telecommunications agencies, as well as eyewear and stationery stores.

Starting from March, KT will reduce 30% of the rent for three months. The rent reduction over these three months corresponds to the increase in energy costs for one year and is expected to provide practical help to small business owners.

KT has also taken the lead in spreading the concept of ‘good rent’ by proactively reducing rent for small business owners who faced difficulties due to social distancing caused by COVID-19 in 2020 and 2021.

KT stated, “We hope this rent reduction will be of some help to small business owners,” and added, “We will continue to do our best to be a national company that fulfills its social responsibilities.”