Seongdong Anshim Shopping Center Rent Reduced by Up to 40% for 6 Months

Up to 40% Rent Reduction for 6 Months for a Total of 23 Tenants in Seongdong Anshim Shopping Mall Facing Business Difficulties

Full Exemption of Building Common Maintenance Fees... Rent Payment Period Deferred and Late Fees Waived

Seongdong-gu (Mayor Jung Won-oh) announced that it will implement support measures to alleviate the business burden of tenants in Seongdong Anshim Shopping Mall amid the ongoing economic downturn caused by the COVID-19 pandemic.

This year, the support targets a total of 23 businesses, including small business owners, small enterprises, and multi-use facilities located in Seongdong Anshim Shopping Mall that have been affected by the economic recession and COVID-19. Based on the sales decline in the first half of the year, the district will reduce rent by up to 40% for six months starting from January this year and fully exempt the common maintenance fees of the Anshim Shopping Mall building. Additionally, the rent payment period will be deferred until June, and late fees will also be waived.

'Seongdong Anshim Shopping Mall' is the nation’s first public safety shopping mall symbolizing the anti-gentrification policy. It is a shopping mall where tenants, small business owners, and young entrepreneurs who were pushed out by rising rents can operate their businesses with peace of mind, as Seongdong-gu leases the spaces at affordable rents around 70% of the surrounding market price for a long term of 5 to 10 years.

Previously, since 2020, the district has reduced a total of 540 million KRW in rent and common maintenance fees over three years to support tenants of Seongdong Anshim Shopping Mall who have been struggling due to the spread of COVID-19.

Jung Won-oh, Mayor of Seongdong-gu, stated, “Although we have entered the phase of daily life recovery after a long tunnel, I hope this measure will be a great help to small business owners facing management crises due to high inflation and high interest rates. We will continue to devise various plans to help the local economy recover.”