Park Young-sun "Thanks to landlords who reduce rent"... Visit to Namdaemun Market

Park Young-sun, Minister of SMEs and Startups (center), is smiling brightly while attending a tea meeting with 'Good Landlords' held on the 24th at Namdaemun Market in Jung-gu, Seoul, emphasizing win-win cooperation with landlords, merchant associations, and other stakeholders.

[Asia Economy Reporter Kim Daeseop] On the 24th, Park Young-sun, Minister of SMEs and Startups, visited Namdaemun Market in Jung-gu, Seoul, and held a tea meeting with 'Good Landlords.' She expressed her gratitude to landlords who reduced rents by 20% to alleviate the difficulties faced by merchants struggling due to the impact of the novel coronavirus disease (COVID-19).

At the tea meeting, Minister Park Young-sun, four good landlords, Seo Yang-ho, Mayor of Jung-gu, Seoul, the head of the merchants' association, and officials from Seoul City attended. They discussed ways to expand the good landlord movement and enhance the appeal of Namdaemun Market. Government and local government officials also agreed to actively support the effort.

Minister Park stated, "Currently, about 140 traditional market landlords nationwide are reducing or freezing rents for approximately 2,000 stores. Since rent accounts for about 20% of operating costs for traditional market stores, this will significantly help share the burden of merchants."

She added, "Like the 'Gold Collection Movement' by citizens during the time when the International Monetary Fund (IMF) bailout was requested, the 'Good Landlord Movement' is a good example of healthy civic consciousness to overcome the current challenges such as economic recession and decline in community activities caused by COVID-19."

The Ministry of SMEs and Startups hopes that the good landlord movement will spread nationwide through this tea meeting. The landlords who attended promised to continue striving for the sustainable growth of commercial districts and coexistence with traditional market merchants.

This content was produced with the assistance of AI translation services.