Over 700 'Good Landlords'... Minister Park Young-sun Expresses Thanks at Dongdaemun Market

Meeting with Market Landlords in Dongdaemun Fashion Town Tourism Special Zone

On the 2nd, Park Young-sun, Minister of SMEs and Startups, is listening to difficulties at the 'Good Landlord Chat Meeting' held in the Dongdaemun Fashion Town Merchants' Association meeting room.

[Asia Economy Reporter Kim Cheol-hyun] The number of traditional market and shopping district stores nationwide participating in the "Good Landlord Movement," which reduces rent to ease the burden on merchants struggling due to the novel coronavirus infection (COVID-19), has increased to over 11,000.

According to the Ministry of SMEs and Startups (hereafter, the Ministry) on the 2nd, as of the 28th of last month, about 700 good landlords were counted. On the 20th, only 137 landlords participated, covering 1,790 stores, but in less than ten days, this number increased more than sixfold. Minister Park Young-sun of the Ministry explained, "In the past week, the number of landlords participating in the Good Landlord Movement nationwide in traditional markets and shopping districts increased by about 560, and the number of target stores increased by about 9,100."

In particular, this movement is expected to gain more momentum with government support. The government decided to reduce 50% of the rent reduction amount in the first half of this year from landlords' income and corporate taxes if landlords voluntarily reduce rent. Additionally, a fire safety package, including old wiring maintenance and sprinkler installation, will be supported for traditional markets where many stores have reduced rent.

On the morning of the same day, Minister Park visited Techno Shopping Center within the Dongdaemun Fashion Town Tourist Zone in Jung-gu, Seoul, and held a meeting with good landlords who lowered store rents. Minister Park said, "I understand that landlords in the Dongdaemun Fashion Town Tourist Zone also froze store rents during the MERS and THAAD crises in the past to share the merchants' pain." She added, "This time, 261 landlords in four markets and shopping centers within the Dongdaemun Fashion Town Tourist Zone reduced rents for about 470 stores. This will be a significant help to merchants." Minister Park also said, "In particular, I heard that in the case of Techno Shopping Center, merchants who receive rent reductions are pooling their resources to support management fees for some merchants who do not receive rent reductions." She added, "I applaud the merchants who are coming together and helping each other even in difficult situations."

Meanwhile, one attendee said, "The shopping mall in the Dongdaemun Fashion Town Tourist Zone, which opened during the difficult times of the 1998 financial crisis, has silenced public concerns and stood tall as a new model of Korean fashion distribution." He added, "Although these are difficult times, the members of the Dongdaemun Fashion Town Tourist Zone will once again demonstrate Dongdaemun's resilience through their coexistence."

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