Suwon-si to Reduce Management Fees for Station Underground Shopping Malls by up to 50%

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province has decided to reduce the management fees for city-owned commercial buildings and the Enterprise Support Center, which are struggling due to the spread of the novel coronavirus infection (COVID-19).

Suwon City will raise the monthly management fee for the Social Economy Yeongdong Center on the 3rd floor of Yeongdong Market to 15,000 KRW per 3.3㎡ starting from the 23rd, but for this year only, it will charge the previous rate of 10,000 KRW. The city will cover the 5,000 KRW increase in the monthly management fee through its budget.

As a result, the total management fees that 19 companies residing in the Social Economy Yeongdong Center have to pay for one year decreased by 33.14 million KRW, from 99.4 million KRW to 66.26 million KRW.

The Social Economy Yeongdong Center, operated by the Suwon Social Economy Support Center, provides startup incubation space, meeting rooms, and counseling rooms to companies and individuals preparing to start businesses in the social economy sector.

The city also decided to reduce the monthly management fees by 50% for 73 small business owners residing in the Yeokjeon underground shopping mall. The average fee per store is about 100,000 KRW.

Merchants who received these benefits have decided to hold their own events to revive the depressed commercial district and to return profits to the local community through sponsorships and donations.

Earlier, to revitalize the local economy depressed by COVID-19, the city expanded the local currency (Suwon Pay) incentive from 6% to 10% for the month of March.

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