Gangnam-gu 'Good Rent' Participating Building Owners Increase 2.5 Times in 10 Days

110 Stores to 280 Stores, CEO Lim Lowers Rent by 10-50%... District Mayor Jeong Soon-gyun Says "Will Revive Local Economy with Mimiwi Spirit"

Revitalizing Local Businesses Lunch

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jung Soon-gyun) has seen a more than 2.5-fold increase in participation by local commercial building and traditional market landlords in the "Good Rent Relay Campaign," which began on the 21st of last month, within just 10 days.

Amid the contraction of the local commercial sector due to COVID-19, the number of landlords voluntarily reducing rents by 10-50% for small business owners in areas such as Yeongdong and Gaepo Markets and Garosugil has increased significantly, rising from about 110 locations on the 3rd to approximately 280 locations on the 13th.

In particular, through continuous persuasion by Gangnam-gu, Gangnam Market, owned by Hansong PFV1 located in Garosugil, reduced rents by 20% for about 70 stores throughout March, and plans to consider extending this reduction depending on the trend of the infectious disease spread.

Additionally, since last month, the district has been providing consultations for affected businesses through the "COVID-19 Small Business and Microenterprise Consultation Desk," and has decided to support 1.6 billion KRW to 16 companies through the first round of recruitment from the 8 billion KRW mid-year small business development loan fund, which is the largest scale among Seoul's autonomous districts.

The second recruitment period runs until the 31st, with a loan limit of up to 300 million KRW per company and a fixed annual interest rate of 1.2%. Detailed information can be found on the district office website.

Since the 24th of last month, to revitalize the neighborhood commercial districts, more than 100 district office employees on average have been using local restaurant areas such as Nonhyeon-dong Food Alley and Irwon-dong Taste Street at least once a week during lunch hours.

Jung Soon-gyun, Mayor of Gangnam-gu, said, "I sincerely thank the landlords who have actively participated in the 'Good Rent Campaign,' which gives hope to small business owners struggling due to COVID-19," and added, "We will continue efforts to revive the local commercial sector with the spirit of 'Me Me We Gangnam,' where you, me, and we come together, care, and respect each other."

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