Over 5,000 Stores in Jongno-gu Join the 'Good Rent' Initiative

Currently, about 5,000 stores from Dongdaemun General Market, Gwangjang Market, Tongin Market to individual shops participate... Continuous promotion planned through professional organizations and merchant associations to expand the Good Rent Movement

[Asia Economy Reporter Jongil Park] Jongno-gu (Mayor Kim Young-jong) is launching a 'Good Rent Movement' to overcome the economic downturn caused by the prolonged COVID-19 crisis and to support local merchants facing difficulties.

Warm-hearted landlords reducing commercial rent to overcome this crisis together with self-employed and small business owners have already been frequently reported throughout Jongno-gu.

As of March 9, about 5,000 stores have joined the movement.

First, Dongseung, which manages Dongdaemun General Market handling fabrics, clothing, and accessory materials, decided to reduce rent by 20% for about 4,300 stores within the market for three months. Gwangjang Market also decided to reduce rent by 20% for about 600 stores for three months.

Tongin Market waived one month of merchant association fees and decided to refund part of the operating profits from the past year to 24 franchise stores of the Dosirak Cafe.

Additionally, Gukilgwan Dream Palace, a collective building, faced difficulties obtaining consent from about 2,000 unit owners due to worsening business conditions but agreed to reduce rent by 20-35% for 2-3 months. Insadong 14-gil 44 (Han-jeongsik Dullegol), an individual store, also decided to waive one month’s rent.

Jongno-gu plans to continuously promote the ‘Good Landlord Movement’ through professional organizations and merchant associations and put up banners throughout the area to spread this movement that contributes to overcoming the national crisis and restoring the community.

At the end of February, the government announced a comprehensive livelihood and economic plan to minimize the impact of COVID-19 and achieve early recovery, including a 50% reduction in income tax and corporate tax for good landlords, and providing fire safety packages to 20 traditional markets with many rent-reduced stores. Local governments are also reviewing various support measures for landlords.

In the case of Jongno-gu, low-interest loans have been provided to small and medium-sized merchants in the area, and 20 billion KRW worth of Jongno Love Gift Certificates have been issued to help increase sales.

Moreover, traditional markets have been disinfected, and masks, hand sanitizers, prevention rule posters, and notices have been distributed. Various sales promotion events and social markets to support social economy sales channels have also been held to help recover commercial districts.

Mayor Kim Young-jong said, “I deeply thank the landlords who voluntarily made warm-hearted decisions. I sincerely hope that this positive influence spreads like wildfire throughout the region and helps overcome this difficult time for everyone.” He added, “We will actively cooperate with the central government and Seoul City to continuously seek ways to overcome the national crisis and revitalize the local economy.”

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