'Good Rent Reduction' Baton Passed... This Time, Dongseo Market

Dongseo Market Landlords Reduce Rent by 20% from March to May... 55 Stores Save a Total of 66 Million Won in Rent Over 3 Months

Mayor Yoo Deok-yeol of Dongdaemun-gu participating in the "Good Rent Relay Campaign"

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) is seeing increasing participation from local landlords in the ‘Good Rent Reduction Relay Campaign’ that it is actively promoting.

On the 18th, Dongdaemun-gu announced that the landlord of Dongseo Market, located in Jegi-dong, has joined the ‘Good Rent Reduction Relay Campaign.’ This is the second participation following Gyeongdong Market, which signed a win-win agreement and decided to reduce rent on the 26th of last month.

The landlord of Dongseo Market recently decided to reduce store rents by 20% from this month through May to share the difficulties faced by tenants suffering from decreased sales due to the spread of COVID-19.

Accordingly, 55 tenant stores within Dongseo Market will be able to save a total of 66 million KRW in rent over three months.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, expressed gratitude to Dongseo Market for deciding to reduce rents for tenants struggling due to COVID-19, saying, “Our district will also spare no effort to provide various supports so that the local economy, which has been depressed, can recover quickly.”

Earlier, Dongdaemun-gu hung promotional banners in about 20 major streets in the area to encourage more landlords to participate in the ‘Good Rent Reduction Relay Campaign.’ Additionally, notices requesting participation in the campaign were distributed to 20 local traditional markets, the Dongdaemun branch of the Korea Foodservice Industry Association, the Dongdaemun branch of the Eastern Education Development Council, and other small business-related organizations and landlords.

Along with this, the district is providing emergency funds at a low interest rate of 2%, up to 200 million KRW per company, to local small and medium-sized enterprises and small business owners. For businesses facing difficulties such as closures due to visits from confirmed COVID-19 cases, the district is also extending the reporting and payment deadlines for taxes such as acquisition tax and local income tax by up to six months.

Furthermore, the district has expanded the closure days of its in-house cafeterias from once a month (the last Friday of each month) to four times a month (every Friday), encouraging employees to use local restaurants and continuing efforts to revitalize the local economy, which has been depressed due to the spread of COVID-19.

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