Yeongdeungpo-gu 'Good Rent Campaign' Spreads... Up to 40% Reduction

Due to the prolonged COVID-19 pandemic, the 'Good Rent Campaign' supporting small business owners is spreading in traditional markets... Yeongsin Shopping Center, Samgu Market, Rotary Shopping Center, Namseoul Shopping Center join rent reduction... Yeongdeungpo Traditional Market merchants' association fees cut by 50%, store rents reduced by up to 40%

Cha Hyun-il, the mayor of Yeongdeungpo District, is purchasing goods at a traditional market to revitalize the local economy, which has been depressed due to COVID-19.

[Asia Economy Reporter Park Jong-il] Yeongdeungpo-gu (District Mayor Chae Hyun-il) is leading the spread of the "Good Rent Movement" to support small business owners as the prolonged COVID-19 pandemic continues to cause regional economic stagnation, realizing the value of coexistence in the local community.

In February, the district sent notices recommending rent reductions to market merchant associations and shopping mall owners, urging them to participate in measures to support small business owners.

As a result, voluntary movements in traditional markets are spreading like a relay. First, Yeongsin Shopping Mall (225 Yeongdeungpo-ro), which sells flowers, clothing, and bedding, decided to reduce rent by 20% for three months starting in March.

This was resolved at the Yeongsin Shopping Mall Operating Committee general meeting in February, resulting in a uniform rent reduction for 48 stores under its jurisdiction.

Choi Yong-woon, chairman of the Yeongsin Shopping Mall Operating Committee, said, "In difficult times, we must share the pain and unite our strength," adding, "I hope the rent reduction movement spreads further in the local community."

Along with this, markets such as △Samgu Market △Rotary Shopping Mall △Dongnam Shopping Mall △Nam Seoul Shopping Mall are also participating in the "Good Rent Movement" by temporarily lowering rents by 20%.

Additionally, the Yeongdeungpo traditional market merchant association is reducing membership fees by half for one month to ease the economic difficulties of about 250 stores, and the owner of Store A within the market is significantly reducing rent by 40%.

Furthermore, the district supports small-scale businesses with good credit by providing special credit guarantee loans worth 6.8 billion KRW at a low interest rate of 1.9%, up to a maximum of 200 million KRW.

Chae Hyun-il, mayor of Yeongdeungpo-gu, said, "Due to the prolonged COVID-19 situation, self-employed people say they cannot sleep worrying about making a living," and added, "Let us overcome COVID-19 together through the positive influence of citizens sharing warm hearts in times of crisis."

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