116 Seongdong-gu Building Owners Join 'Good Rent Campaign', Rent Reduced for 266 Stores

Formation of Dedicated TF Team, One-on-One Meetings with Building Owners, and Voluntary Participation Encouraged through Promotional Material Production and Distribution

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jeong Won-oh) is promoting the ‘Good Rent, Coexisting Alley’ project as difficulties for local small business owners continue due to the spread of COVID-19.

The district designated the three weeks from the 9th to the 31st as a focused period for participating in good rent reductions and divided the entire Seongdong-gu area’s small business clusters into market shopping districts, sustainable development zones, and urban regeneration activation areas.

Dedicated TF teams were formed for each zone to continuously conduct one-on-one meetings with building owners, encouraging them to participate in temporary rent reductions of at least one month and a minimum 10% reduction compared to the existing rent.

Additionally, with the cooperation of related organizations, active promotion was carried out by posting promotional banners, distributing flyers, and sending notices to building owners. Currently, a total of 116 building owners have joined, benefiting 266 stores with rent reductions.

A district official said, “In fact, many had voluntarily participated in rent reductions even before the district launched this campaign. It seems the true achievement of this movement is creating an atmosphere where everyone comes together to overcome this crisis.”

Song Gyu-gil (63), a building owner in Seongsu-dong who participated in the rent reduction, said, “Building owners are also in a difficult position, but the local economic downturn is so severe that I joined with the hope of helping tenants who are having an even harder time.”

Moreover, the district deferred the rent payment deadlines until the end of August this year and waived late fees for tenants of the ‘Seongdong Safe Shopping District,’ the nation’s first public safe shopping district, and reduced basic management fees for all 38 tenant companies for six months from March to August.

Also, rent for tenants on the 1st and 2nd floors of the Seongsu 1-ga 2-dong Public Complex Building was reduced by 25% for six months.

Jeong Won-oh, Mayor of Seongdong-gu, said, “I sincerely thank the landlords who made difficult decisions to share the pain during these challenging times caused by COVID-19. We will strive to wisely overcome this difficult period by realizing a true local community with everyone’s united spirit.”

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