Starfield to Reduce Rent by Up to 30% for Small Business and SME Tenants
[Asia Economy Reporter Cha Min-young] Shinsegae Property will reduce rent for small business owners and small and medium-sized enterprise tenants who are struggling due to the prolonged COVID-19 pandemic.
Shinsegae Property announced on the 8th that it will reduce the rent by up to 30% for small and medium-sized tenants in Starfield and Starfield City for March and April.
It is expected that about 850 small and medium-sized tenants, whose sales have significantly decreased and are facing operational difficulties based on sales from December last year to February this year, will benefit from this rent reduction.
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Meanwhile, Shinsegae Property proactively decided to defer rent payments for February and March. Since then, it has continued discussions with business partners such as Turbman to prepare additional support measures including rent reductions.
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