Jeil Pyeonghwa Market Stretches to Recover Commercial Area After Fire Damage

Junggu District Office Hosts Jeil Pyeonghwa Market Management Group and Merchants' Association Win-Win Agreement... Rent 100% Exempted from April to July, 30% Reduced from August to December

[Asia Economy Reporter Jongil Park] Merchants of Jeil Pyeonghwa Market, who suffered damage from an unexpected fire last September, are returning to their original places.

Jung-gu, Seoul (District Mayor Seoyangho) announced that on the 12th at 5 p.m., a win-win agreement was signed between the Jeil Pyeonghwa Market Management Group and the Merchants' Association in the planning situation room on the 3rd floor of the Jung-gu Office.

Since April, stores have been gradually reopening in Jeil Pyeonghwa Market after the restoration of buildings destroyed by the fire, but merchants are suffering from double hardships due to the overlapping adverse effect of COVID-19.

Accordingly, Jung-gu arranged a win-win agreement meeting with the market management group to help revive small business owners affected by the fire and to revitalize Jeil Pyeonghwa Market. The Jeil Pyeonghwa Market Management Group also agreed to actively accept the win-win agreement, which focuses on reasonable rent reduction, with the intention of sharing the difficulties faced by merchants who are reopening their stores.

According to the win-win agreement, the management group will exempt 100% of rent for four months from April to July. Then, from August to December, rent will be reduced by 30% for five months.

At the signing ceremony, Kim Dongho, the temporary chairman of the management group, expressed gratitude, saying that Jung-gu Office, the management group, and the merchants' association united to complete the restoration work quickly and that the market was reborn as a more pleasant and safer space than before the fire. He added that if they overcome the crisis with one heart in the future, Jeil Pyeonghwa Market will be able to make a new leap forward.

Seoyangho, Mayor of Jung-gu, listened to the difficulties of the management group and the merchants' association and responded one by one, saying, "The market lives only if the merchants live, and the local economy lives only if the market lives." He also said, "I sincerely thank the management group for making the difficult decision to exempt rent in agreement with the district to restore the commercial area."

Furthermore, Mayor Seo stated that the district will actively support areas such as the renovation of safety-related facilities in Jeil Pyeonghwa Market and will seek various support measures not only to revitalize Jeil Market but also to save traditional markets.

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