Seoul Metro has decided to share the pain of renters of subway shopping malls that have been severely affected by the prolonged COVID-19 crisis.
In line with the “Support Plan for Small Business Owners Renting Public Assets” unveiled by the Seoul Metropolitan Government, Seoul Metro announced that, for six months, it will cut the rental fees of subway shopping malls by 50% for SMEs and small business owners that are suffering difficulties due to the drop in sales.
The 50-percent reduction applies to the period between February and July of this year. To compensate for the rental fees that have already been charged for February and March, the rental fees for April and May will be exempted and those for June and July will be cut by 50 percent.
Eligible beneficiaries for the rental reduction are retailers whose average annual sales are below KRW 5 billion and restaurants below KRW 1 billion.
According to the independent analysis of Seoul Metro, the implementation of the rental reduction plan will reduce about KRW 20.1 billion (a monthly average of KRW 3.35 billion) in rental fees for a total of 3,196 stores for six months, allowing business owners to reap practical benefits from the action.