Coronavirus Ruins Seoul's Trendy Purchasing Districts
28 June, 2020
Small shops in once-bustling trendy regions of Seoul just like Itaewon or Sinchon and so are closing down left and right as a result of coronavirus epidemic.
In line with the Korea Appraisal Board, the vacancy fee of shops in Itaewon surged from 19.9 percent in the fourth quarter of 2019 to 28.9 percent in the first quarter of this year. That means one in three store spaces sit empty.
Around Ewha Womans University found in Sinchon in northwestern Seoul the vacancy rate stands at 14.7 percent, and in the upscale Gangnam districts like Apgujeong-dong and Sinsa-dong, which are favored by foreigners for his or her beauty clinics, at 10.1 percent.
A vacancy sign is located at a store in Itaewon, Seoul on June 22.
One employee who was simply busy closing down a good store in Itaewon in Thursday said, "We tried to stay open for so long as possible, but ended up closing down because of the prolonged crisis."
An estate agent in the neighborhood said, "We've seen a sizable number of stores being set up for rent since April and now there are one or two new store spaces every day that want to get new owners." "The majority of the retailers that are still open are hardly surviving," he added.
The situation is the same in the commercial district before Ewha Womans University, once a must-see vacation spot for Chinese tourists searching for cosmetics. Around 20 empty stores could be spotted along a 300-m street from the main gate of the university to Sinchon subway station.
"For rent" signs happen to be everywhere. "There's nobody considering opening stores here," an estate agent stated. "The last time I brokered a retailer was in February."
Chung Geum-soo (53), another estate agent found in Sinchon, said, "Many setting up owners listed below are renting away their areas without charging any deposit or perhaps discounting the rent until a good coronavirus vaccine is developed. But there will be owners who can't afford to achieve that."
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