Busan Metropolitan City Government to Lease Commercial Spaces for 10,000 Won a Month; Recruiting Participants for 'Vacant Store Refill' Project

[Financial News] Busan Metropolitan City Government announced that it will recruit first-round participants from the 11th through the 18th for the '10,000-won Rent Vacant Store Refill Project,' which uses long-vacant commercial spaces as venues for startups and second chances to attract new small-business tenants.
The project was launched as part of the '100-Day Emergency Measures for People’s Livelihoods.' It aims to revitalize struggling commercial districts by turning vacant stores, which have increased amid the economic slowdown and weakened consumer spending, back into operating spaces.
The city will support a total of 50 locations using a 500 million won donation from Busan Bank.
Selected tenants will pay monthly rent of 10,000 won, while the city will provide up to 1 million won per month for rent and up to 4 million won for interior renovations. If the actual monthly rent exceeds 1 million won, the tenant will cover the difference.
Five areas were selected for the pilot project: the Busan National University Self-Governing Commercial District, the UN Nam-gu Daehak-ro Self-Governing Commercial District, Seodong Miro Market, Dongnae Market, and Yeongdo Bongnae Market.
The first phase will prioritize 30 vacant stores.
Eligible applicants include prospective entrepreneurs preparing to launch new businesses, small-business owners preparing to try again after closing a previous business, and existing business operators planning to expand their operations.
Those wishing to participate can select a preferred store from the vacant spaces listed in the announcement, complete an application, and submit it by email.
The city plans to select the final recipients after comprehensively reviewing their eligibility and business viability.
This year’s selected participants will receive support for rent and interior renovation costs for four months. The city will also consider extending the support period depending on future budget conditions.
In addition, the city will operate one-on-one dedicated managers to provide systematic support, from preparing to move in through the initial settlement period, to help selected tenants establish their businesses successfully.
Mayor Chun Jae-soo said, "When new types of businesses and entrepreneurs move into vacant stores, it can help improve the image of the commercial district and increase the number of visitors." He added, "We will actively support these vacant stores being filled again as spaces for new businesses and challenges, so that this change can lead to a recovery in sales at nearby stores and vitality throughout the local commercial district."
[email protected] Kwon Byeong-seok Reporter