Busan to Lease Commercial Spaces for KRW 10,000 a Month, Recruiting Participants for 'Refilling Vacant Stores' Project

[Financial News] Busan Metropolitan City Government announced on the 13th that it will recruit participants through the 18th for the first round of its 'Refilling Vacant Stores Project,' which aims to use long-vacant commercial spaces for startups and second chances, encouraging new small-business owners to move in.
The project is part of the '100-Day Emergency Measures for Livelihoods' initiative. It was designed to revitalize struggling commercial districts by turning vacant stores, which have increased amid the economic slowdown and weakened consumer spending, back into operating spaces.
Busan Metropolitan City Government will support a total of 50 locations using KRW 500 million in donations from Busan Bank.
Selected tenants will pay monthly rent of KRW 10,000, while the city will provide up to KRW 1 million per month for rent and up to KRW 4 million for interior work. If the actual monthly rent exceeds KRW 1 million, the tenant will cover the difference.
Five areas were selected for the pilot project: Busandae Jayulsangwon, UN Nam-gu Daehak-ro Jayulsangwon, Seodong Miro Market, Dongnae Market, and Bongnae Market.
The first round 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 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 participants after comprehensively reviewing their eligibility and business viability.
Those selected this year will receive support for rent and interior work for four months. The city will also consider extending the support period depending on future budget conditions.
To help selected tenants successfully establish their businesses, the city will operate dedicated one-on-one managers who will provide systematic support from preparation for moving in through the initial settlement period.
Mayor Chun Jae-soo said, "When new types of businesses and entrepreneurs move into vacant stores, it will help improve the image of commercial districts and increase visitor numbers." He added, "We will actively support efforts to refill vacant stores as spaces for new businesses and challenges, so that these changes can lead to a recovery in sales at nearby stores and vitality across the entire local commercial district."
[email protected] Kwon Byeong-seok Reporter