RENTAL PRICES REDUCED DUE TO VIRUS OUTBREAK

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Small businesses have been hit hard by the virus as consumers refrain from going outside. A growing number of markets in Seoul have begun to lower rental prices for merchants who are struggling to stay afloat in these difficult times.

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​Gyeongdong Market is one of the favorite marketplaces of ordinary Seoulites. Before the coronavirus outbreak, it used to be crowded with customers, but these days it looks deserted. Even though the market specializes in food products, which are usually in high demand even during tough times, the vendors say their sales have plunged in recent days.

[Soundbite] LEE SOO-JIN(VENDOR AT GYEONGDONG MARKET) : "It becomes discolored when unsold. The price of the bellflower root is 16,000 won per 88 grams, or 8,000 won per 400 grams. But these days consumers don't buy it even for 5,000 won. If someone wants to but it, I sell it. Otherwise, there's nothing else I can do."

There are no customers even during the day. The vendors are concerned about their rent, which they will not be able to pay unless the situation improves.

[Soundbite] CHUNG SOO-HEE(VENDOR AT GYEONGDONG MARKET) : "When we come here in the morning, all we have to do is just look at one another. I can even hear others sigh. It's very rough. We are mostly concerned about the rent."

To help the vendors stay afloat, Gyeongdong Market has decided to cut their monthly rent by 20 percent in the next three months. More than two thousand vendors and some 700 stores will be able to receive the discount.

[Soundbite] LEE KI-OH(GYEONGDONG MARKET) : "It's tough for everyone, not just for us. The monthly rent is about 90 million won, so it adds up to 270 million won. We hope the discount will help the vendors cheer up."

Namdaemun Market, which specializes in all kinds of miscellaneous goods, has seen the number of its customers plummet from 300,000 to 400,000 a day to fewer than 100,000. Of some 20,000 stores at the market, owners of two thousand stores have promised to cut the monthly rent by 20 percent in the next three months. However, stores owned by multiple landlords have not heard anything from them yet.

[Soundbite] JEON YOUNG-BEOM(NAMDAEMUN MARKET MERCHANT ASSOCIATION) : "The merchants need stores to survive, and the landlords need the merchants to profit. It's about coexistence."

Merchants hope that more landlords will extend a helping hand to them in these challenging times.