Busan launches 10,000 won rent project for vacant shops

Busan Metropolitan City has launched the ‘10,000 Won Rent, Empty Storefront Refill Project’ to revitalize stagnant commercial districts. The initiative aims to transform long-term vacant shops into spaces for new startups and business restarts.

Supported by a 500 million won donation from BNK Busan Bank, the city will pilot the program across 50 locations. The first phase involves recruiting participants for 30 storefronts between the 11th and 18th. Eligible applicants include prospective entrepreneurs, small business owners, and existing businesses planning expansions.

Under the program, tenants will pay a monthly rent of only 10,000 won. The city will provide support of up to 1 million won for monthly rent and up to 4 million won for interior renovation costs. Pilot areas include Busan National University Autonomous Commercial District, UN Nam-gu University-ro Autonomous Commercial District, Seodong Miro Market, Dongrae Market, and Bongrae Market. Dedicated managers will be assigned to assist with everything from move-in preparation to initial settlement.