Busan launches project to revitalize commercial districts via vacant store support

Busan Metropolitan City, BNK Busan Bank, and the Busan Economic Promotion Agency have partnered to launch the ‘10,000 Won Rent Vacant Store Refill Project’ to revitalize local commercial districts.

BNK Busan Bank is donating 500 million won to support the initiative. The funds will be allocated toward interior design costs (200 million won), rent (200 million won), and other expenses (100 million won) to assist approximately 50 vacant stores. The project aims to transform long-term vacant properties into spaces for new startups, re-entrepreneurship, or business expansions, specifically targeting small business owners and young merchants.

The initiative comes in response to rising vacancy rates in Busan. According to Korea Real Estate Board data, small-scale commercial vacancy rates in the city rose from 5.0% in 2020 to 7.8% this year, while medium-to-large commercial vacancy rates increased from 13.5% to 15.3% in the same period, exceeding the national average of 14.1%. The city plans to utilize a total project budget of 3.3 billion won to provide rent, interior costs, and consulting to help stabilize the local economy and combat commercial decline.