Garosu-gil landlords and Gangnam-gu partner to reduce rents and vacancies

Gangnam-gu authorities and Garosu-gil building owners have entered into a mutual cooperation agreement to revitalize the commercial district by reducing vacancies and stabilizing rents.

Following discussions that began in February, 59 property owners have agreed to participate in the initiative by lowering rents and easing lease conditions. This move aims to combat declining sales and rising vacancy rates caused by economic downturns and shifting consumer patterns. In return, the district office will provide administrative support, including environmental improvements, cultural events, and marketing efforts to attract visitors.

The district plans to expand the program by identifying more ‘win-win landlords’ and is considering legislative amendments to provide incentives for those who participate. Officials hope to use the Garosu-gil model as a blueprint for revitalizing other commercial areas within Gangnam-gu. Recent trends show an influx of foreign tourists visiting K-beauty and fashion brands such as Tamburins, Gentle Monster, and Olive Young, which the district aims to leverage through this partnership.