Busan is good

Busan Metropolitan City and BNK Busan Bank Hold Sponsorship Handover Ceremony for Vacant Store Rental Support Program

내용

Busan Metropolitan City, led by Mayor Chun Jae-soo, announced that it will hold the Sponsorship Handover Ceremony for the Vacant Store Rental Support Program today, August 12, at 9:30 a.m. in the International Protocol Room at City Hall, together with BNK Busan Bank and the Busan Economic Promotion Agency.

The ceremony will be attended by Mayor Chun Jae-soo, BNK Busan Bank President Kim Sung-joo, Busan Economic Promotion Agency Vice President Oh Ji-hwan, and others, who will reaffirm their commitment to working together to revitalize local commercial districts and support small business owners.

BNK Busan Bank plans to provide a total of KRW 500 million in sponsorship funding for the Vacant Store Rental Support Program.

The sponsorship funding will be used to finance the Vacant Store Rental Support Program. Through public-private cooperation, it will help transform stores that have remained vacant for extended periods into spaces of new opportunity and establish a stable foundation for the growth of small business owners.

Amid the continued economic slowdown and contraction in consumer spending, business conditions for local small business owners have deteriorated, while the number of vacant stores in commercial districts has also been increasing.

According to data from the Korea Real Estate Board, the vacancy rate for small-scale commercial properties in Busan rose from 5.0% in 2020 to 7.8% in 2026, while the vacancy rate for medium- and large-scale commercial properties increased from 13.5% to 15.3% over the same period, exceeding the national average of 14.1%.

The increase in vacant stores is a key indicator of declining vitality in commercial districts and reduced consumption, while prolonged vacancies are further contributing to the deterioration of local commercial areas.

In response, Busan Metropolitan City is implementing the Vacant Store Refill Project with KRW 10,000 Rent to utilize long-vacant stores as spaces for business startups and fresh starts.

The City plans to provide support for rent, interior renovation costs, and other expenses to small business owners and young merchants seeking to start a business, restart a business, or expand their operations, thereby revitalizing local commercial districts and supporting the recovery of the local economy.

Mayor Chun Jae-soo said, “On behalf of the citizens of Busan, I extend my deepest gratitude to BNK Busan Bank for its generous contribution to help us overcome the challenges facing the local economy together. I hope the funding presented today will serve as a meaningful catalyst for bringing renewed vitality to struggling commercial districts and encouraging small business owners as they take on new challenges.”

He added, “We will continue to implement practical support policies that strengthen the competitiveness of local commercial districts and deliver tangible benefits to small business owners.”