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Busan Metropolitan City Opens Second Round of Applications for the “KRW 10,000 Rent Vacant Store Revitalization Project”

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Busan Metropolitan City (Mayor Chun Jae-soo) announced that it is accepting a second round of applications for the “KRW 10,000 Rent Vacant Store Revitalization Project” through November 5. The initiative aims to transform vacant stores into spaces for new businesses and fresh entrepreneurial opportunities.

In September, the city launched its first round of applications across five commercial districts: the Pusan National University Autonomous Commercial District, UN Nam-gu University Street Autonomous Commercial District, Dongnae Market, Bongnae Market, and Seodong Miro Market. The city is reviewing applicants' business concepts and plans to select entrepreneurs who can bring renewed vitality to these commercial areas.

The “KRW 10,000 Rent Vacant Store Revitalization Project” aims to attract competitive small businesses to commercial districts, generating new foot traffic and consumer spending.

In particular, the project is expected to provide aspiring entrepreneurs and small business owners who have struggled to secure physical storefronts due to high rents and startup costs with an opportunity to establish a stable foundation for their businesses.

Following the first round of recruitment, the second round offers entrepreneurs a wider selection of available stores.

In addition to the remaining stores from the first round, the second round now includes the Hadan Autonomous Commercial District and Deokcheon Youth Street, both formerly recognized as major commercial hubs in western Busan. Their inclusion is expected to provide an opportunity to revitalize these commercial areas.

Selected business owners will pay a minimum monthly rent of KRW 10,000, while the city will provide up to KRW 1 million in monthly rental support and KRW 4 million in interior renovation costs per store.

If the monthly rent exceeds KRW 1 million, the business owner will be responsible for the difference.

The initial support period is four months, and the city will consider extending the support period after evaluating business performance and operating conditions.

Eligible applicants include prospective entrepreneurs, small business owners preparing to reopen a business after closure, and existing business owners planning to relocate or expand their operations.

Applicants may select up to three preferred stores in order of priority. Prospective tenants will be selected for each store through an evaluation process, after which occupancy arrangements will be finalized in consultation with the property owners.

Detailed information on available stores and application procedures is available on the Busan Economic Promotion Agency website (https://www.bepa.kr). For inquiries, contact the call center at 0507-1316-3203 or the Busan Economic Promotion Agency at 051-600-1382.

Mayor Chun Jae-soo stated, “When new businesses and entrepreneurs move into vacant stores, they will create more attractions and shopping opportunities for residents, helping to breathe new life into commercial districts.”

He added, “Through this project, we hope to achieve more than simply transforming vacant stores. We want newly established small businesses to grow alongside neighboring stores, bringing positive changes to entire commercial districts.”