Pilot project covering 50 stores funded by 500 million won donation from BNK Busan Bank

City to cover up to 1 million won in monthly rent, 4 million won in interior costs

Busan city officials and BNK Busan Bank representatives attend a donation ceremony for the 10,000-won rent vacant store support project on Aug. 12. [BNK Busan Bank]
Busan city officials and BNK Busan Bank representatives attend a donation ceremony for the 10,000-won rent vacant store support project on Aug. 12. [BNK Busan Bank]

Busan is accepting applications through Sept. 18 for the first round of its "10,000-won ($7) rent vacant store refill project," an initiative to revitalize long-empty commercial spaces by bringing in new small-business owners and entrepreneurs.

The project is part of Mayor Jeon Jae-soo's "100-day emergency measures for livelihoods" and aims to breathe new life into struggling commercial districts by turning vacant storefronts — a growing problem amid the economic slowdown and weakening consumer spending — back into active business spaces.

Funded by a 500 million won donation from BNK Busan Bank, the city will run a pilot program covering 50 stores in total. Selected tenants pay just 10,000 won a month in rent, with the city covering up to 1 million won in monthly rent and up to 4 million won in interior renovation costs. Any rent exceeding 1 million won per month will be borne by the tenant.

Target areas were chosen based on store density, vacancy rates and potential for commercial revitalization. The five designated zones are the Pusan National University autonomous commercial zone, the UN Nam-gu Daehak-ro autonomous commercial zone, Seodong Miro Market, Dongrae Market and Bongnae Market.

The first round will prioritize filling 30 available vacant stores, with additional recruitment planned to reach a total of more than 50 new tenants. Eligible applicants include prospective entrepreneurs preparing to launch a new business, small-business owners looking to restart after closing a previous venture, and existing business owners planning to expand.

Interested applicants may select a vacant store from the published list, complete an application form and submit it by email at your_kotts@naver.com. The city said it will look beyond simply filling empty spaces, selecting tenants who show the potential to establish themselves in the area and grow alongside neighboring businesses.

Those selected this year will receive four months of rent and interior cost support, and the city plans to consider extending the support period depending on future budget conditions.


kaf2002@heraldcorp.com