In the first quarter (January to March), it was analyzed that the number of vacant stores in major shopping districts in Seoul slightly decreased.
On the 2nd, Cushman & Wakefield Korea announced in its 'First Quarter Retail Market Report' that the vacancy rate in major street shopping districts in Seoul, such as Myeongdong, Hongdae, and Cheongdam, was reported at an average of 15.1%. This is a decrease of 1.4 percentage points from the same period last year (16.5%). Compared to the previous quarter, it rose by 0.4 percentage points. Last year, about 17 out of 100 stores were vacant in the first quarter, but this year, the number of vacant stores has reduced to approximately 15.
Cushman & Wakefield Korea noted, "There is a gradual recovery trend on an annual basis," adding, "Despite the contraction of the domestic economy, some districts continue to see new brand entries."
The area with the most significant drop in the vacancy rate is Hongdae, which was recorded at 10.0%, down 4.4 percentage points from a year ago. This was followed by Cheongdam at -3.4 percentage points (from 19.1% to 15.7%), Myeongdong at -2.3 percentage points (from 7.6% to 5.2%), Gangnam at -1.8 percentage points (from 20.7% to 18.9%), and Hannam and Itaewon at -1.5 percentage points (from 12.3% to 10.8%).
The areas where the vacancy rate increased were Seongsu (3.4%) and Garosu-gil (41.6%), with increases of 3.0 percentage points and 0.4 percentage points, respectively.
The report cited key examples of new openings in these areas, including the clothing brand "Mardi Mercredi" opening near Dosan Park in Cheongdam-dong and the cosmetic brand "Tirtir" preparing to open in Myeongdong.