According to Cushman & Wakefield, a global integrated real estate services firm, the average vacancy rate in Seoul’s six largest commercial districts in the second quarter of this year was 18.7 percent, down 5.0 percentage points from the same period last year. This is a significant drop compared to the average vacancy rate in Seoul, which has been consistently above 20% since the first quarter of 2021, when the impact of COVID-19 was in full swing.
Seoul’s six largest commercial districts are Myeongdong (14.3% vacancy rate), Gangnam (19.2%), Hongdae (15.2%), Garosu-gil (36.5%), Hannam-Itaewon (10.0%), and Cheongdam (16.3%).
“Even during the period when Myeongdong experienced a surge in vacancy, global brands opened large flagship stores, and in recent years, commercial districts have been expanding around high-visibility boulevards,” said Cushman & Wakefield. “DYNAFIT, ABC Mart, and Olive Young have opened new stores in Myeongdong, while smaller cosmetics brands targeting tourists have also reopened.”
MISSHA has recently completed the interior renewal of its ‘Myeongdong Megastore’ branch. According to ABLE C&C, net sales at MISSHA’s Myeongdong megastore increased by an average of 313% per month in the first half of this year compared to the same period last year.