Return of foreigners saves properties in Seoul's main shopping district

Skyrocketing vacancy rates in Myeongdong have started to come down to earth

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The vacancy rate in Myeongdong looks to be about 10% to 20% these days, with no vacant stores visible on the main street. (Photo by Kotaro Hosokawa)

KOTARO HOSOKAWA, Nikkei staff writer

SEOUL -- The Myeongdong shopping district in downtown Seoul has mostly recovered from the pain of COVID-19, bustling once again as foreign tourists return and help boost store rents.

The shopping area, which is popular with overseas visitors, had been hit by a deluge of vacancies in recent years, with locals saying it had "died from COVID." But after the pandemic, foreign tourists, including Japanese and Chinese, have come flocking back and helped Myeongdong regain its title as the most expensive commercial area in South Korea.

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