Thursday, October 26, 2006
South Korea's Prime Shopping District
Seoul retail area Myongdong is among the most popular shopping areas in Korea. Its roots reach back to the opening of Korea to the West more than a century ago. This article cites it success and popularity.
Myongdong in downtown Seoul ranked as the worldÂs 9th most expensive place to open shops, with the yearly rent costing $376 per square foot, or 17.7 million won per pyong per year, according to the global real estate services firm Cushman & Wakefield.
Demand for prime retail high street space is currently exceeding supply, said Richard Hwang, executive director of Cushman & Wakefield Korea. Hwang said that local food and beverage businesses, as well as international fashion brands requiring large prime locations, grew the market.
He added that department stores are also actively seeking joint ventures with mega fashion brands to open flagship stores. We predict that these trends will continue to create new demands and are likely to further drive up rental prices in the prime locations.
Rents on Myongdong rose 3.4 percent year on year in the year to June 2006, the firm said.