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Retail MarketBeat Report

Jinwoo Jung • 08/02/2024
The citywide average high street vacancy rate recorded 18.7% in Q4, down 4.4 pp y-o-y. Myeong-dong district saw the largest fall in vacancy, down 33.0 pp y-o-y to 9.4%, regaining its status as the lowest vacancy rate district among the six major commercial areas. With uncertainty in the retail market expected to remain high in 2024, it will require positive factors to spur demand, such as an expected interest rate cut and economic recovery, and additional inflows of international travelers.

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