The vacancy rate of Cheongdam Luxury Street recorded 15.0% in late 2020 and remains particularly higher than other major retail high streets. However, its increase is only 0.6%p higher than that of last year while other major high streets experienced a drastic change. The attention is drawn to its rather minimal change. The growing 'influencer-able' culture, and its synergy with major luxury brands and trendy F&B/bars in Cheongdam prompts consumers into 'flex consumption' thus leading more foot traffic in this area.
A significant increase is found in the number of vacancies of F&Bs that can serve their customer via delivery and online services. However, F&B's that mainly serve to provide an entertaining and socializing atmosphere, like pubs and bars, were less prone to vacate.
The 2020 Seoul High Street Retail report analyzes the performance of six major high streets in Seoul in 2020 amidst the impact of COVID-19 and look at post-pandemic strategies that retailers can implement in their path towards recovery.
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