With the global retail market experienced an unprecedented crisis due to COVID-19, Seoul has shown signs of recovery from a prolonged recession. The vacancy rate, which had risen sharply due to the pandemic, began to decline with the re-opening in 2022. Myeong-dong and Garosu-gil, reliant on tourists, were hit by the border restrictions. On the other hand, Cheongdam, a luxury commercial district and Hongdae, a young generation-driven district, showed strong retail activity.
This 2022 Seoul High Street Retail report highlights:
- Four retail trends that the pandemic has changed
- Seoul retail market before and after COVID-19
- A deep dive into the Seoul high streets and tenant trends