November 25, 2022 08:47
The glitzy shopping and entertainment area of Garosu-gil in Gangnam's Sinsa-dong is coming back to life after lockdown closed many businesses.
Trendy shops, restaurants and bars in the neighborhood report an almost 20 percent rise in sales as customers return in droves, not only on the main street but in the alleys as well.
Garosu-gil is packed with chic restaurants, coffee shops, clothing boutiques and other trendy storefronts close to Sinsa subway station. Sunglass chain Gentle Monster and Apple's first flagship store in Seoul are some of the most prominent, joining trendy apparel and cosmetics companies such as Maison Kitsune, Arket, Diptyque and Tamburins.
According to the Korea Real Estate Board, the store vacancy rate around Sinsa subway station fell from 15.5 percent in the fourth quarter of 2021 to 12.1 percent in the third quarter of this year.
According to property consultancy Rsquare, stores in Garosu-gil rake in the highest average revenues in Korea alongside Myeong-dong. Average monthly revenues for the whole Garosu-gil shopping district stood at W31 billion in August, compared to Myeong-dong's W32 billion and buildings are valued at between W300 million and W400 million per 3.3 sq.m.
The neighborhood is expanding constantly. Yoo Jae-bok at Rsquare said, "Garosu-gil is growing from trendy coffee shops, bars and dessert shops to a retail zone. It's now the leading high-end commercial area in Gangnam encompassing shops, tourist attractions and offices."
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