Myeong-dong, a vibrant tourist hub in Seoul, draws visitors of all ages and nationalities year-round, regardless of the season or weather. It boasts the highest foot traffic of any city center in South Korea. (Yonhap)
SEOUL, Nov. 21 (Korea Bizwire) – Seoul’s bustling Myeong-dong district has emerged as the ninth most expensive retail location globally, according to a new report by Cushman & Wakefield Korea.
The real estate services firm analyzed retail rental prices in 138 major cities, revealing that Myeong-dong’s annual average rent per square meter reached ₩10.32 million, a 3% increase from the previous year.
Global Rankings and Trends
Italy’s Via Montenapoleone in Milan claimed the top spot for the first time, with rents soaring 11% to ₩30.7 million. It edged out last year’s leader, New York’s Upper Fifth Avenue, which fell to second place with unchanged rents of ₩30 million. London’s New Bond Street ranked third, with a 13% rise to ₩26.4 million .
Other top-ranking districts included Hong Kong’s Tsim Sha Tsui (₩24.1 million), Paris’s Champs-Élysées (₩19.2 million), and Tokyo’s Ginza (₩17.8 million).
Globally, retail rents increased by an average of 4.4%, with North America seeing the highest growth at 8.5%, followed by Europe (3.5%) and the Asia-Pacific region (3.1%). Of the surveyed locations, 57% experienced rent increases, while 14% saw declines, and 29% remained stable.
Myeong-dong’s Revival
Myeong-dong’s performance reflects its ongoing recovery, driven by a surge in international tourism and the arrival of flagship stores, which have significantly reduced vacancy rates.
Cushman & Wakefield Korea noted that emerging trends, such as the global popularity of Korean culture (K-culture) and the growth of medical tourism for international visitors, are key factors fueling the South Korean retail market’s growth.
“Myeong-dong’s gradual rent increase aligns with its revitalization as a prime retail destination,” the firm’s representative said.
The report underscores Myeong-dong’s resilience and its importance in maintaining Seoul’s status as a major global retail hub.
Ashley Song (ashley@koreabizwire.com)
