Lee Hae-rin is a City Desk reporter at The Korea Times, covering social issues, tourism and taekwondo. She is passionate about speaking up for the rights of minorities, including women, LGBTQ+, people with disabilities and animals as well as discovering the latest makgeolli trend in town. Feel free to reach her at lhr@koreatimes.co.kr.
Seoul Metro to sell rights to alternative names of 50 subway stations
Seen is the direction board of Euljiro 3(sam)-ga metro station on Line No. 2 and 3 and its second name “Shinhan Card” in parentheses. Courtesy of Seoul Metro
By Lee Hae-rin
By Lee Hae-rin
Seoul Metro plans to sell the rights to the alternative names of 50 subway stations as part of efforts to overcome financial difficulties, according to the subway operator. The company, which runs Subway Lines No. 1 to 8, has recorded a net loss of about 1 trillion won ($799 million) per year due to free rides offered to elderly citizens and the pandemic-stricken decrease in the number of passengers.
The cumulative deficit stood at 17.3 trillion won as of last year.
To overcome its financial problems, Seoul Metro has auctioned off the rights to the names of subway stations since 2016.
These names are written alongside their original ones in brackets and used during announcements in the train and stations under a three-year agreement and the contract can be extended once.
As of June 2022, 33 metro stations, including Jonggak Station (Standard Chartered Bank Korea) on Line No. 1, Hapjeong Station (Holt Children's Services) on Line No. 2, Apgujeong Station (Hyundai Department Store) on Line No. 3, are such cases. Euljiro 3(sam)-ga Station on Lines No. 2 and 3 (Shinhan Card) is the most expensive at 874 million won ($700,000).
According to Seoul Metro, eight subway stations whose contracts have expired and 42 stations including Gangnam, Yeouido, Gongduk, Shindorim, City Hall, and Hongik University will be up for bids. The company will receive applications by June 22.
Seoul Metro said it plans to extend the project to 275 subway stations across the capital, except for 67 stations whose second names are given free of charge for their public nature.