Seoul Metro announced on Aug 12 that it had sold the co-naming rights for several subway stations. SEOUL - South Korea’s subway operators are raising billions of won by selling station co-naming rights to corporations, allowing them to place their names alongside the well-known station names, to make up for substantial operating losses. Seoul Metro, the operator of Subway Line Nos.
1 through 9 within the capital, announced on Aug 12 that it had sold the co-naming rights for several subway stations, including Seongsu Station, Gangnam Station, Yeouinaru Station and Sangbong Station, through a bidding process held from July 25 to Aug 6. Co-naming rights to Seongsu Station and Gangnam Station were acquired by CJ Olive Young, a health and beauty retailer under CJ Group, and Haru Plant Dental Clinic for 1 billion won (S$980,000) and 1.11 billion won, respectively.
The co-naming rights to Yeouinaru Station sold for 222 million won, while the price for Sangbong Station was not disclosed due to confidentiality issues. The prices for Seongsu and Gangnam stations, in particular, set new records, surpassing the previous high of 870 million won for Euljiro 3(sam)-ga Station, purchased by Shinhan Card in 2022. Starting in October, the buyers’ names will appear not just throughout the affected stations, but across the entire metro system, including on pole signs, LED panels and in voice announcements.
The contract lasts for three years, with one-third of the total payment made to the su.