Stores purchasing used cell phones are set to open at Seoul subway stations.

Seoul Metro, which manages lines No.1 to No.4, says it will open stores that buy used mobile phones at 12 subway stations including Seoul Station, in a bid to stop wasting resources and promote reusing and recycling.

The new businesses will pay rent to Seoul Metro as well as a commission per phone of at least 7660 won (US$6.50) including VAT. During the contract period of two years, which is the standard agreement period per store, it is expected that 28,800 phones will be purchased.

Seoul Metro has stipulated the businesses will only be permitted to purchase used phones, and the contract will be invalidated if other forms of business are conducted or the location of the store is changed.

Clauses forbidding the sale of other items at the store, and limiting the opening hours to within the subway’s hours of operation will be added to the contract.

However, due to the strict conditions, Seoul Metro is having a hard time attracting investors for the new business.

Seoul Metro officials emphasised they are starting the venture to strengthen their management efficiency and enhance the convenience of customers. The additional business could be a countermeasure to overcome the organisation’s chronic deficit.

The selected stations are Dongdaemun Station, Seoul Station, Chungjeongno Station, Sindorim Station, Sillim Station, Seolleung Station, Wangsimni Station, Jongno 3(sam)-ga Station, Oksu Station, Express Bus Terminal Station, Mia Sageori Station and Sadang Station.

• By Kevin Lee of Korea Bizwire.