SEOUL, March 18 (Korea Bizwire) — Hotel Shilla, Shinsegae DF and Hyundai Department Store Duty Free were shortlisted for duty-free licensing at Incheon International Airport, the airport operator said Friday. Incheon International Airport Corp. announced the result of the first round of assessment of bids for the five duty-free zones at the nation’s main airport, [...]
SEOUL, Nov. 15 (Korea Bizwire) — Hotel Lotte Co. said Tuesday it has opened a new inner city duty-free store in Vietnam’s Da Nang city as its duty-free division prepares for a surge in global travelers. The Da Nang location is the second global inner-city store operated by the brand, following its store in Sydney. [...]
SEOUL, Sept. 2 (Korea Bizwire) — Duty-free sales in South Korea sank nearly 15 percent to a six-month low in July due to decreased spending by foreigners, industry data showed Friday. Combined sales at duty-free shops in Asia’s fourth-largest economy stood at 1.25 trillion won (US$920 million)) in July, down 14.6 percent from a month [...]
SEOUL, Aug. 5 (Korea Bizwire) — South Korea plans to raise the limit of the duty-free allowance for inbound travelers to US$800 per person from the current $600, the finance ministry said Friday. Currently, international arrivals — both Korean nationals and foreigners — can receive tax exemptions for the purchase of items worth up to [...]
SEOUL, July 27 (Korea Bizwire) — Duty-free sales rose for the second straight month in June, but their sales still remained half of pre-pandemic figures, industry data showed Monday. Combined sales at duty-free shops in South Korea reached 1.11 trillion won (US$923 million) in June, up 9.3 percent from a month earlier, according to the [...]
SEOUL, July 22 (Korea Bizwire) — With the ongoing spread of the coronavirus, the struggling duty-free industry is tapping into third-party foreign transfer for a sales breakthrough to address concerns that Chinese parallel traders may leave the South Korean market following recent measures by the Chinese government to bolster domestic duty-free businesses. The Korea Customs [...]
SEOUL, June 28 (Korea Bizwire) — South Korean duty-free stores saw their sales rebound slightly in May after dipping below the 1 trillion-won (US$804 million) mark in April amid the new coronavirus pandemic, industry data showed Sunday. Combined sales of local duty-free shops rose 3 percent on-month to reach 1.02 trillion won, rebounding from 986.7 [...]
SEOUL, June 23 (Korea Bizwire) — South Korea’s two leading duty-free operators started to sell duty-free products through local retail channels Tuesday, as the government has decided to temporarily permit such sales to help the pandemic-hit sector. Industry leader Lotte Duty started to release duty-free items, including foreign luxury brands, worth 10 billion won (US$8.3 [...]
SEOUL, May 27 (Korea Bizwire) — South Korean duty-free shops are struggling to cope with an industry-wide slump as flight suspensions and a subsequent fall in the number of customers have severely dented their sales amid the new coronavirus pandemic. With no imminent signs of business turnaround, duty-free operators have called for support measures from [...]
SEOUL, May 25 (Korea Bizwire) — South Korean duty-free stores saw their sales drop sharply below the 1 trillion-won (US$804 million) mark in April, feeling the pinch of the fallout from the new coronavirus, industry data showed Tuesday. Combined sales of local duty-free shops shrank 9.2 percent on-month to 986.7 billion won last month, according [...]