SEOUL, Feb. 13 (Korea Bizwire) — The customs agency said Tuesday it will push to raise the limit of the duty-free allowance for alcohol to boost travelers’ convenience. It is part of the Korea Customs Service (KCS)’s comprehensive plan for 2024, which also includes measures to strengthen the crackdown on drug smuggling and to better [...]
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 [...]