Duty-free Archives | Be Korea-savvy
Duty-free Sales Up for 2nd Month in June but Still Below Pre-pandemic Level

Duty-free Sales Up for 2nd Month in June but Still Below Pre-pandemic Level

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 [...]

Duty-free Industry Eyes Third-party Foreign Transfer for Breakthrough

Duty-free Industry Eyes Third-party Foreign Transfer for Breakthrough

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 [...]

Duty-free Sales Rebound in May amid Virus Outbreak

Duty-free Sales Rebound in May amid Virus Outbreak

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 [...]

Lotte, Shilla Begin Domestic Sales of Duty-free Goods This Week

Lotte, Shilla Begin Domestic Sales of Duty-free Goods This Week

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 [...]

S. Korean Duty-free Operators Grapple with Pandemic-caused Biz Slump

S. Korean Duty-free Operators Grapple with Pandemic-caused Biz Slump

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 [...]

Duty-free Shops Suffer Sharp Drop in April Sales amid Virus Outbreak

Duty-free Shops Suffer Sharp Drop in April Sales amid Virus Outbreak

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 [...]

Lotte, Shilla Surrender Incheon Airport Duty-free Biz amid Coronavirus Woes

Lotte, Shilla Surrender Incheon Airport Duty-free Biz amid Coronavirus Woes

SEOUL, April 8 (Korea Bizwire) — South Korea’s two leading duty free operators have decided to give up their bids to operate stores at Incheon International Airport as the novel coronavirus has devastated business at the transportation hub, industry sources said Wednesday. The move by Hotel Lotte and Hotel Shilla comes as the business environment [...]