Duty-free Archives | Be Korea-savvy
Duty-free Sales Hit 6-month Low in July on Less Foreign Spending

Duty-free Sales Hit 6-month Low in July on Less Foreign Spending

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 [...]

S. Korea to Raise Traveler’s Duty-free Allowance Limit to US$800

S. Korea to Raise Traveler’s Duty-free Allowance Limit to US$800

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 [...]

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 [...]