SEOUL, Sept. 21 (Korea Bizwire) — Stung by the protracted new coronavirus outbreak, South Korean duty-free operators are struggling to overcome the industry-wide slump with belt-tightening measures, including increasing the number of closing days at some outlets in major local cities and cutting their overseas operations. Industry leader Lotte Duty Free began closing its outlets [...]
SEOUL, Dec. 24 (Korea Bizwire) – The number of Chinese visitors to South Korea is expected to jump more than 25 percent in 2019, boding well for duty-free business operators here, data showed Tuesday. According to the data jointly compiled by the state-run Korea Tourism Organization and Shinhan Financial Investment, the number of Chinese travelers [...]
SEOUL, March 22 (Korea Bizwire) – The operator of Incheon International Airport and small duty-free shop operators are at odds over rental fees for concessions at South Korea’s main gateway, industry sources said Thursday. The small and medium-sized operators of duty-free stores at the airport’s Terminal 1 have recently demanded the Incheon International Airport Corp. cut their rent by 37.5 percent, far above the 27.9 percent cut offered by the [...]