SEJONG/SEOUL, Sept. 27 (Korea Bizwire) — South Korea plans to soften regulations on overseas remittance and allow mega-sized investment banking (IB) firms to issue foreign currency-denominated promissory notes, as part of its effort to push for deregulations, the country’s finance ministry said Thursday. The government also plans to allow duty-free shops at arrival terminals in [...]
HAWCHEON, Dec. 6 (Korea Bizwire) – Hwacheon County has announced plans to introduce a duty-free shop at the Hwacheon Sancheoneo Ice Festival for international visitors as part of a bid to boost consumption. According to plans announced by the Hwacheon County government on Tuesday, the newly proposed duty-free shop will be built in time for the [...]
SEOUL, Apr. 17 (Korea Bizwire) — South Korean duty-free shops’ sales fell 19 percent in March from a month earlier due to China’s retaliation against the deployment of a U.S. anti-missile system here, government data showed Sunday. Overall sales in domestic duty-free stores declined to 1.06 trillion won (US$930 million) in March from the previous [...]
SEOUL, July 22 (Korea Bizwire) – With duty free shops in South Korea seeing record sales, they are attracting new product lines to their offline and online stores. Shilla Duty Free, Korea’s top duty free shop, announced on July 22 that its online stores had launched their first pet-supply brand. Due to growing popularity, pet supply [...]
SEOUL, Mar. 2 (Korea Bizwire) — Hotel Shilla Co., an affiliate of South Korea’s top conglomerate Samsung Group, said Tuesday it plans to open a duty-free shop in downtown Bangkok, speeding up efforts to expand its overseas presence. The company said the duty-free shop, which will open within this year, comes after Hotel Shilla first established [...]
SEOUL, Aug. 28 (Korea Bizwire) — South Korean retail giant Lotte Group is set to list its hotel and duty free operator Hotel Lotte, a hidden jewel owned by Japanese shareholders, taking the first critical step to untangling its murky governance structure following a bitter family feud over control of the conglomerate. Local brokerage houses [...]
SEOUL, April 21 (Korea Bizwire) — Shinsegae, a South Korean retail conglomerate, said Tuesday it plans to set up a new unit for duty-free shop operations, joining the race to win a bid to run new duty-free stores in downtown Seoul. Hotel Shilla, a major hotel chain and duty-free shop operator, and other existing duty-free [...]
SEJONG, March 31 (Korea Bizwire) — South Korea’s duty-free shop sales surged 21.6 percent on-year in 2014, the finance ministry said Tuesday, thanks to the steady rise in foreign travelers. Data sent by the ministry to the National Assembly showed sales by the 43 duty-free shops in the country hitting 8.3 trillion won (US$7.5 billion) last [...]
SEOUL, Feb. 28 (Korea Bizwire) — Hotel Lotte won the operational right for a downtown duty-free shop in Jeju, officials said Friday, a move that is anticipated to bolster the company’s footing against its rival in the South Korean resort island’s ballooning duty-free market. Hotel Lotte, among the three applicants including smaller rival Hotel Shilla and [...]
SEOUL, Jan. 19 (Korea Bizwire) – The South Korean government announced a plan to create a business friendly environment by revising laws limiting investment this year. According to the plan, two new integrated resorts with casinos, an additional 5,000 hotel rooms and four duty-free shops (three in Seoul and one in Jeju) will be constructed [...]