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 [...]
SEOUL, Dec. 24 (Korea Bizwire) – The duty free shop at Incheon International Airport accumulated more than 2 trillion won (US$1.8 billion) in sales this year, ranking first in the world. The Incheon International Airport Corporation (IIAC) announced that as of December 17, the sales volume of its duty free shop broke 2 trillion won for the [...]
SEOUL, Oct. 16 (Korea Bizwire) — Hotel Shilla won a tender for operating its duty-free chain in Macau International Airport, following Singapore’s Changi Airport. The Seoul-based hotel announced on October 14 that it would run the duty-free business in the airport in Macau in cooperation with Hong Kong-based Sky Connection starting on November 7. Both companies [...]