SEOUL, Feb. 1 (Korea Bizwire) — Sales at South Korean duty-free stores plunged nearly 38 percent on-year in 2020 due to the spread of the new coronavirus, industry data showed Monday. Combined sales of local duty-free shops totaled 15.5 trillion won (US$13.9 billion) last year, down 37.7 percent from a year earlier, according to the [...]
SEOUL, Oct. 29 (Korea Bizwire) — Two major South Korean duty free stores said Monday they have suspended sales of flavored e-cigarettes, following the government’s warning against the use of such vaping products due to rising health concerns. Lotte Duty Store and the Shilla Duty Free said they have halted sales of flavored vaping products [...]
SEOUL, Sept. 25 (Korea Bizwire) — Sales at South Korean duty-free stores hit a new monthly high in August, industry data showed Wednesday, on the back of Chinese vendors who buy products in large quantities and resell them back home. The combined sales of local duty-free shops reached 2.18 trillion won (US$1.82 billion) last month, [...]
SEOUL, Jul. 17 (Korea Bizwire) — Sales at South Korean duty-free stores hit a new half-year high, industry data showed Wednesday, on the back of the opening of new downtown shops and on-arrival duty-free shops here. The combined sales of local duty-free shops reached 11.66 trillion won (US$9.87 billion) during the January-June period, compared with [...]
SEOUL, Apr. 15 (Korea Bizwire) — Sales at South Korean duty-free stores hit a new monthly high in March to breach the 2 trillion-won (US$1.76 billion) mark for the first time, industry data showed Monday, despite a recent Chinese regulation placed on small-scale vendors. The combined sales of local duty-free shops reached 2.16 trillion won [...]
SEOUL, Dec. 9 (Korea Bizwire) — Chinese group tourists, who helped fuel local retail sector growth in recent years, have yet to make a full comeback despite the easing of restrictions by Beijing, South Korean duty-free store operators said Sunday. The assessment came as official data from the Bank of Korea showed that 475,000 Chinese [...]
SEOUL, Nov. 20 (Korea Bizwire) — Sales at South Korean duty-free stores rose 28.6 percent on-year last month, industry data showed Tuesday, despite a lingering row between Seoul and Beijing over a U.S. missile defense system. Sales of local duty-free operators came to US$1.44 billion in October, according to the data compiled by the Korea [...]
SEJONG, March 31 (Korea Bizwire) - The South Korean government on Thursday decided to extend the operational licenses of local duty-free stores to 10 years from the current five and have them automatically renewed in a bid to help the retail industry do business in a stable and predictable environment. In a minister-level meeting in Seoul, the [...]