SEOUL, Sept. 28 (Korea Bizwire) – Shinsegae Group and a joint venture between Shilla Hotel and Hyundai Development said Wednesday that they will apply for a new duty-free license to open new stores in Gangnam, the most affluent district in the capital city. HDC Shilla Duty Free said it has picked iPark Tower in Gangnam, [...]
SEOUL, Aug. 23 (Korea Bizwire) – Sales at South Korea’s duty-free stores reached an all-time high in July thanks to a rising influx of Chinese travelers and last year’s low base in the wake of the Middle East Respiratory Syndrome (MERS) outbreak, data showed Tuesday. Sales at duty-free stores nationwide reached US$954 million last month, [...]
INCHEON, Aug. 1 (Korea Bizwire) – Since 2015, KT&G (Korea Tobacco & Ginseng Corporation) has been able to maintain a winning streak in duty free store sales at Incheon International Airport. According to airport data, KT&G product sales at Korea’s leading airport came to 103.1 billion won ($92.7 million) and 71.8 billion won, respectively, in [...]
SEOUL, July 29 (Korea Bizwire) – Foreigners’ local duty-free shopping has rebounded this year after a dismal drop last year from a contagious respiratory disease, data showed Friday, renewing interest in new licenses for the retail business. Statistics provided by the Korean Duty Free Association (KDFA) said shoppers purchased an average US$207 worth of goods [...]
SEOUL, July 15 (Korea Bizwire) – Galleria Duty Free 63 officially opened on Friday, and it’s offering more than just duty free products. The new duty free store, located in Seoul’s iconic 63 Building, is operated by Hanwha Galleria, a subsidiary of Hanwha Group. Since its ‘Free Opening’ in December 2015, the store has recorded [...]
SEOUL, July 13 (Korea Bizwire) – South Korea’s distribution industry has become heavily dependent on China for its profits, statistics indicated Wednesday, making them vulnerable to even political and social issues that can turn away consumers from the Asian neighbor. For Lotte Duty Free stores in Seoul, Chinese tourists accounted for 78 percent of its [...]
SEOUL, June 29 (Korea Bizwire) – Lotte Duty Free, South Korea’s largest duty-free operator, said Wednesday it has expanded its main branch in downtown Seoul, as part of efforts to make up for a sales shortfall from its other outlet in downtown Seoul which closed upon its license expiration. The main branch in Lotte Department [...]
SEOUL, Jan. 20 (Korea Bizwire) – The outbreak of Middle East Respiratory Syndrome (MERS) in South Korea last year caused duty-free purchases made by foreigners to decline, despite overall sales going up thanks to solid rise in outbound travelers, data showed Wednesday. Sales to foreigners inched down 0.6 percent on-year to US$5.41 billion, the Korea [...]
SEOUL, Dec. 22 (Korea Bizwire) – Hanwha Galleria, a retail unit of South Korean conglomerate Hanwha, said Tuesday it will partially open its first duty-free store at 63 City Building in downtown Seoul next week. Hanwha Galleria plans to open 60 percent of the proposed space in the gold-tinted skyscraper in Yeouido, a must-stop destination [...]
JEJU, Nov. 2 (Korea Bizwire) – The Jeju Tourism Organization’s duty free stores for locals reported sales of 47 billion won so far this year, which is an all-time high. It topped the previous record, which was 42.2 billion won in 2011, by 11.4 percent. Officials said that the increase in local tourists that visited [...]