Lotte Duty Free Archives | Be Korea-savvy
Lotte Duty Free Bolsters Overseas Biz amid Fierce Competition at Home

Lotte Duty Free Bolsters Overseas Biz amid Fierce Competition at Home

SEOUL, Jul. 11 (Korea Bizwire) — South Korea’s No. 1 duty-free shop Lotte Duty Free is ramping up efforts to expand its presence in the global market in the face of fierce competition at home, industry sources said Wednesday. The duty-free chain, operated by Hotel Lotte Co., opened a new airport outlet in Nha Trang, [...]

Hotel Shilla Reaches Agreement with Airport over Duty-Free Shop Rental Fees

Hotel Shilla Reaches Agreement with Airport over Duty-Free Shop Rental Fees

SEOUL, April 3 (Korea Bizwire) – Hotel Shilla Co. said Tuesday it has accepted the airport operator’s offer to cut rental fees for its duty-free concessions at Incheon International Airport by 27.9 percent, a deal that could help the bottom line of the country’s second-largest duty-free operator. Incheon International Airport Corp. has also suggested adjusting fees to reflect the drop in the number of customers caused by the opening of a [...]

Lotte Duty Free Suffers Weak Earnings in 2017 Amid THAAD Row

Lotte Duty Free Suffers Weak Earnings in 2017 Amid THAAD Row

SEOUL, April 2 (Korea Bizwire) – Hotel Lotte Co., a hotel and duty-free operator of South Korean retail giant Lotte, said the operating profit of its duty-free unit nosedived to a record-low level in 2017 amid a diplomatic row between Seoul and Beijing over a U.S. missile defense system. Lotte Duty Free’s operating income came to 2.5 billion won [...]

Incheon Airport, Duty-Free Operators in Deadlock Over Rental Fees

Incheon Airport, Duty-Free Operators in Deadlock Over Rental Fees

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 [...]

Lotte Duty Free to Open Another Airport Outlet in Vietnam

Lotte Duty Free to Open Another Airport Outlet in Vietnam

SEOUL, Nov. 27 (Korea Bizwire) — Lotte Duty Free, South Korea’s top duty-free operator, said Monday it will open its second airport outlet in Vietnam at the country’s southeastern city of Nha Trang next year. The duty-free operator said it secured the exclusive rights to run the store until 2028 at Cam Ranh International Airport’s [...]

China’s Singles’ Day Signals End of THAAD Retaliation

China’s Singles’ Day Signals End of THAAD Retaliation

SEOUL, Nov. 14 (Korea Bizwire) — South Korean companies enjoyed increased sales during Chinese Singles’ Day over the weekend, signaling the end of China’s year-long THAAD retaliation. Sales at major duty-free stores including Lotte and Shilla increased by up to 30 percent among Chinese customers, while sales at online shopping giants Gmarket and Global Hmall nearly [...]

Lotte Duty Free Taps BTS as New Model

Lotte Duty Free Taps BTS as New Model

SEOUL, Nov. 13 (Korea Bizwire) – Lotte Duty Free, South Korea’s top duty-free operator, said Monday it has tapped K-pop boy band BTS as its newmodel, as local retailers aim to attract more foreign customers amid a normalization of ties between Seoul and Beijing over a U.S. missile defense system. Including BTS, Lotte Duty Free has 58 K-pop celebrities, including actor Lee Min-ho and K-pop girl group TWICE, as its model, according to the company. The duty-free operator’s [...]

Lotte Duty Free Taps Vietnam with New Airport Outlet

Lotte Duty Free Taps Vietnam with New Airport Outlet

SEOUL, Oct. 31 (Korea Bizwire) — Lotte Duty Free, South Korea’s top duty-free operator, said Tuesday it will officially open a new outlet at a Vietnamese airport, making a foray into the Southeast Asian market. The outlet at Da Nang International Airport will begin full-fledged operations Wednesday, it said. In June, Lotte clinched a joint [...]

Airport Operator Unlikely to Accept Duty-free Operator’s Rent Cut Demand

Airport Operator Unlikely to Accept Duty-free Operator’s Rent Cut Demand

SEOUL, Sept. 18 (Korea Bizwire) — The operator of Incheon International Airport is likely to snub calls from Lotte Duty Free, the country’s top duty-free operator, to adjust its rental fees, industry sources said Monday, amid the ongoing diplomatic row between Seoul and Beijing over the deployment of a U.S. missile system here. Last week, [...]