SEOUL, Aug. 21 (Korea Bizwire) — Lotte Duty Free said Tuesday that it signed a deal to operate five stores in Australia and New Zealand, making it the first South Korean operator to make inroads into Oceania. The duty-free arm of Hotel Lotte Co. said the agreement with Melbourne-based JR Duty Free will allow it [...]
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, [...]
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 [...]
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 [...]
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 [...]
SEOUL, Feb. 13 (Korea Bizwire) – Lotte Duty Free, South Korea’s No. 1 duty-free retailer, said Tuesday it will partially close down its operations at the country’s main gateway mainly due to a sharp drop in sales. Lotte Duty Free said it has filed an official request with Incheon International Airport Corp. (IIAC) to withdraw [...]
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 [...]
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 [...]
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 [...]
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 [...]