SEOUL, July 13 (Korea Bizwire) — Lotte Duty Free, the travel retailer of Hotel Lotte Co., said Thursday it has opened a duty-free shop at Australia’s Melbourne Airport and aims to boost annual sales to 300 billion won (US$235.4 million). In January, Lotte Duty Free won a concession to operate at a spot at Melbourne [...]
SEOUL, April 1 (Korea Bizwire) — Lotte Duty Free said Friday its operating loss widened last year due to the prolonged COVID-19 lockdown in China and the dollar’s weakness. The duty-free operator posted an operating loss of 139.5 billion won (US$106.8 million) for the entire year of 2022, up from 28.8 billion won in 2021, [...]
SEOUL, Jan. 26 (Korea Bizwire) — Lotte Duty Free, the travel retailer of Hotel Lotte Co., has won a concession to operate a duty-free store at Australia’s Melbourne Airport, company officials said Thursday, as the company prepares for a boom in international travel amid a global reopening Lotte Duty Free said it will open the [...]
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 [...]