Lotte Duty Free Archives | Be Korea-savvy
Lotte Duty Free’s Operating Loss Widens in 2022 on China Lockdown, Weak Dollar

Lotte Duty Free’s Operating Loss Widens in 2022 on China Lockdown, Weak Dollar

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, [...]

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 [...]