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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

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

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 Partially Withdraw From Incheon Int’l Airport

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 [...]

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

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

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

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

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, [...]

Lotte Duty Free Eyes Pullout from Incheon Airport

SEOUL, Sept. 4 (Korea Bizwire) — Lotte Duty Free, South Korea’s top duty-free operator, is considering withdrawing from Incheon International Airport, a company source said Monday, as the local duty-free industry is struggling to cope with the impact of a diplomatic row between Seoul and Beijing over the deployment of a U.S. missile defense system [...]