SEOUL, May 10 (Korea Bizwire) – An attempt to lease out the remaining duty-free store licenses by tender at the new terminal at Incheon International Airport has failed again, as no duty-free operators made a bid, authorities and industry sources said Wednesday. The auction for licensing to run the apparel and accessories store at the [...]
SEJONG, March 29 (Korea Bizwire) – South Korea’s corporate watchdog said Wednesday that it has imposed a combined 1.8 billion-won (US$1.6 million) fine on two duty-free shop operators — Lotte and Shilla — for colluding on discount events. Hotel Lotte Co., the operator of the country’s biggest Lotte Duty Free, and Hotel Shilla Co., the [...]
SEOUL, April 7 (Korea Bizwire) – Lotte Duty Free, South Korea’s No. 1 duty-free operator, said Thursday it is mulling an acquisition of a foreign luxury goods maker with high brand value in a bid to further bolster its business. The move is seen as the company’s strategy to create synergies by having a premium [...]
SEOUL, March 17 (Korea Bizwire) – Another duty-free market upheaval looms as South Korea is toying with the idea of easing the licensing system to attract more foreign travelers, drawing a strong backlash from five companies given the right to open new shops. Less than a year after giving out three more duty-free licenses and changing [...]
SEOUL, Nov.5 (Korea Bizwire) – Lotte Duty Free has announced a plan to make its World Tower store into a landmark of North East Asia. Lotte will invest over one trillion won to make the location an international tourist spot that will exceed the popularity of its headquarters in Sogong-dong. Lotte Duty Free revealed at [...]
GYEONGJU, Aug. 6 (Korea Bizwire) – During the forthcoming Silk Road Cultural Festival in Gyeongju, a digital duty-free shop will be operated for foreign visitors to the event. Foreign visitors will be able to order products through touchscreen-based kiosks and pick them up at the airport when they leave Korea. The Gyeongju World Culture Expo [...]