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S. Korean Duty-Free Sales Reach Record High in 2017 Despite THAAD Row

S. Korean Duty-Free Sales Reach Record High in 2017 Despite THAAD Row

SEOUL, Jan. 17 (Korea Bizwire) – Sales at South Korean duty-free stores reached an all-time high last year, despite a sharp drop in the number of foreign tourists following a diplomatic row between Seoul and Beijing over a U.S. anti-missile system, customs data showed Wednesday. Combined sales to foreigners at 48 local duty-free shops came to 14.5 trillion won (US$13.6 billion) in 2017, up 17.9 percent from 12.3 trillion won tallied the previous year, according to [...]

South Korea Delays Opening of New Duty-Free Shops amid THAAD Row

South Korea Delays Opening of New Duty-Free Shops amid THAAD Row

SEOUL, Sept. 29 (Korea Bizwire) – South Korea has postponed the opening of new duty-free shops by one year amid a diplomatic  row  between Seoul and Beijing over a missile defense system, industry sources said Friday. In December last year, the Korea Customs Service (KCS) announced six new operators of duty-free shops in Seoul and two provincial cities, giving them 12 months to prepare to open their shops. The KCS [...]

Lotte Continues to Suffer Heavy Losses Over THAAD Deployment

Lotte Continues to Suffer Heavy Losses Over THAAD Deployment

SEOUL, Jun. 13 (Korea Bizwire) — Despite the newly-elected South Korean government’s efforts to work with China, the deployment of a THAAD missile defense system at home continues to haunt South Korean companies operating in their neighbor across the Yellow Sea, particularly Lotte. According to Lotte officials and other diplomatic sources, Chinese authorities have once [...]