Visitor numbers to South Korea sank by 54% to 1,754,175 in February compared with a month earlier.

The number of visitors to South Korea dropped by more than half (54%) in February compared with the previous month, data from the Korea Duty Free Association (KDFA) shows.

Foreign visitors accounted for 40% of the 1,754,175 total visitors, according to figures seen by TRBusiness.

While South Korea has been praised for containing the spread of the virus [it has managed to temper infection rates over several weeks – Ed], duty free shops have been hit hard due to lockdowns and travel restrictions.

Association data contained in a Yonhap News Agency report corroborated by a TRBusiness source in South Korea shows local duty free shop sales declined by 45.5% to KRW1.1tn in February.

The country’s major travel retailers including Lotte Duty have scaled back operating hours at downtown branches and closed stores at the likes of Gimpo Airport.

Medium and large tenants at main hub Incheon Airport have been offered rent deferrals, but there have been no concessions akin to the 25% rent relief to small companies announced by the government earlier this month.

Notwithstanding the sales dent in February, the South Korean duty free the industry could suffer losses in the region of KRW6 trillion to KRW8 trillion (US$4.2 to $5.6bn) should sales remain at the current level (about 80% below their monthly average in 2019) until the end of June.

At the time of writing South Korea’s Covid-19 case count numbered 9,661, with 158 deaths.