Effective from today (30 November), Luxe Mall will permit Lotte Duty Free to deplete surplus stock receiving the necessary import customs clearance approvals to non-travellers.
In July, the Korea Customs Service permitted the temporary sale of excess duty free stock in downtown shops to absorb the shock to duty free retailers as a result of the coronavirus (Covid-19) crisis. The KCS extended the mechanism at the end of October.
Lotte Duty Free had previously relied on discharging inventory via its downtown department stores, outlets and ecommerce platform ‘Lotte On’.
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However, Covid-19 restrictions meant only a limited number of customers were able to shop in physical stores while online sales were restricted to certain periods.
In a move designed to minimise customer inconvenience, Luxe Mall intends to quicken sales to Korean customers and allow them to purchase duty free goods online at any time.
Brands listed for sale include Salvatore Ferragamo, Tory Burch, Valentino and Balenciaga as part of the largest clearance drive to date.
In addition, South Korea’s largest travel retailer will offer a premium delivery service for high-value goods, entitled ‘Valex’.
This is available to customers who spend KRW3 million/$2,712 or more at Luxe Mall, with fulfilment of goods completed by security personnel using special vehicles equipped with safes, CCTV and alarms.
Simple payment options are available through Payco and Naver Pay, while Lotte Duty Free is offering a range of promotions as part of Luxe Mall’s opening event.
“By opening our own online mall for the sale of duty free goods through domestic customs clearance, we have been able to prepare the largest quantity of goods ever,” said a Lotte Duty Free official.
“We will provide more various benefits and events to provide a luxurious shopping experience at Luxe Mall.”