Doota Duty Free brings forward closure date from 30 April to 25 January 2020

By Andrew Pentol |


The Doota Duty Free store closure has been brought forward to 25 January 2020.

Doosan Corporation’s Doota Duty Free store has brought forward its closure date from 30 April 2020 to January 25 2020, according to a regulatory posting seen by TRBusiness.

As reported in November, the anticipated deterioration of the duty free business in terms of profitability was the main reason for its decision to join Hanwha Group in ceasing operations. The decrease in profitability is expected to be driven by a fall in Chinese group tourists, the location of the store — the Korean DF&TR business mainly revolves around the Myeongdong area — and intense competition.

Located in the Doosan Tower in Dongdaemun Seoul, the Doota Duty Free outlet experienced a high-profile opening in May 2016. Its license was due to expire in May 2020.

Last month TRBusiness reported Hyundai Department Store Group would take over the Doota Duty Free store as part of a KRW61.9bn conditional acquisition. This publication was also reliably informed that Hyundai would need to obtain a licence to begin operations because duty free licences in South Korea cannot be traded between operators.

As expected, Hyundai was granted the required licence by the Korean Customs Corporation last month and is likely to begin operations in Q1 2020. The Hyundai Department Store Group already boasts one Korean downtown duty free store which opened last year.


The regulatory posting indicating the early closure of the Doota Duty Free store.




OUT NOW: June/July issue + Top 10 Airports

The TRBusiness June/July 2024 edition, featuring the Top 10 Airports report, is now available...

The Americas

Avolta expands US presence with 15-year contracts at John Wayne Airport

Avolta is set to grow its presence at John Wayne Airport in Orange County, California, through a...


TR Consumer Forum 2024 photo gallery now live

The TR Consumer Forum 2024 was packed with memorable moments, from the very first networking...

image description

In the Magazine

TRBusiness Magazine is free to access. Read the latest issue now.

E-mail this link to a friend