Lotte Duty Free wins Jeju International Airport departure hall store business

By Faye Bartle |

Ju Nam Kim, CEO, Lotte Duty Free.

Ju Nam Kim, CEO, Lotte Duty Free.

Lotte Duty Free has been awarded the contract to operate the duty free store in the departure hall of Jeju International Airport, effective 1 March 2023.

The Korea Customs Service scored the retailer a total of 943.23 points out of a possible 1,000 in its bid evaluations, giving rise to the contract being awarded to Lotte for up to 10 years (based upon a five year period, with the option to extend for another five years).

The store covers a total area of 544.79 square metres and carries a broad range of product categories, including cosmetics, perfumes, alcoholic beverages, and fashion accessories.

READ MORE: Lotte targets US$243m annual sales from new MEL duty free concession

The news comes as international flights and passenger numbers recover in the region. Furthermore, it builds upon the retail giant’s recent successful bid to operate the 10-year duty free contract at MEL’s international terminal.

“We are accelerating preparations for the global reopening by securing duty-free business rights at Jeju Airport after Melbourne Airport,” commented Ju Nam Kim, CEO, Lotte Duty Free.

READ MORE: More overseas expansion after MEL win, says Lotte

As South Korea’s largest island and a popular tourist destination, Lotte Duty Free anticipates its operations at Jeju International Airport to lucrative.

The sales volume of the duty free shops at Jeju Airport reached approximately US$34 million/KRW 42 billion in 2019, according to a statement by Lotte.

The Jeju Airport contract marks Lotte Duty Free’s fourth major international airport store in Korea, adding to its existing line-up of operations at Incheon Airport (Terminal 2), Gimpo International Airport and Gimhae International Airport.

READ MORE: Lotte emerges victorious with 10-year duty free licence at Melbourne Airport

Lotte also has four downtown stores: at Myeongdong (its main store), World Tower, Busan, and Jeju.

This is in addition to its Jeju Air inflight retail contract.

Middle East

MEADFA Conference 2024 ‘heading to Abu Dhabi on 17-19 November’

This year’s Middle East & Africa Duty Free Association (MEADFA) Conference will take...

International

DFWC Q1 2024 KPI Monitor indicates rise in duty free impulse purchases

Impulse purchasing within global duty free is on the rise, according to the latest Duty Free...

Asia & Pacific

Avolta details “bold and ambitious” goals to grow its APAC business

With a number of key developments coming to fruition, including its operations at Wuhan Tianhe...

image description

In the Magazine

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

E-mail this link to a friend