Incheon International Airport Corporation (IIAC) has confirmed to TRBusiness that Shinsegae Duty Free has scooped the remaining fashion and miscellaneous merchandise (DF3) contract at Terminal 2.

The concession covers 14 shops over 4,889sq m of space, with Shinsegae securing the lease with a MAG of KRW45bn ($39m), an estimated KRW20bn ($17.3bn) below the originally specified fee.

The news brings to an end a drawn out process to award the final concession following core category victories for Lotte Duty Free and The Shilla Duty Free.

Shinsegae Duty Free has been named as the winner to operate Incheon Terminal 2’s fashion and miscellaneous accessories contract (DF3).

At the time these results were issued, IIAC initially retendered the DF3 concession at a discounted MAG rate of 10%, as revealed exclusively by TRBusiness at the time, before further downward revisions.

Commenting on the award, an Incheon spokesperson says the airport was pleased to have awarded the concession, but admitted ‘worries’ over construction delays as a result.

Shops at the new terminal are intended to open at the end of this year.