TRBusiness talked to Jeffrey Davis, Merchandising Director Beauty, Lotte Duty Free in Cannes last month about the company’s ambition to become the global leader in duty free & travel retail within the next two years and how experiential retail – particularly in beauty – has become the most important part of the business.
He also talked about Lotte’s expansion strategy inside Korea, but also overseas in Vietnam where the company plans to open ‘three or four new stores’ in the next few years. Oceania continues to be a focus for Lotte which is monitoring new tender opportunities ‘coming up very quickly’.
Davis confirmed in this video that ecommerce is ‘by far’ Lotte’s fastest growing channel of business.
Citing the rise in importance of ecommerce and an increase in the number of mobile transactions made by its customers, Davis said that this has forced the retailer to push the boundaries instore with advanced experiential retail activities made possible through new digital and social media technologies.
“Experiential retail through innovative digital and social media tech represents the most important part of the business,” said Davis.
“Because anyone can sell duty free products, but [experiential retail] and providing that point of differentiation will make the difference between a winner and a loser in this business.”
Davis insists that Lotte’s events are ‘best-in-class’, but its high standards could not be reached without extraordinary commitment from its brand partners.
“It’s not just Lotte, it’s the brands who have really done some extraordinary things with us and we are super happy with our collaborations thus far. Every time we host one of these events, we do it better.”