Lotte Duty Free is has won a tender to reopen at Gimhae Airport in South Korea. The Korea Airports Corporation (KAC) tender victory will see airport duty-free operations for the Korean retailer commence this week after it received the required pre-permit to operate. It will open following the completion of personnel placement, brand negotiations and stock purchasing.
The new outfit boasts 980 square metres, an increase of 329 square metres on the previous retailer’s operating area. The retailer began operating at the airport, for a second time on a small-scale on September 1, 2016.
Lotte said it is targeting sales of W120bn ($99.2m) at the airport in 2017 with daily sales of W200m. In order to achieve this ambitious sales target and increase earnings, the retailer said it had set-up to appease customer preferences.
SEE ALSO: Lotte Duty Free World Tower reopens
Based on sales trends in the Gimhae airport, the cosmetics area has been expanded by 40% with the introduction of new brands such as Giorgio Armani, Jo Malone and Tumi.
“Lotte Duty Free is planning to make the most of its experience and know-how from operating between 2007 and February 2014,”said Lotte Duty Free CEO, Jang Seon-wook.
“We will deliver a duty-free shop combining brand power which is loved by airports users.”
The Gimhae Airport Duty Free Shop sells leading brands including Cartier, Hermes, Rolex, Gucci, Omega, Piaget, Chopard & Patephills, I.W.C among others, all of which can be purchased at prices 30-40% lower than normal retailer.
The new duty free shop also provides luxury brand boutiques such as Max-Mara, Bally, Cartier, Burberry, Dunhill, and Missoni. There are more than 100 food, electronics and accessories brands housed in the precinct, along with leading fragrances and cosmetics labels such as Chanel, Dior and Sulwhasoo.
It is set to re-open its Lotte World Tower store in January 2017 having been granted one of the new licenses by the Korea Customs Service (KCS) earlier this month.