In Shops

Shinsegae opens new duty-free store in Seoul

shinsegae

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Shinsegae DF Inc., the duty-free arm of South Korean retail giant Shinsegae, opened its second outlet in Seoul, as the company accelerates its push to expand its presence in the domestic duty-free market.

SEE ALSO : Shinsegae Int’l to open VIDI VICI flagship store in China next year

The five-story outlet with some 350 brands is located at Central City, and consists of Shinsegae Department Store, JW Marriott Hotel and, the Express Bus Terminal, in Gangnam, Southern Seoul.

Shinsegae has been making aggressive investment in Central City in the last two years to become a cultural complex for Koreans more than a mere retail space, according to the company. It currently has a daily floating population of 1 million on average.

Shinsegae said its aim is to create new tourism demands by connecting the new duty-free store with the existing services.

The latest move came as the retailer has been making efforts to secure its position as the duty-free industry’s No. 3 player, following Lotte and Shilla. Shinsegae joined the market through the acquisition of Paradise Duty Free in the southeastern port city of Busan in 2012.

Last month, the company was tapped as the new duty-free operator at Incheon International Airport, the country’s main gateway located in the West of Seoul.

The bidding took place as Lotte Duty Free returned three of its four money-losing concessions at the first passenger terminal in the face of huge losses stemming from a plunge in the number of Chinese tourists. Shinsegae’s new airport outlet is set to begin operations next month.

SEE ALSO : Shinsegae unveils its first independent hotel in Seoul

In addition to the outlets at the Incheon airport and Busan, the company also has a duty-free shop at its main department store in Myeongdong, downtown Seoul.

Shinsegae DF swung to profit last year, reporting 1 trillion won (US$887 million) in sales. The revenue is expected to top the 3 trillion won mark this year, according to the company.

(Source: News Hankyung )

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