Retail in Asia

In Shops

Seoul duty-free market is set for major shift on store bid

The landscape of Seoul’s lucrative duty-free market, dominated by Lotte and Shilla as of now, is set for a major change following the bid for the expiring business licenses of three duty-free stores in the capital city.

According to market data from the Korea Duty Free Association, sales at the nation’s duty free shops reached KWR8.3 trillion (USD8 billion) last year, with urban tax-free outlets taking 70 percent of the total revenue.

Retail giant Shinsegae and Doosan Group, an industrial conglomerate, were new entrants to the market, securing the rights to open their first duty-free stores in Seoul as they edged out sites held by Lotte and SK Networks.