SOUTH KOREA. Lotte Duty Free has begun a major expansion of its flagship downtown store in Seoul in the wake of the closure of its World Tower branch, the company has confirmed to The Moodie Davitt Report.
The food court on the 12th floor of the Lotte Department Store in Myeong-dong is being converted into duty free space. A partial opening was completed earlier in June. The full opening of the new area is scheduled for the end of August.
A company spokesperson said the 2,760sq m expansion would take the store’s total duty free space to 16,115sq m.
Lotte is adding a number of new cosmetics and perfume brands, including Sabon, Darphin, Tom Ford and Urban Decay. This will take the total number of brands to 620.
More than 20 brands will be featured in expanded areas, including Sulhwasoo and Whoo.
Lotte has also moved 13 brands that used to operate exclusively at World Tower to both its Myeong-dong flagship and Coex stores. These are mostly small-to-medium Korean brands, the spokesperson said. The company’s aim is to ensure the continued “employment and business” of these brands.
Lotte Duty Free lost the licence for the World Tower store last November after a bitter and controversial open bidding contest for key downtown duty free permits. It is hopeful, however, that it will gain one of several new licences due to be issued in coming months.
