SOUTH KOREA. Shinsegae Group has appointed company veteran Lee Seok-gu (76) as Shinsegae Duty Free CEO amid a sweeping group management structure revealed today.
Lee, formerly CEO of Shinsegae Live Shopping, replaces Ryu Sin-Yul, who had held the reins since December 2020.
According to multiple Korean media stories, Lee is renowned for being a ‘problem solver’ internally. The Moodie Davitt Report has approached Shinsegae for comment.
A Shinsegae Group spokesperson told local media: “We have appointed veteran executive Lee Seokgu as CEO of Shinsegae Duty Free to address various pending issues and to find a breakthrough for the duty-free business.”
Most pressing of those issues is the retailer’s crisis at Incheon International Airport where its DF2 liquor & tobacco, perfumes & cosmetics concession is bleeding money.
As reported, all eyes in the Korean travel retail sector are on Shinsegae Duty Free’s next move following The Shilla Duty Free’s announced exit from its heavily loss-making Incheon DF1 concession.
Both retailers had sought -40% rent reductions from Incheon International Airport Corporation (IIAC). When IIAC refused to negotiate, the matter was referred to Incheon District, which issued a mediation order in favour of -25% and -27.5% rent reductions, respectively, for Shilla and Shinsegae Duty Free’s concessions.
Critically, however, that order was non-binding and IIAC formally rejected it on 16 September. Two days later Hotel Shilla’s Board of Directors resolved to quit the DF1 concession, tentatively effective from 17 March 2026.
Shinsegae Duty Free has yet to follow suit, as many Korean observers believe it will. The retailer told us last week: “Shinsegae Duty Free has not decided to withdraw from Incheon International Airport. We are currently reviewing the situation from multiple perspectives before making any decision.” ✈
