AUSTRALIA. Lotte Duty Free is to open a flagship downtown store early next year in the heart of Sydney’s central business district shopping precinct at 55 Market Street.
Lotte Duty Free confirmed the news to The Moodie Davitt Report – we’ll bring you the group’s detailed reaction tomorrow.
The deal was announced today by shopping centre developer Mirvac Retail, which owns and manages a retail portfolio across Australia’s eastern seaboard. According to a detailed report in respected Australian B2B media Shopping Centre News (SCN), the store will cover approximately 3,000sq m of retail space.
Mirvac Retail described 55 Market Street as “a high-end shopping destination with design and facilities that exude success for its customers”.
Construction is now underway for what SCN said would be “a world-class fusion of east and west in a luxurious design fit-out” delivered by Sydney agency Bates Smart.
Lotte Duty Free is South Korea’s biggest duty free retailer and the world number two, according to industry benchmark The Moodie Davitt Report Top 25 Travel Retailers. The Korean powerhouse entered the Australian and New Zealand market at the end of 2018 when it acquired JR/Duty Free’s businesses in Australasia.
The store will be Lotte Duty Free’s first new building since it entered the Australia travel retail sector.
