SOUTH KOREA. Shinsegae Duty Free yesterday (20 January) renewed its duty-free trading licence for its Myeong-dong, Seoul downtown flagship store.
“This underscores our continued commitment to our core locations and stable operations,” the travel retailer told The Moodie Davitt Report.
The company also explained its decision not to bid on the DF1 or DF2 tenders at Incheon International Airport, where Lotte Duty Free and Hyundai Duty Free were the only bidders.
Both concessions were up for grabs after Shinsegae (DF2) and The Shilla Duty Free (DF1) quit their contracts late last year in response to heavy operating losses and their failure to renegotiate financial terms with Incheon International Airport Corporation.
Shinsegae Duty Free told The Moodie Davitt Report: “After careful consideration until the final stage, Shinsegae Duty Free has decided not to participate in the current Incheon International Airport duty free tender for DF1 and DF2.
“This decision was made following a comprehensive review of the overall market environment, changes in consumer trends, and the profitability of the business.
“Going forward, Shinsegae Duty Free will continue to pursue sustainable growth through a strategy of selection and focus, prioritising operational efficiency and long-term value.” ✈
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