SOUTH KOREA. In a sad development for the troubled Korean travel retail sector, Shinsegae Duty Free is poised to shut down its Busan downtown duty free store (in Shinsegae Centum City) on 24 January.
A Shinsegae Duty Free spokesperson confirmed the news today to The Moodie Davitt Report, noting the company is coordinating with customs to complete the surrender of patent rights.
Yonhap News reported that Shinsegae Duty Free will notify the remaining tenants and customers about the closure.
As reported on Tuesday, the decision is driven by ongoing challenges within the local duty free industry, which has yet to fully recover from the impact of the COVID-19 pandemic.
The move comes just under nine years since the store was opened amid very different conditions in Korean travel retail.
The operating licence for Shinsegae Duty Free Busan was originally set to run until 2026. Shinsegae Duty Free, which is under emergency management, will now focus on the Myeongdong flagship store in Seoul and Incheon International Airport. ✈
