April 20, 2024

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[THE INVESTOR] Five conglomerates turned in their application for the license to operate a downtown duty-free store on Oct. 4.

On the deadline set by Korea Customs Service, all the potential bidders -- Hotel Lotte, SK Networks,  Shisegae DF, Hyundai Department Store and HDC Shilla Duty Free –- submitted their offers, vying for the three slots proposed for large firms.

All candidates except SK Networks, whose duty-free store at Sheraton Walkerhill hotel has closed since failing to win a license last year, have chosen southern Seoul as the site for their new stores.

Hotel Lotte, an affiliate of Lotte Group was the first to submit an application with Lotte World Tower as its candidate site. Its previous duty-free store venue, which also suspended operations, remains ready for immediate reopening. 

Lotte World Tower

Hyundai Department Store has established a separate duty-free corporation hopes to enter the business with its Coex branch as candidate site, with detailed plans including securing a parking space enough to accommodate up to 5 million Chinese visitors a year.

HDC Shilla Duty Free is challenging Hyundai  with a location at Hyundai I Park Tower, only 600 meters away, while another winner of the second round Shinsegae is promoting its Central City mall at Express Bus Terminal.

KCS will announce the results before the end of this year.

For the single slot for small and medium enterprises, three companies have tendered their bids.

By Hwang You-mee (glamazon@heraldcorp.com)