April 27, 2024
Retail & Consumer
New duty-free licenses to be announced on Dec. 17
[THE INVESTOR] The Korea Customs Service will stick to its schedule of announcing new licenses for duty-free stores next week, according to the authorities on Dec. 8.
Despite the presidential scandal rocking the nation and political uncertainties, the original schedule of announcing the new licenses on Dec. 17 will be kept, the KCS said.
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“This is being done to protect the faith of related parties while retaining consistency and predictability of government policies.”
After three days of review from Dec. 15, the KCS will announce the list of six new operators -- three in downtown Seoul, and one midsized store each in Seoul, Busan and Gangwon Province.
A total of five major retailers are vying for the three downtown slots in Seoul, and will make a five-minute final presentation for review. Hyundai Department Duty Free will be followed by HDC Shilla Duty Free, Shinsegae DF, SK Networks and Lotte Duty Free.
To minimize controversy, the KCS will disclose the full results of the review conducted by a license committee that includes civil experts and government officials.
By Hwang You-mee (glamazon@heraldcorp.com)
