April 20, 2024

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[THE INVESTOR] Leading duty-free store operators Dufry and DFS are likely to join the fray for setting up operations at the second terminal of Incheon International Airport, having participated in a presentation held on Feb. 9 at the airport.

The two have participate in the presentation for the third round of bid for operations at the airport’s first terminal in 2015, but did not participate in the actual bid. This time, however, the world’s two largest duty-free retailers by revenue are more likely to enter the bid as they have been more aggressive in their expansion plans, according to industry watchers.

This will add more heat to the already intense bid for the three licenses allocated to large companies.

South Korea’s major retailers Lotte, Shilla, Shinsegae, Doosan and Hanwha have been vying for the five-year license to run a duty-free store at the terminal scheduled to open in October. A total of 10,208 square meter will be devoted to duty-free stores, to be run by three large companies and three small and medium-sized companies.

The applications will be accepted until March 30 and bidding takes place the next day. The airport corporation will choose two preferred bidders for each category and a special committee of the Korea Customs Service will decide on the final winner by April.

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