April 26, 2024
Retail & Consumer
Shinsegae opens new duty-free store in Seoul
[THE INVESTOR] Shinsegae DF, the duty-free arm of Korean retail giant Shinsegae, opened its second outlet in Seoul on July 18, as the company accelerates its push to expand its presence in the domestic duty-free market.
The five-story outlet with some 350 brands is located at Central City, which consists of Shinsegae Department Store, JW Marriott Hotel and the Express Bus Terminal, in Gangnam, southern Seoul.
Shinsegae has been making aggressive investment in Central City in the last two years to make it a leading culture complex in the country, according to the company. It currently has a daily floating population of 1 million on average.
The firm said its aim is to create new tourism demands by connecting the new duty-free store with the existing services.
The latest move came as the retailer has been making efforts to secure its position as the duty-free industry’s No. 3 player, following Lotte and Shilla. Shinsegae joined the market through the acquisition of Paradise Duty Free in the southeastern port city of Busan in 2012.
Last month, the company was tapped as the new duty-free operator at Incheon International Airport, the country’s main gateway located west of Seoul.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
