S.Korea picks Lotte, 3 others for new duty-free licences in Seoul (updated)

Hyundai Department Store Co

17/12/2016 12:01

(Add background, detail) 
    SEOUL, Dec 17 (Reuters) - South Korea, the world's largest 
duty-free market, on Saturday granted four new duty-free store 
licences in central Seoul as Asia's fourth-biggest economy seeks 
to capitalise on Chinese tourist demand.    
    The world's third-largest duty-free operator, Lotte Duty 
Free, was selected, along with affiliates of Shinsegae Inc 
 004170.KS  and Hyundai Department Store Co Ltd  069960.KS  and 
a smaller operator, Korea Customs Service said.     
    South Korea, which overtook Britain as the biggest duty-free 
market in 2010, has seen sales nearly double in four years to 
9.2 trillion won ($7.9 billion) in 2015 versus 5.37 trillion in 
2011.  urn:newsml:reuters.com:*:nL4N1E717K 
    The 22 existing duty-free stores in Seoul and other South 
Korean cities reported sales of 6.4 trillion won between January 
and September, customs agency data said.  
    Saturday's decision will raise the number of duty-free 
stores in downtown Seoul to 13 from 9. 
    Each licence lasts for five years. 
 
 (Reporting by Joyce Lee and Hyunjoo Jin; editing by Dale and 
Jason Neely) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA DUTY FREE/