S.Korea picks Lotte, 3 others for new duty-free licenses in downtown Seoul

Hyundai Department Store Co

17/12/2016 10:40

SEOUL, Dec 17 (Reuters) - South Korea chose four firms 
including the world's third-largest duty-free operator, Lotte 
Duty Free, to grant new duty-free store licenses in downtown 
Seoul, the country's customs agency said on Saturday.   
    Korea Customs Service said in a statement the four companies 
also include affiliates of Shinsegae Inc  004170.KS  and Hyundai 
Department Store Co Ltd  069960.KS .     
    South Korea, which overtook Britain as the world's largest 
duty-free market in 2010, has seen duty-free sales nearly double 
in four years to 9.2 trillion won ($7.9 billion) in 2015 from 
5.37 trillion won in 2011.  urn:newsml:reuters.com:*:nL4N1E717K 
 
 (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Dale 
Hudson) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA DUTY FREE/