SOUTH KOREA. Hyundai Department Store has, as expected, been awarded the licence to operate a duty free store in the Seoul district of Dongdaemun by the Korea Customs Service (KCS).
Today’s result will mean Hyundai Department Store Duty Free taking over Doosan Corporation’s duty free business after 28 February 2020 (see below for details).
In related news, incumbent Top Sola was awarded the duty free licence for the new Incheon International Ferry Terminal ahead of TR Global.
As reported, Hyundai Department Store Duty Free was the sole bidder for the three additional duty free licences being offered in Seoul by the KCS. A 22-strong KCS review committee awarded the licence to Hyundai, which received 892.09 points out of a maximum 1,000 points in the assessment.
Leading Korean retailers such as Lotte Duty Free, The Shilla Duty Free and Shinsegae Duty Free chose not to take part in the tender.
Hyundai will operate out of space currently occupied by Doota Duty Free, which announced last month that it was quitting the business. Hyundai, as the second-largest department store operator in Korea, has earmarked the duty free market as a channel for growth and has agreed a deal to take over Doota Duty Free. This deal was conditional on Hyundai being awarded a further duty free licence.
Opening the store in the Dongdaemun area will give Hyundai access to an area highy popular with resellers – the channel that has been driving Korea’s record-setting duty free market over recent times.
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