SOUTH KOREA. Incheon International Airport Corporation (IIAC) has named the preferred bidders from its highly anticipated Terminal 1 duty free tenders.
The Shilla Duty Free and Lotte Duty Free were named preferred bidders for liquor & tobacco (DF3 and DF4 respectively), while DF7 (fashion & miscellaneous) is set to change hands from Shinsegae Duty Free to Hyundai Duty Free.
There were few changes in the concessions available for small and medium-sized enterprises (SMEs), with CityPlus Duty Free and Entas Duty Free set to retain their concessions. As reported, SM Duty Free withdrew its bid and will hand over the operation of its DF8 business to Grand Duty Free.
The selection of Hyundai Duty Free as the preferred proposer for the highly-competitive DF7 (fashion & miscellaneous) concession comes as the ambitious sector newcomer aims to grow its duty free business both downtown and by securing one of the major Incheon concessions. Contacted by The Moodie Davitt Report, Hyundai Department Store Duty Free said it was “surprised” to be named preferred bidder for the concession.
Under the two-tier Korean system, the preferred candidates selected by IIAC will undergo a licence review by Korea Customs Service, and will begin operations in August 2020 if approved.
As reported, the two concessions that received fewer than two bids, including the blue chip DF2 perfumes & cosmetics concession (which received none), will be retendered by the end of March.
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