CHINA. South Korean travel retailer Shinsegae Duty Free has secured a five-year agreement to operate a Korean products store at Mission Hills Resort’s duty free shopping complex in Haikou, Hainan Island.
Shinsegae Duty Free, which runs several airport and downtown duty free stores in South Korea, has struck the breakthrough deal with Hainan Provincial Duty Free Co (HNDF) for the Chinese company’s hugely ambitious new shopping mall at the resort. It is Shinsegae Duty Free’s first overseas venture.
“Shinsegae and HNDF have signed the agreement,” Shinsegae Duty Free MD Merchandising Team Director Seok-Ho Hong confirmed to The Moodie Report. “We will sell a range of Korean products.. over 4,000sq metres.”
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Shinsegae Duty Free MD Merchandising Team Director Seok-Ho Hong says the retailer will sell a wide range of Korean beauty products, fashion and accessories |
As previously reported, HNDF plans to create a “duty free shopping paradise” at the complex. It was expected to open in December 2013 but the granting of the all-important offshore duty free licence was delayed. That licence is expected to be granted soon with the operation set to commence next February.
Under Hainan’s phenomenally successful offshore duty free shopping policy introduced in 2011, travellers from the Mainland can buy duty free goods up to the value of RMB8,000 (US$1,260).
As reported, DFS Group is expected to provide a range of specialist duty free services there, in addition to Shinsegae’s Korean offer. HNDF and DFS have worked together at Haikou Meilan International Airport since late 2011, with DFS consulting on the store design, brand management, assortment planning, product supply, staff training and store operations. DFS was unavailable for comment today.
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A bird’s eye view of the Mission Hills Town Center project |
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An artist’s rendering of phase 1 of the Hainan Provincial Duty Free retail space, set to open in early 2016 |
