Korea’s duty-free stores are resuming company and broadening in the house and abroad as travel recuperates from the coronavirus pandemic.
Lotte has actually opened a brand-new duty-free store in the blossoming Vietnamese resort of Da Nang. It is currently the 2nd brand-new shop Lotte has actually opened overseas this year following downtown Sydney in May.
The brand-new shop near My Khe Beach is Lotte’s 4th and biggest in Vietnam with 2,000 sq. m. of store area. Da Nang was a popular travel location prior to the pandemic with 3.66 million travelers a year, and about half of them were Koreans.
Lotte anticipates to make more than W50 billion in yearly sales from the shop now that the hotel tenancy rate in Vietnam has actually rebounded to 75 percent and Korean travelers are returning (US$ 1= W1,311).
Lotte has13shops in 6 nations and is back in the black, making W1.28trillion in sales and W 50.8 billion in operating earnings in the 3rd quarter this year. It had the ability to draw in more than10,000 group travelers in Southeast Asia even as its essential Chinese clients are still in lockdown. It attained a sevenfold boost in sales on-year in Australia, Singapore and Vietnam.
Next year Lotte is opening a brand-new shop in downtown Hanoi and another at Singapore’s Changi International Airport whose opening has actually been held off by the pandemic.
Shilla, on the other hand, broadened both its shop at Changi in June and at Hong Kong’s Chek Lap Kok International Airport in July. Shilla published W1.36 trillion in third-quarter sales this year, the very best considering that the break out of the pandemic.
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