SEOUL, June 22 (UPI) — South Korean retail giant Shinsegae has won the right to operate duty-free stores at the first passenger terminal of Incheon International Airport.
Shinsegae DF Inc. has been picked as the sole operator of the two duty-free zones that sell cosmetics and perfumes and leather goods at the country’s major gateway and the transit hub in Asia, according to South Korean media.
Shinsegae competed with Hotel Shilla Co., another duty-free giant in South Korea in a bidding organized by the Korea Customs Service on Friday.
The competition opened as Lotte returned their duty-free license in February due to a high rent price, according to Yonhap.
The annual sales of the two duty-free zones are estimated to be more than $ 812 million (900 billion won).
Lotte Duty Free holds the largest market share of 41.9 percent, followed by Hotel Shilla Co. of 29.7 percent and Shinsegae DF Inc. of 12.7 percent, according to Sisa Journal.