Sell-off or sell-out? South Korean travel retail sector counts the cost of new downtown duty free licence system
SOUTH KOREA. As they come to terms with the loss of their Seoul downtown licences, Lotte Duty Free World Tower and WalkerHill Duty Free are having to sell off heavy inventories in the run-up to the anticipated closures of both stores in early 2016. As the reality of the controversial Korea Customs Service awards kicks in, the travel retail market is buzzing with rumours about additional new licences being issued next year.