Chang Seon-wook (second from left), head of Lotte Duty Free, monitors the site before the grand opening of Lotte World Tower.
Briefly-disgraced Lotte Duty Free shop at Lotte World Tower in Jamsil of southern Seoul that shuttered for six months last year upon losing its business license has become South Korea’s largest tax-free shopping place, the second largest in Asia and the third largest in the world after renovation.
The enlarged store commands a space of 17,334 square meters on the eighth and ninth floors of the 123-story Lotte World Tower, connected to previous duty-free shopping corner of Lotte Hotel.
The shop gives bigger space for Korean designer labels and produces of smaller manufacturers. It also hosts 420 international brands including household luxury names.
The Lotte Jamsil outlet that was the country’s third largest duty-free shop in terms of revenue closed in June last year for the first time since it began service in January 1989 upon losing its license. It won back the license in another auction six months later.
It had then promised bigger focus on domestic products and social responsibility. It plans to donate 200 million won ($174,749) to Songpa-gu district office.
By Choi Seung-jin
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]