Lotte's Flagship Duty-Free Shop Reaches World-Beating Sales
Mark Hasburg, Dec. 26, 2018, 9:25 a.m.
Lotte's flagship duty-free shop in Sogong-dong, downtown Seoul is expected to achieve sales of more than W4 trillion this year, making it the most successful in the world (US$1=W1,124).
According to the Korea Customs Service on Sunday, the store's cumulative revenues from January to November this year totaled W3.9 trillion. Given monthly revenues of around W350 billion, this year's total sales are expected to surpass W4 trillion.
Last year, the shop achieved sales of W3.2 trillion, surpassing W3 trillion for the first time.
Among rivals, Shilla's duty-free shop in Jangchung-dong achieved sales of W2.6 trillion in the first 11 months of the year, Shinsegae W1.8 trillion, and Shilla's Yongsan outlet around W1 trillion.
Combined duty-free shop revenues in Korea totaled W17.4 trillion over the same period, up from just W6.3 trillion in 2012.