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Lotte Duty Free gets Gimpo contract

Analysis

Korea Airports Corp announced that Hotel Shilla Duty Free Shop has been awarded Section A and Hotel Lotte Duty Free Shop Section B in a tender to select operators of duty free stores at the Gimpo Airport's international terminal. Section A is allotted for cosmetics and perfume and B for liquor and tobacco. Shilla plans to launch operations in May-2011. Lotte Shopping Co shares eased 0.1% in trading.

Summary
  • Hotel Shilla Duty Free Shop and Hotel Lotte Duty Free Shop have been awarded sections A and B, respectively, in a tender to operate duty free stores at Gimpo Airport's international terminal.
  • Section A is designated for cosmetics and perfume, while section B is for liquor and tobacco.
  • Hotel Shilla plans to commence operations in May 2011.
  • Lotte Shopping Co shares experienced a slight decline of 0.1% following the announcement.
  • gategroup shares saw a significant drop of 4.4%, the largest single-day fall since February 2011.
  • Hellenic Duty Free and DO & CO experienced stronger trading activity.

gategroup shares dropped 4.4%, the largest single-day fall since Feb-2011. Hellenic Duty Free and DO & CO traded more strongly.

Selected Duty Free daily share price movements (% change): 11-Mar-2011

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