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14-Feb-2018 10:32 AM

IIAC to approve Lotte Duty Free Seoul Incheon Airport T1 withdrawal request

Incheon International Airport Corporation (IIAC) announced (13-Feb-2018) it intends to approve Lotte Duty Free's request to withdraw from three Seoul Incheon International Airport terminal 1 retail concessions, including a perfume and cosmetics concession, leather and fashion concession and travel retail concession, and proceed with the tender process to select a replacement operator for the outlets. IIAC stated it plans to revise the terms of the concession contract to discourage future concessionaires from withdrawing before the contract term has ended. The airport operator noted Incheon's duty free retail revenue increased 4.1% year-on-year in 2017 and Lotte's Incheon Airport duty free revenue increase 0.2%. [more - original PR - Korean]

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