Top Travel Retailers Report (continued)
Shinsegae Duty Free
2021 Sales (million)
€2,950
2021 Rank
7
Like other Korean travel retailers, Shinsegae Duty Free’s business was driven by significant daigou sales in 2021, as sales reached KRW3.6 trillion (€2,950 million). The figure was a sharp leap over a troubled 2020, with a return to profit in the year too.
Amid a difficult period for Korean duty free, the Shinsegae Group made the decision to close duty free operations at its Gangnam store in July 2021, with that space transitioning into department store mode. Its downtown business in Seoul is now focused around the flagship Myeong-dong store.
Shinsegae Duty Free is focusing on its core Myeong-dong store for its downtown Seoul business
In a recent move aimed at boosting the business, Shinsegae Duty Free launched a cross-border ecommerce platform in July. It specialises in Korean duty free products that can be bought by foreign shoppers without having to visit the country.
The platform was developed in line with the Korean government’s decision earlier in 2022 to allow such projects in order to support the country’s stricken duty free sector. Effective 1 July, foreign customers can purchase Korean duty free products online without visiting the Republic, a new channel that has also been embraced by Lotte Duty Free, The Shilla Duty Free and Hyundai Department Store Duty Free.
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The Moodie Davitt eZine Issue 313 | 28 July 2022
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