Lotte Duty Free Vietnam has opened its second store, at Nha Trang’s Cam Ranh International Airport.
The 1680sqm store offers cosmetics, perfume, watches, fashion items, liquor and cigarettes, and aims to serve the rising numbers of Chinese and Russian tourists there who favour Korean cosmetic brands such as Sulwhasoo.
The store is expected to generate some 700 billion won (US$628 million) in sales in the next 10 years and to turn a profit within its first year.
Lotte has the right to solely operate duty-free stores at the airport until 2028.
The Korean company says it plans to open more stores in Vietnam including in Hanoi and Ho Chi Minh, and to take market leadership in Vietnam’s duty-free retail sector within three years.
Lotte opened its first store in Vietnam at Da Nang International Airport last year and its first overseas store – in Indonesia – in 2012.
Source: Inside Retail Asia.