South Korean conglomerate Lotte is to open a “major downtown duty free store” in Bangkok.
Online travel retail and duty free news website The Moodie Report says Lotte has confirmed the new store will open in early 2016. The location has not yet been revealed.
The Korea Joongang Daily newspaper broke news of the plan last week, reporting the store would be a joint venture between Lotte Group and Lotte Holdings of Japan, with the Korean partner holding 80 per cent.
“The opening in the Thai capital is part of an ambitious international strategy designed to bolster Lotte’s strong sector leadership in South Korea, the world’s biggest duty free market,” remarked The Moodie Report.
Lotte, the world’s third largest duty free retailer, is involved in a strident expansion program which has seen it open in Japan’s Kansai International Airport, at Guam, Singapore and Indonesia in recent years. It is targeting the fast growing legions of newly cashed up Asian consumers travelling regionally and spending increasing amounts on duty free goods at airports, and downtown department stores.
The Moodie Report says Lotte is also planning to open its first downtown duty free store in Japan – located in the upmarket Ginza shopping district.
* Photo: Lotte Duty Free shop at Kansai International Airport.
Source: insideretail.asia
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