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Lotte Corporation has extended its duty-free shop operations in Australia’s Brisbane Airport until 2034. This extension has expanded the South Korean conglomerate’s business in the duty-free market.
Lotte’s duty-free shop operation extension is possible after securing operating rights for products such as cosmetics and alcoholic beverages. It will continue to open its duty-free store at the Brisbane Airport for 10 more years.
Global Expansion
With the exclusive operating rights, Lotte has also expanded its global reach in the duty-free sector. The Lotte Group expects to earn around KRW2 trillion in over 10 years since Brisbane is averaging about 3.21 million visitors annually.
Moreover, the firm is seeing an earnings turnaround as early as 2024, as all its duty-free shops abroad are running normally. As per The Korea Economic Daily, Lotte Duty-Free has been operating a store at Brisbane’s airport since January 2019.
Terms and Other Plans for the Duty-Free Business
Based on the agreement, Lotte has an exclusive right to sell alcoholic drinks, cosmetics, fashion accessories, and other products at Brisbane Airport. To get the most out of its exclusive rights, the company is planning to slowly expand the store’s size - from 3,000 square meters to 5,100 square meters.
Newsian reported that Lotte’s contract renewal comes ahead of the contract expiration in 2024. Sales at the Lotte Duty-Free at the said airport are also expected to increase due to the 2032 Summer Olympics in the country.
“We were able to acquire business rights through differentiation strategies such as stable operational capabilities, a renovation plan that reflected experience and local characteristics in the interior, and support for upgrading online duty-free shops,” a Lotte Duty-Free official said in a statement. “We will increase the size of the winery and strengthen the liquor line with a focus on wine, including creating a tasting space.”
Photo by: Lotte Website
