Lockheed Martin Secures $1.14 Billion Contract Boost for F-35 Production 
Wikipedia Pushes for AI Licensing Deals as Jimmy Wales Calls for Fair Compensation 
Sam Altman Reportedly Explored Funding for Rocket Venture in Potential Challenge to SpaceX 
Amazon Italy Pays €180M in Compensation as Delivery Staff Probe Ends 
Boeing Executive Says Trump’s Equity Stake Plan Won’t Target Major Defense Contractors 
Airbus Faces Pressure After November Deliveries Dip Amid Industrial Setback 
Rio Tinto Raises 2025 Copper Output Outlook as Oyu Tolgoi Expansion Accelerates 
Southwest Airlines Has $11 Million Fine Waived as USDOT Cites Operational Improvements 
Allegiant Air Faces Union Block in Bid for Foreign Pilots’ Green Cards Amid Staffing Challenges 
IKEA Expands U.S. Manufacturing Amid Rising Tariffs and Supply Chain Strategy Shift 
GM Issues Recall for 2026 Chevrolet Silverado Trucks Over Missing Owner Manuals 
ExxonMobil to Shut Older Singapore Steam Cracker Amid Global Petrochemical Downturn 
Tesla Faces 19% Drop in UK Registrations as Competition Intensifies 
Visa to Move European Headquarters to London’s Canary Wharf 
Airline Loyalty Programs Face New Uncertainty as Visa–Mastercard Fee Settlement Evolves 
Netflix Nearing Major Deal to Acquire Warner Bros Discovery Assets 
Hikvision Challenges FCC Rule Tightening Restrictions on Chinese Telecom Equipment 
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
