Hyundai Department Store plans CoEx duty-free outlet
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Hyundai Department Store Group plans to open a 14,005 sqm duty-free store in the CoEx Convention and Exhibition Center in Samseong-Dong, Seoul, late this year.
Hyundai joined rivals Lotte Duty Free and Shinsegae in securing five-year licences last month to run downtown duty-free stores in Seoul. The SME licence went to TopCity, with Alpensia and Busan Duty Free winning licences for stores in Gangwon Province and Busan.
Hyundai Duty Free merchandising manager Hyunjin Lee says CoEx attracts independent travellers who are willing to experience Korean culture (K-wave).
“This place will grow into a worldwide landmark in a few years when there is a Hyundai Global Business Center, underground transit complex and the Jamsil Sports Complex extension,” says Lee.
“We will provide a differentiated duty-free store with luxury boutiques and customer lounges.”
A wide selection of luxury items and Korean cosmetic products will be offered, says Lee. “We also plan to develop Kangnam tourist attractions, co-operating with entertainment companies and local government.”
A key element in Hyundai Duty Free’s licence proposal was agreeing to a memorandum of understanding with the government to invest in tourism infrastructure development plus a commitment to contribute US$50 million in social welfare funds.
Questions & Answers
Q.When is Hyundai Department Store Group planning to open its new duty-free outlet?
When is Hyundai Department Store Group planning to open its new duty-free outlet?
Hyundai Department Store Group intends to open its 14,005 sqm duty-free store in the CoEx Convention and Exhibition Center in Samseong-Dong, Seoul, late this year. They secured a five-year licence for the store last month.
Q.Which other companies also secured five-year duty-free licences in Seoul?
Which other companies also secured five-year duty-free licences in Seoul?
Rivals Lotte Duty Free and Shinsegae also secured five-year licences to run downtown duty-free stores in Seoul alongside Hyundai. The SME licence was awarded to TopCity.
Q.What kind of customers does Hyundai expect to attract to its CoEx duty-free store?
What kind of customers does Hyundai expect to attract to its CoEx duty-free store?
Hyunjin Lee, Hyundai Duty Free's merchandising manager, anticipates attracting independent travellers who are keen to experience Korean culture (K-wave). They aim to provide a differentiated store for these visitors.
Q.What was Hyundai Duty Free's commitment regarding tourism infrastructure and social welfare funds?
What was Hyundai Duty Free's commitment regarding tourism infrastructure and social welfare funds?
As a key part of their licence proposal, Hyundai Duty Free agreed to a memorandum of understanding with the government. This included investing in tourism infrastructure development and committing US$50 million to social welfare funds.
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