Lotte Duty Free takes over Australia and NZ stores ownership
In this article (5)
Lotte Duty Free has bought a change of outlets in Australia and New Zealand from local operator JR Duty Free.
The four Australian stories are in airports in Brisbane, Darwin and Canberra and in downtown Melbourne, while the New Zealand store is at Wellington airport.
JR Duty Free reportedly operates seven stores in Oceania and five shops in Israel. Its revenue last year was US$617 million.
Financial details of the deal were not revealed.
Lotte Duty Free believes growing numbers of Chinese tourists into Oceania offer an opportunity to grow its business in the two markets.
The South Korean company has been steadily enlarging its global footprint since 2012, expanding into Vietnam, Japan, Thailand, Indonesia and the US.
Questions & Answers
Q.Which specific locations in Australia and New Zealand are included in Lotte Duty Free's acquisition?
Which specific locations in Australia and New Zealand are included in Lotte Duty Free's acquisition?
Lotte Duty Free has acquired stores in Brisbane, Darwin, and Canberra airports, along with a downtown store in Melbourne, Australia. The New Zealand acquisition is the store at Wellington airport.
Q.What is Lotte Duty Free's main strategic reason for this acquisition in Oceania?
What is Lotte Duty Free's main strategic reason for this acquisition in Oceania?
Lotte Duty Free believes the increasing number of Chinese tourists visiting Oceania presents a significant opportunity. They aim to capitalise on this growing market to expand their business in Australia and New Zealand.
Q.How large was the previous owner's revenue last year, and what other regions do they operate in?
How large was the previous owner's revenue last year, and what other regions do they operate in?
JR Duty Free, the previous owner, reported a revenue of US$617 million last year. Beyond Oceania, they reportedly operate five shops in Israel, bringing their total to seven stores in Oceania.
Q.In which other countries has Lotte Duty Free expanded its global operations since 2012?
In which other countries has Lotte Duty Free expanded its global operations since 2012?
Since 2012, the South Korean company has expanded its operations into several countries. These include Vietnam, Japan, Thailand, Indonesia, and the United States, as it steadily grows its global presence.
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