South Korean duty-free retailers closing downtown stores
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South Korean duty-free retailers are temporarily shuttering metropolitan stores in response to a significant decline in tourist numbers caused by the coronavirus epidemic.
Numerous outlets at prime tourist destination Jeju Island will be closed this month. A Lotte Duty-Free store that has already been operating under reduced hours since February will close pending the resolution of the crisis. Hotel Shilla’s store, which has suspended trading on weekends and holidays throughout the outbreak, will cease trading for a fixed one-month period.
Jeju Island tourism has faltered significantly in recent months under heavily-reduced international flights, with a 99.2 percent drop in foreign tourist numbers year-on-year during April.
The South Korean duty-free retailers shuttering stores also include Shinsegae Duty-Free’s locations in Gangnam and Busan will close on Sundays and Mondays from this month on, while airport duty-free stores under all local operators are largely closed for business at this time.
Questions & Answers
Q.Which duty-free retailers are closing stores due to the decline in tourism?
Which duty-free retailers are closing stores due to the decline in tourism?
Lotte Duty-Free, Hotel Shilla, and Shinsegae Duty-Free are named as retailers shuttering stores. Airport duty-free stores operated by all local operators are also largely closed for business at this time.
Q.What is the reason for these duty-free store closures?
What is the reason for these duty-free store closures?
The closures are a direct response to a significant decline in tourist numbers. This decline is primarily caused by the coronavirus epidemic and heavily reduced international flights, affecting areas like Jeju Island.
Q.How badly have foreign tourist numbers on Jeju Island been affected?
How badly have foreign tourist numbers on Jeju Island been affected?
Jeju Island tourism has seen a dramatic decrease in foreign visitors. There was a 99.2 percent drop in foreign tourist numbers year-on-year during April, indicating a severe impact on the region.
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