NEWS ROUND-UP Leading operators endorse TRMarketplace


Support from the world’s leading DF&TR operators continues to pour in for TRMarketplace, which will be travel retail’s first fully-digital meeting and conference event to take place on 28 September to 2 October – the dates of the now-cancelled TFWA World Exhibition & Conference. Dubai Duty Free, the world’s largest


single-airport travel retailer, believes the platform to be the next logical step and ‘of great importance’ for an industry suffering from a lack of face-to-face meetings. The company’s Executive Vice Chairman


& CEO, Colm McLoughlin (pictured), personally applauded the platform from TRBusiness and Bluedog Productions. “Well done to TRBusiness for taking


the initiative to launch TRMarketplace, which will provide the industry with the opportunity to gather virtually and to receive updates and product information in a convenient fashion. “It is great that the industry is once again showing its resilience and creativity by


adapting during these difficult times. I am looking forward to catching up with our industry colleagues soon.” The Shilla Duty Free said it believes


TRMarketplace is the right platform through which the buying team can meet prestigious suppliers from all over the world. “The most important and attractive aspect we expect from TRMarketplace is


that our buyers will have the opportunity to keep updated while they remain working from their home offices safely under the current Covid-19 circumstance. “Not only can this new type of event


serve as a place to keep the industry connected, but also to inspire and stimulate retailers and suppliers to share ideas and develop further.”


Fresh rent cuts of up to 75% for Korea stores


The South Korean government has revealed further reductions to concessionaire rental fees at airports to help stave off prolonged damage to commercial businesses. Large and medium-sized companies


and smaller companies will benefit from property fee reductions of up to 50% and 75%, respectively, according to an announcement on 1 June from the Ministry of Land, Infrastructure and Transport.


The reductions, which are understood to apply to Incheon International Airport and airports under the Korea Airports Corporation umbrella (14), are worth an estimated KRW490 billion/US$407 million. Discounts will be applied retrospectively


to rents after March. The period for payment deferrals has also been extended to August. Travel retail conglomerates had been


permitted a 20% discount on rents for up to six months under plans unveiled by Minister of Economy and Finance Hong Nam-ki in April. Previously, larger companies had


been offered a payment holiday, while smaller companies such as City Duty Free and Grand Duty Free at Incheon Airport received a 25% discount on rent – later jumping to -50% – a move that attracted consternation.


The measures are designed to continue until travel demand recovers to 60% of pre- crisis levels. Reacting to the development, a Lotte


Duty Free source told TRBusiness: “We welcome the reasonable support measures. “However, we believe that more


realistic measures should be initiated for concessionaires at other international airports,


including Gimpo and


Gimhae, which temporarily shut down their operations.” Kim Taek, Aviation Policy Officer of


the Ministry of Land, Infrastructure and Transport said in a statement: “Commercial facilities located at


airports, including duty free shops, are an essential industrial ecosystem for smooth airport operations, and we hope that this additional support plan will reduce the burden on the industry.”


28 September - 2 October 2020 www.travelretailmarketplace.com


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