SOUTH KOREA: ENTAS DUTY FREE Entas expects $180m from Paradise City shop
David Yu, CEO of Entas Duty Free tells David Hayes that the company is targeting $180m in sales from its Paradise City downtown store this year while preparing to open a news arrivals shop at Incheon International Airport in Terminal 2.
E
ntas Duty Free CEO David Yu expects to be very busy in the next few months as Entas
Duty Free begins trading at one of Incheon International Airport’s first arrivals shops in Terminal 2 alongside competitor SM Duty Free, which will open two arrivals shops in Terminal 1. In its first year of trading (beginning
31 May 2019), Entas Duty Free expects its Terminal 2 shop to generate sales of KRW40bn ($35m). Occupying 326sq m, Entas
Duty Free’s arrival shop will offer international and Korean cosmetics, imported liquor and traditional red ginseng products, serving South Korean travellers. These are the dominant nationality in Terminal 2, where Korean Air operates the majority of flights. TRBusiness understands the
Terminal 2 arrivals licence includes a provision to open an additional arrivals shop in the terminal’s baggage hall, if approved by IIAC, depending on the success of the first shop during its trial period. While the opening of the arrivals
shop represents a major milestone for the company, Entas Duty Free is also focusing keenly on reaching $180m in sales at its Paradise City downtown store in Incheon, which conducted a soft opening in December 2018.
The store will target visitors to the nearby Paradise Casino [the largest in South Korea - Ed] with a wide range of high-end watches, jewellery and cosmetics. “Business is still slow, but we
are getting enquiries from casino guests,” Yu tells TRBusiness. “We are running at about one
third of our target, but that is to be expected as our key watch and jewellery brands have not started yet. Our target is $180m this year… we are the only downtown duty free store in Incheon.” Occupying 3,300sq m of retail space, Entas Duty Free’s Paradise
Catering to very expensive tastes
For Paradise Casino’s wealthiest visitors, Entas Duty Free is expanding its collection of super-premium liquor products in addition to arranging exclusive viewings of rare watches and jewellery items in the casino’s VIP gaming rooms. “Since we opened at Paradise
City we have been selling two or three bottles of Louis XIII cognac a week at $3,300 each,” says Entas Duty Free CEO David Yu.
MAY 2019
“We are negotiating to bring in ultra-deluxe whiskies and high- priced French wines costing about $10,000 a bottle,” continues. ”We have requests from casino
customers wanting rare and exclusive vintages. “Also, we have arranged our first
consignment of exclusive watches to arrive soon; 12 pieces costing about $300,000 each. About 70% are men’s models and 30% are ladies’; we are very excited.”
City downtown store is located next to Incheon International Airport in the integrated resort of Paradise City, a KRW1.5tn ($1.3bn) joint venture between South Korea’s Paradise Group and Japan’s Sega Sammy Holdings entertainment group. During phase one of the Paradise
City project they built a five-star luxury hotel, the 40,000sq m Paradise Casino, and an adjoining convention centre.
New brands in the pipeline During phase two, the developers opened a shopping mall, boutique hotel, film studio, indoor theme park, health spa, art gallery and the Chroma nightclub (reportedly the largest nightclub in Asia), over a total of 330,000sq m. “In luxury fashion we started up with Testoni, Aigner and Furla and
Above: David Yu, CEO, Entas Duty Free.
“Since we opened at Paradise City we have been selling two or three bottles of Louis XIII cognac a week at $3,300 each.”
David Yu, CEO, Entas Duty Free
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