SOUTH KOREA: HYUNDAI DUTY FREE
Hyundai shoots for $2bn in 2020 D
Hyundai Department Store Duty Free opens new Seoul Dongdaemun downtown store, negotiates a fashion licence at Incheon International Airport Terminal 1 and plans huge revenue growth phase once the Covid-19 crisis passes. David Hayes reports.
espite being at the centre of the Covid-19 pandemic, Hyundai Department Store
Duty Free Co Ltd has embarked on a major business expansion programme designed to elevate the company into the ranks of South Korea’s leading duty free operators, David Hayes learned during a visit to South Korea earlier this year. In its ambitious pursuit of overseas
business, the luxury retailer has an ultimate goal to become a globally ranked international duty free player. In unfortunate timing, in February Hyundai actually opened a second store in Seoul while pursuing new duty free licence opportunities at Incheon International Airport to further expand domestic duty free operations. After comfortably beating its
inaugural full-year sales target in 2019 at its COEX downtown duty free store in Samseong-dong, part of Seoul’s upcoming Gangnam quarter south of the Han River, Hyundai began this year with a flourish. It opened its new Dongdaemun downtown store on 20 February, just five weeks after taking over the
MAY 2020
shop from previous operator Doota Duty Free. Hyundai Duty Free’s new
downtown store is located close to Seoul’s premier City Hall tourist shopping, cultural and entertainment district in the popular Dongdaemun tourist shopping district. The store occupies 16,800sq m of retail space over eight floors (6-13) in Doosan Corporation’s 33-storey Doosan Tower headquarters building. Talks between Hyundai Duty Free
and incumbent Doota Duty Free began in October and were approved by the Korea Customs Service soon after Hyundai and Doota reached an agreement. “Our talks started in October;
we then prepared a takeover plan for the store,” explained Cho Jun Ki, Headquarters Manager, Hyundai Department Store Duty Free during an exclusive interview with TRBusiness. “Doota closed its store in mid-January, so we then had a month to construct and prepare our Hyundai Duty Free Dongdaemun shop. “We renovated some floors and there have also been some
brand changes.” The thirteenth floor of the
Doosan Tower is currently being used as Hyundai Duty Free’s members lounge and for group tour registrations.
Loyal beauty customers The store had been operating under restricted hours of 12:30 to 20:30 daily. Hyundai shares the building with
Doota Mall, which features fashion outlets and shops aimed at younger people. This shopping complex occupies the basement and lower
“We have mostly the same cosmetics brands in Dongdaemun as COEX; for example, L’Oréal and Estée Lauder. Dongdaemun P&C demand is similiar to our COEX store. Duty free stores thrive on P&C sales.”
Cho Jun Ki, Headquarters Manager, Hyundai Department Store Duty Free TRBUSINESS 53
Above: In its ambitious pursuit of overseas business, Hyundai Duty Free has an ultimate goal to become a globally ranked international duty free retailer.
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