COVID-19: NEWS ROUND-UP Korean travel retailers welcome government relief measures
Korean travel retailers welcomed recent news of further rent relief as the industry continues its recovery from the devastating coronavirus (Covid-19) pandemic. An announcement from Minister of
Economy and Finance Hong Nam-Ki this summer revealed a number of measures that will help operators in the future. These include the implementation of a
sales-based rent system for concessionaires (duty free operators and banks etc), as opposed to a minimum annual guarantee threshold. This will be implemented at all
Korean international airports regardless of their size. In addition, large and medium-sized
concessionaires operating at airports where domestic flights have been curtailed can now receive full rent cuts. Previously, only small concessionaires could receive this benefit. Crucially, retailers can also receive
rent relief until monthly passenger traffic reaches 80% of what it was before. The previous threshold was 60%. “A Lotte Duty Free Spokesperson
told TRBusiness: “We appreciate the government’s rent relief measures, in particular the full rent cuts at Gimpo and Gimhae Airports. “We will continue doing what
we can to prevent epidemics at our stores and workplace and ensure employment stabilisation.” The Shilla Duty Free also thanked
the Korean government for its increased support, but implied further relief was needed.
Annual Dubai Duty Free Golf World Cup cancelled due to Covid-19 pandemic
Dubai Airports aims to reconnect flights to
all destinations by summer 2021 Eugene Barry, EVP Commercial, Dubai Airports has told TRBusiness that if passenger growth continues to follow patterns that have emerged in recent months and global travel restrictions continue to lift, he is confident that by summer 2021 the airport operator could build back up to 100% connectivity in terms of the destinations it serves. However, the situation remains fluid and
Dubai Airports relies on the opening up of the global economy before it can restore its network fully. Encouragingly passenger
traffic has been gradually increasing after the reopening of Terminals 2 and 3. “We’re going to start calculating on a
weekly and monthly basis and if the trend continues on the same trajectory, we are confident that by summer 2021 we will have possibly up to 100% connectivity again,” said Barry. However, the frequencies will be different, the load factors will be different and the composition of travel is likely to be very different. “The reasons for travel right now are
quite unique, so we need to wait a couple of months before we start to see real trends emerging. We have reactivated our commercial partners such as Dubai Duty Free, in addition to food and beverage providers, hospitality and other retail service brands.” Eugene Barry became the 41st
interviewee in the TRBusiness ‘Adapt & Survive’ video series in September.
OCTOBER 2020
Organisers of the Dubai Duty Free Golf World Cup have announced the cancellation of the annual golf tournament, which was scheduled for 25th and 26th November, due to the coronavirus (Covid-19) pandemic. The tournament, which regularly attracts
over 110 industry executives from around the world, would have marked its 28th anniversary this year. The event was due to be played over two days at the Address Montgomerie Golf Club and the Dubai Creek Golf and Yacht Club. Colm McLoughlin, Executive Vice
Chairman & CEO, Dubai Duty Free said: “In light of the ongoing impact of Covid-19,
we have decided to cancel this year’s Dubai Duty Free Golf World Cup, which has taken place every year now since 1993. The tournament is a much-loved industry event that attracts industry representatives from all over the world who come together in Dubai for a friendly two days of golf and socialising. “However, the health and safety of guests
takes priority at this time and I can assure our local and overseas golfers that we are already planning for the Dubai Duty Free Golf World Cup in November 2021.”
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