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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Lotte Duty Free announced on May 11 that it has successfully extended its liquor and tobacco concession at Singapore's Changi Airport. The new contract extends the business term by three years, from 2026 to 2029.
Since 2020, Lotte Duty Free has exclusively sold liquor and tobacco across terminals 1 to 4 at Changi International Airport. The extended concession covers a total of 18 stores and 8,600 square meters of retail space.
Changi Airport, which saw 67.7 million passengers last year, is the largest hub airport in Asia.
With this extension, Lotte Duty Free plans to strengthen its brand negotiation power and further expand the entry of global liquor brands, particularly with a focus on introducing them to Asia for the first time.
Currently, Lotte Duty Free operates 12 stores across five countries worldwide. In the first quarter of this year, overseas sales increased by approximately 10% compared to the same period last year. Looking ahead, Lotte Duty Free aims to increase its overseas sales share to over 30% within the next five years.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
