South Korean conglomerate Lotte has won the tender.
South Korean conglomerate Lotte has won the tender for a duty-free store at Melbourne airport. Lotte Duty Free will officially open on June 1, 2023.
Lotte is investing in developing its duty-free business amid an expected recovery in tourist flows worldwide. The company predicts growth as countries open globally after the pandemic.
The 38,500-square-foot store will be open through May 2023. The company plans to expand its existing duty-free store at Melbourne Airport to 62,500 square feet.
The company expects to increase annual sales to $243.6 million. As of early 2023, Lotte operated 13 international duty-free stores, including in Sydney and Da Nang, Vietnam.
The U.S. lingerie giant disclosed plans on Wednesday to open the store in the Highpoint Shopping Centre.
In-store retail media crossed $0.5B. AI moved from the cloud into checkout scanners. Retail space supply hit historic lows.
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