Lotte Duty Free and China Duty Free Group meet in Seoul to foster mutual exchanges

SOUTH KOREA/CHINA. In a notable sign of improved relationships between South Korea and China, Lotte Duty Free is this week hosting a senior contingent from China Duty Free Group (CDFG) and its parent company China Tourism Group.

Lotte Duty Free said the purpose is to aid mutual development and discuss the revitalisation of the duty-free industry.

The two parties met yesterday (18 June) afternoon at Lotte Duty Free headquarters in Myeong-dong, Jung-gu, Seoul to lay the foundation for mutual exchange through cooperation amid recently improved Sino-Korean relations.

The meeting was attended by key officials from both companies, including Lotte Duty Free Head of Marketing Namgung Pyo and Liu Kun, Vice General Manager of China Tourism  Group and Vice Chairman of China Tourism Group Duty Free Co.

The two companies shared their know-how in operating duty-free shops and discussed exchanges and cooperation in the tourism sector, including hotels and tourist destinations.

The meeting was held in a friendly atmosphere, with time to discuss the future of the industry, Lotte Duty Free noted.

This afternoon (19 June) CDFG executives are scheduled to tour duty-free shops in downtown Seoul, including Lotte Duty Free’s flagship Myeong-dong store.

Quoting The Moodie Davitt Report, Lotte Duty Free described CDFG’s increasing global strength, which ranked it the world’s largest travel retail by sales in 2022 and second-largest travel retailer in 2023 (after Avolta).

“CDFG operates the world’s largest duty-free shop on Hainan island, a leading Chinese tourist destination,” Lotte Duty Free said.

Namgung Pyo said, “It was a meaningful time to meet CDFG, China’s largest duty-free company, in person to explore the possibility of cooperation between the two companies and discuss the future of the industry.

“As Korea-China relations are expected to improve, we hope that mutual exchanges will become more active in the future.”

Visa-free boost for Chinese tourism

Lotte Duty Free lauded the temporary visa-free entry policy for Chinese group tourists scheduled for the third quarter of this year, an initiative the company said is expected to significantly increase the number of Chinese tourists visiting the Republic.

In preparation for this anticipated influx, Lotte Duty Free is making various efforts to attract both group tourists and FIT customers.

It plans to develop travel products that combine shopping and tourism, such as beauty classes and K-content experiences, in cooperation with inbound travel agencies.

Lotte Duty Free also pledged to introduce experiential content in major commercial districts where the influx of foreign tourists is expected to be concentrated.