Hotel Lotte, the world’s third-largest operator of duty-free shops, has lost its license to operate a duty-free retail outlet in Seoul to Doosan Corp, the Korean Customs Service has announced.
In a statement, the Korean Customs Service said Hotel Lotte lost its license t operate a duty-free outlet in Seoul to Doosan Corp, a corporate holding company headquartered in Seoul.
Hotel Lotte’s licenses that were up for grabs include one at the company’s outlet in central Seoul, which account for 47 percent of the company’s duty-free sales, and another in southeast Seoul that represented about 10 percent.
Lotte retained its license to operate the bigger shop in central Seoul, according to the statement.
Bloomberg has reported that recent development could deal a potential blow to Hotel Lotte’s plant for a public listing next year. – HotelNewsAsia.com