Monday, 25 January 2021 12:36
Lotte Duty Free’s and The Shilla Duty Free’s six-month lease extensions at Terminal 1 will end on 28 February.
Incheon International Airport Corporation (IIAC) has confirmed to
TRBusiness that Lotte Duty Free (Lotte) and The Shilla Duty Free (Shilla) will shutter their Terminal 1 shops at the end of February before the launch of a fourth duty free tender.
Both travel retailers have been operating extended leases under flexible rent arrangements since the end of August after bidders reneged on signing contracts for the Terminal 1 duty free concessions in the wake of the worsening Covid-19 crisis.
Lotte currently holds the DF3 (L&T) lot while Shilla holds the DF2 (beauty), DF4 (L&T) and DF6 (fashion/misc) leases.