January 7 2019  |  Retailers

Lotte Duty Free’s 2018 sales reaches all-time high

By Elena Owyong


Lotte Duty Free’s flagship Myeong-dong store recorded the highest sales


Lotte Duty Free’s 2018 has soared to a record KRW 7.5 trillion

Lotte Duty Free has achieved a record KRW 7.5 trillion (US$6.7 billion) in total sales, in 2018. This is a 25% year-on-year increase and also the highest in the company’s 38 years history.

These remarkable sales results were shared by Lotte’s new CEO Lee Kap yesterday (6 January).

Lotte’s Myeong-dong store generated the highest sales

In a press release, Lotte noted that its flagship Myeong-dong store surpassed KRW 4 trillion (US$3.6 billion) in sales on 14 December 2018. This is a 35% year-on-year increase, where daily sales hit KRW 11 billion (US$9.8 million), on average in 2018.

Lotte Duty Free’s Gangnam World Tower store’s sales reached KRW 1 trillion (US$895 million) on 23 December 2018. This represented an increase of around 80% year-on-year.

Commenting on the record sales, Lee Kap said: “With Lotte Duty Free's 38 years of operational experience, we were able to record all-time high sales, despite rapid changes in the market.

Although Lotte faced intense competition with the recent openings of new duty-free shops in Gangnam, its World Tower store saw an increase of 300% for its small and medium enterprise Korean brands.

In recent years, Lotte has invested much effort in diversifying its brand. For instance, it invested KRW 10 billion (US$8.9 million) last year to open the Star Lounge for VIP customers. Lotte shared that customer response for the Star Lounge has been strong.

Lotte’s online sales soars

Notably, Lotte’s online sales had soared to KRW 2 trillion (US$1.8 billion). This represented a 50% year-on-year increase. Lotte attributed the increase in sales to improvement in their mobile duty free and online platforms and the development of products exclusively for its online stores. As reported previously, Lotte’s efforts in their mobile and online platforms have been rewarded with prestigious Web Awards last year.

Additionally, Lotte said it tried to increase sales among customers in their 20s to 30s through promotional activities.

Brand News

June 25 2019

Ajmal launches four of the best…

Ajmal is set to introduce four products that are exclusive to travel retail under the Ajmal Gold Collection

By Hibah Noor

June 25 2019

Distell clinches top awards for…

Distell’s travel retail exclusive Bunnahabhain and Deanston whiskies have clinched top awards at the recent International…

By Elena Owyong

June 25 2019

AS Liviko releases new triple-filtered…

AS Liviko has unveiled a new triple-filtered premium vodka to mark 200 years since the discovery of Antarctica

By Jas Ryat

June 25 2019

Pillitteri Estates Winery toasts…

Canada’s Olympic Team and Pillitteri Estates Winery have united on an official Team Canada wine collection to mark the 2020…

By Mary Jane Pittilla

June 21 2019

Bacardi boosts premium offering…

Bacardi has enhanced its focus on premiumisation with the release of a new travel retail exclusive…

By Chris Madden

June 21 2019

Pernod Ricard announces global…

Pernod Ricard will release its new Method & Madness Gin into the global travel retail market, following an exclusive launch…

By Jas Ryat

June 21 2019

Ricola breaks into Spanish travel…

Swiss herbal confectionery brand Ricola has broken into the Spanish travel retail market after securing listings with Dufry…

By Chris Madden

June 21 2019

Mondelez launches new travel retail…

Mondelez World Travel Retail is looking to score with its latest exclusive release for the travelling shopper, the Cadbury…

By Chris Madden

June 18 2019

Lindt & Sprüngli Travel Retail…

Lindt & Sprüngli Travel Retail has partnered Gebr. Heinemann to launch an exclusive product range – the LINDT Dark Caramel…

By Elena Owyong

Copyright 2019 DutyFree Magazine. All rights reserved. Privacy Policy Sitemap