Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Lotte Duty Free loses Sydney Airport bid
By Park Jin-hai
Lee Hong-kyun CEO of Lotte Duty Free
By Park Jin-hai
The world’s fourth-largest duty free chain, Lotte Duty Free, lost a bid to run an outlet at Sydney Airport.
The company that operates Australia's biggest airport said in a Sept. 4 press release that it picked German firm Gebr. Heinemann as its new duty free partner to run five shops in its terminal from February 2015 - August 2022.
The announcement came as a surprise, as the Lotte Duty Free officials were confident about winning the bid.
Until the opening event for Kansai Airport duty free shops in Japan on Thursday, the company said that it was looking to become the third-largest global player in the duty free business by entering into the Australian airport.
Lotte Duty Free apparently lost the bid to the German firm by a small margin.
Due to the market saturation, Lotte Duty Free has been expanding its overseas businesses.
Following the lost bid to its local rival Shilla Duty Free over the operation at the Singapore Changi Airport, the company has focused on winning the Sydney Airport bid.
“Since Lotte Duty Free was mentioned as the most probable winner by the local press, and also had put in a great deal of effort to win the bid, the news might be a shock to the company,” said an industry source.
The U.K. on-line retail magazine Moodie Report also said the news will come as a blow to the Korean retailer, which submitted a highly ambitious financial and technical bid.
Company officials, however, shrugged off the result Friday and said it will continue to seek opportunities abroad.
"We believe the latest result will not hinder the company's plan to become the world's third-largest duty free operator," a company official said.
"At the moment, however, we will focus on the Kansai Airport store we just opened, while searching for valuable overseas contenders," the official added.