South Korean travel retailer Lotte Duty Free is expanding into Oceania with the ambition to be the leading operator in Australia and New Zealand by 2023.
The firm’s entry into the territory began with a grand opening ceremony at one of its new Australian stores at Brisbane Airport. The second biggest travel retailer in the world, Lotte Duty Free is targeting sales of US$200 million in the region during its first year.
“Successfully entering Oceania is the next step in Lotte Duty Free becoming the world’s number one travel retailer and the most influential in the region,” said Lotte Duty Free CEO Kap Lee. “We have almost 40 years of retail excellence that is being introduced to Australia and New Zealand, working side-by-side with our local colleagues to better understand the unique wants and needs of people travelling through the region from all nationalities.”
Australia has demonstrated significant growth of more than 10 per cent in incoming Chinese tourists – representing some of the biggest spenders globally – in recent years. The 2019 Spring Tourism Trend Forecast published by Ctrip, the largest online travel agency in China, states Australia is one of the most favorable international travel destinations for Chinese tourists during the New Year period.
In response, Lotte Duty Free is acquiring five JR/Duty Free stores in the region; four in Australia and one in New Zealand.
With this launch, Lotte Duty Free now operates in seven countries outside of Korea.