Lotte Duty-Free is to open a flagship store in Sydney’s CBD early next year, planning to tap into the 4 million visitors to the city each year.
The three-level 3000sqm store will be built by Mirvac on a prime site at the corner of Pitt and Market Streets. It will stock beauty and skincare brands, a prestige-watch boutique, fine and rare liquor and wine shopping experience, and a number of VIP services including concierge and limousine transfers to Sydney’s top hotels and dining.
The store is Lotte Duty-Free’s first ground-up build in Australia and follows the acquisition of JR Duty-Free in 2018 and the subsequent opening of its first airport store, in Brisbane.
Lotte Duty-Free Oceania CEO Stephen Timms said the downtown Sydney site is in the heart of the city’s luxury-retail precinct
“We couldn’t have asked for a more premium location to showcase our quality curated offer.”
Last year Timms said that the business was looking to lead the duty-free market in Australia by 2023, and is forecasting over AU$280 million (US$188 million) revenue in its first year in the region.
“Travel retail is a unique sector. No other industry has such a divisive target audience, which provides both possibilities and challenges,” Timms said.
“It’s crucial to have an understanding of the types of people who are traveling through a region – their nationalities, their shopping motivations and the special occasions they celebrate in order to generate strong and targeted sales.”