Lotte Duty Free announced on the 19th that it held a business meeting with executives from the China Duty Free Group (CDFG) and its parent company, China Tourism Group, to discuss the development of both companies and the revitalization of the duty-free industry.
The business meeting, held on the 18th at Lotte Duty Free's headquarters in Jung-gu, Seoul, was planned to establish a foundation for mutual exchange through cooperation as the atmosphere for improving South Korea-China relations has recently been created.
The meeting was attended by key personnel from both companies, including Namgung Pyo, head of marketing at Lotte Duty Free, and Liu Kun, deputy general manager of China Tourism Group. They shared operational know-how of duty-free shops and discussed exchanges and cooperation in the tourism sector, including hotels and tourist attractions.
On the afternoon of the 19th, executives from CDFG are scheduled to tour duty-free shops in Seoul, including Lotte Duty Free's Myeongdong branch.
CDFG (China Duty Free Group), established in 1984, is the largest duty-free retail corporation in China, operating the world's largest duty-free shop on Hainan Island, a major tourist destination in China. It has ranked 1st in global duty-free sales in 2022 and 2nd in 2023 according to a report by British duty-free magazine Moodie Davitt Report, thus strengthening its global competitiveness.
Meanwhile, with the temporary visa-free entry policy for Chinese group tourists scheduled for the third quarter, an increase in Chinese tourists visiting Korea is expected. In preparation for this, Lotte Duty Free is making various efforts to attract group tourists and individual tourists (FIT).
Plans are underway to develop travel products that combine shopping and tourism, such as beauty classes and K-content experiences, in collaboration with inbound travel agencies. They intend to showcase experiential content in key commercial areas where an influx of foreign tourists is expected.