Incheon Airport duty-free zone (IIAC)
Incheon International Airport Corp. began taking bids for existing airport duty-free operations on Wednesday, accepting proposals from 10 a.m. to 4 p.m., industry sources said Wednesday.
Eight duty-free operators including Shilla, Lotte, Shinsegae and midsized operators like SM which currently operate business over 11,645 square meters in the duty-free zone need to submit proposals including the bid price, if they wish to continue to operate. Their contracts end in August.
Beyond the big three -- Shilla, Lotte and Shinsegae -- Hyundai Department Store Duty Free has also joined the race.
Incheon Airport said duty-free operators will be evaluated based on product and brand diversification, service and marketing, store design and the bid price. The final operators will be chosen after obtaining approval from the Korea Customs Service.
Finalized operators can run duty-free operations for five years and extend five more years up to 10, after passing the evaluation on operation.