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Duty-free shops in Jeju partially reopen following pandemic-caused suspensionBy Yonhap
Published : Oct. 5, 2020 - 16:08
Industry leader Lotte Duty Free and its rival Shinsegae Duty Free said they will resume the operations of the cosmetics and other sections of their shops in Jeju from 2 p.m. to 6 p.m. during weekdays.
The two major duty-free companies have suspended their in-city shops in Jeju since June due to faltering sales amid the COVID-19 pandemic.
Lotte said it has decided to reopen its duty-free shop in a bid to seek ways to survive together with contractors facing business trouble caused by the pandemic.
Despite the partial resumption, Lotte may post a monthly loss of around 3 billion won ($2.58 million) due to increased costs.
Duty-free shops in Jeju saw a boom in business due mainly to demand from foreign travelers, mostly from China, before the pandemic hit the country in late January.
Duty-free sales in South Korea rose for the fourth straight month in August on increased purchases by Chinese vendors, but revenues remained below the pre-pandemic level.
Chinese vendors have come back to South Korea to buy the bulk of duty-free products as domestic demand in China is reviving amid a slowdown in virus cases there. (Yonhap)
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