The front view of the Lotte Duty Free Melbourne store in Australia
This week (July 13), Lotte Duty Free Shop held an opening ceremony at its Melbourne Airport store in Australia. The ceremony took place at the departure hall of the airport; Lotte Duty Free Shop CEO Kim Joo-Nam, Melbourne Airport Corporation CEO Rory Angus, Victoria State Assembly Member Josie Bull, Melbourne Consul General Lee Chang-hoon and Lotte Duty Free Oceania CEO Stephen Times were in attendance.
Lotte Duty Free held an opening ceremony at Melbourne Airport on July13 in Australia; (from the second L-R): Mr. Josh Bull, Member of the Victorian State Assembly, Ms. Lorie Argus, CEO of Melbourne Airport Corporation, Mr. Junam Kim, CEO of Lotte Duty Free Shop, Chang-Hoon Lee, CEO of Lotte Duty Free Shop. Changhoon Yi) Consul General in Melbourne, Mr. Stephen Timms, CEO of Lotte Duty Free Oceania Corporation
In January of this year, Lotte Duty Free obtained the business license for the store via a bidding competition with six other global duty free operators, and on June 1, it acquired the shop operated by the existing operator, Swiss Dupri, and started operations.
Lotte Duty Free plans to renovate the retail space (3,592 square meters), which boasts annual sales of KRW 300 billion (+$US237 million), into a duty free store by expanding to approximately (5,634 square meters) in 2027. On the agenda: to incorporate the unique culture and lifestyle of Melbourne locals in the interior design. Close to 400 brands across retail categories are on display.
According to Melbourne Airport Corporation, the number of international travelers in May 2023 recorded about 740,000, an increase of 103% compared to May last year. This figure is approximately 87.6% compared to pre-pandemic levels and is line with the increase of international flights.
The project period is 10 years, until May 2033.
In other news, Lotte Duty Free opened new shops in downtown Sydney, Australia, in May last year, and in Danang, Vietnam in November. The retailer currently operates 14 stores across six countries, including the recently opened Melbourne Airport store. During the first half of 2023, the sales of Lotte Duty Free's six branches across Oceania are showing signs of recovery, rising by about 260% vs. last year.
