February 23 2024  |  Retailers

Lotte Duty Free strikes new marketing agreement with Visa

By Hibah Noor

Lotte Duty Free CEO Kim Ju-nam (left) and Visa Country Manager for Korea and Mongolia Patrick Storey after the signing agreement

Lotte Duty Free has signed a strategic business agreement with global payment technology company Visa, expected to strengthen shopping benefits and attract new customers.

A signing ceremony at Lotte Duty Free’s store in Myeong-dong, Seoul, on February 22 was attended by key officials including Kim Ju-nam, CEO of Lotte Duty Free, and Patrick Storey, Visa Country Manager Korea and Mongolia.

Based on this new agreement, the partners plan to provide various duty free shopping benefits to domestic and foreign customers and conduct targeted marketing using mutual data and analysis technology. Various benefits for Visa cardholders include discounts and LDF Pay which can be used like cash in Lotte Duty Free’s domestic and international stores. Lotte Duty Free LDF membership level upgrades are also offered and the two companies will collaborate on further marketing strategies to increase brand preference and the number of customers.

The two companies noted that Visa operates digital payments in more than 200 countries and supports payments at over 130 million merchants around the world. Lotte Duty Free’s global business “continues to cruise toward its goal of KRW1 trillion (US$752 million) in annual sales”. Lotte Duty Free currently operates 14 stores in six countries, including the Singapore Changi Airport store, Australia's Melbourne Airport store, Japan's Tokyo Ginza store, and Vietnam's Da Nang downtown store.

At the signing ceremony, Kim Ju-nam said, “As the demand for overseas travel and shopping from people around the world is expected to increase this year, we expect to create a high synergy effect with Visa. Lotte Duty Free will continue to provide a differentiated shopping experience to both domestic and foreign customers.”

Patrick Storey commented, “We are pleased to be able to provide customized benefits to more consumers using Visa through collaboration with Lotte Duty Free. Visa will continue to make efforts to provide easy and convenient payments anytime, anywhere.”

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