[Exclusive] HDC Shilla Duty Free Joins Duty-Free Inventory Sales Participation

Sales on 7th Floor of Yongsan I'Park Mall
Overseas Luxury Brand and Quantity Under Negotiation
Bags and Accessories
Fifth Following Major Three Companies and Donghwa Duty-Free

Yongsan Shilla I'Park Duty Free Store Exterior View

[Asia Economy Reporter Cha Min-young] Shilla I'Park Duty Free, a downtown duty-free store in Seoul operated by HDC Shilla Duty Free, will also start selling duty-free inventory.

According to the duty-free industry on the 24th, HDC Shilla Duty Free will hold a discount sale of duty-free inventory on the 25th at the 7th floor (D7) of Yongsan I'Park Mall in Seoul.

An official from HDC I'Park Mall explained, "It is currently undecided which overseas luxury brands will be included, and the specific quantities and discount rates are still being negotiated," adding, "It is expected to mainly feature accessories such as bags and wallets."

Previously, the duty-free industry had been conducting domestic sales under the approval of the Korea Customs Service to secure liquidity due to the accumulation of long-term inventory caused by the COVID-19 pandemic. Leading the effort were the three major duty-free stores?Lotte Duty Free, Shilla Duty Free, and Shinsegae Duty Free?while among mid-sized duty-free stores, Dongwha Duty Free also participated in the sales.

Shinsegae Duty Free kicked off the first round of sales on the 3rd of this month through its affiliate Shinsegae International's online mall, SI Village. Dongwha Duty Free started sales on the 5th of this month in connection with Naver Store Farm. Lotte Duty Free made its debut on the 23rd through the online mall 'Lotte ON' and is conducting both online and offline sales at department stores and outlets. Shilla Duty Free also plans to start sales on its online mall this week.

The sale of duty-free inventory is the result of public-private cooperation between the Korea Customs Service and duty-free stores. It has been just over two months since the Korea Customs Service temporarily allowed domestic sales of long-term inventory until October 29th, starting from April 29th. Assuming a 20% depletion of long-term inventory, it is estimated that about 160 billion KRW in liquidity resources can be secured.

This content was produced with the assistance of AI translation services.