Considering Withdrawal of Shinsegae Duty Free Gangnam Branch Due to Direct Impact of COVID-19

In front of Shinsegae Duty Free Gangnam Branch.

[Asia Economy Reporter Lim Chun-han] Shinsegae Duty Free, which suffered a blow to its sales due to COVID-19, is considering withdrawing from its Gangnam branch.

A Shinsegae Duty Free official said in a phone call with Asia Economy on the 12th, "We are reviewing the option of withdrawing from the Gangnam branch," adding, "No decision has been made yet."

Shinsegae Duty Free Gangnam branch opened in 2018 within Central City, spanning a total of 5 floors and 13,570㎡ (approximately 3,906 pyeong). At the time, the plan was to attract a large number of foreign tourists through the entry of various brands. However, as COVID-19 prolonged and foreign tourists sharply declined, it suffered serious damage.

According to the Korea Duty Free Shop Association, the number of foreign visitors to duty-free shops in February was 44,044, marking the lowest point since the spread of COVID-19. In fact, last year, Shinsegae DF, which operates Shinsegae Duty Free, recorded sales of 1.903 trillion KRW, a 42.4% decrease compared to the previous year, and also posted an operating loss.

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