시사&소설

Shinsegae Duty Free reportedly has decided to cancel the plan to enter the downtown duty free market in Jeju Island.

According to Jejusori, the duty free giant in Korea on Monday told the newspaper that they will not proceed launching a new downtown duty free shop, saying "We are not sure if we can obtain a new duty free license because of COVID19. We will pay 2 billion as the penalty to terminate the contract to purchase the land, and stop the project." And it added "Shinsegae is still interested in entering Jeju duty free market, but made up our mind to take a next chance."

If it weren't for the coronavirus pandemic and the original plan went on successful, Shinsegae duty free shop Jeju would be around double the size of existing downtown duty free stores operated by Lotte Duty Free and The Shilla Duty Free in Jeju.

The Moodi Davitt Report article explains the project as this.

Shinsegae plans to knock down an existing ten-storey hotel and build a 38,000sq m facility, with 15,400sq m of floor space, spread across seven floors above ground and seven below. As well as retail floor space, the store will have 303 parking spaces and room for other amenities.

Lotte & Shilla Duty-free shops are closing temporarily from June 1st.
According to Jejusori, the two duty-free giants made a decision to shut down until further notice. They have managed to run the business after the coronavirus outbreak. But 3 billion won(nearly 2.8 million dollars) loss every month ever since gave them no other choice.