[THE INVESTOR] The number of items bought at duty-free stores will be limited to prevent hoarding and proxy buying.
The Korea Customs Service recently sent out an instruction to duty-free store operators to limit individual purchases to 10 bags and watches, and up to 50 cosmetics and perfumes of a single brand, based on the date of leaving the country.
A Seoul duty free store is packed with travelers.
The customs office is seeking to prevent illegal distribution of duty-free goods in the country, and let more customers have a chance to shop.
The industry, however, is worried that applying a strict regulation might shrink sales, especially considering the effect it would have on Chinese tourists who are known to buy Korean cosmetics in bulk.
By Hwang You-mee (
glamazon@heraldcorp.com)
