[THE INVESTOR] The new Lotte duty-free store at Gimpo International Airport is ready for operation starting Aug. 13, the company said on Aug. 12.

The duty-free store chain which has been operating in the DF2 section at the airport will move its operations to the DF1 section as it won a bid for the next five years in May. 



The new section, formerly run by Shilla DFS, takes up about 400 square meters and will be fully operational in November. Lotte has completed partial renovation for about two-thirds of the section mainly dedicated to K-beauty products.

The bidding for the operation fell through three times due to the high annual rental fee of 29.5 billion won (US$26.78 million).

The DF2 section is now operated by City Plus.

By Hwang You-mee (glamazon@heraldcorp.com)