Incheon Airport said Thursday it has begun the bidding process to seek duty-free store operators in new rent deals, as it promised 30 percent lower rent prices than previously proposed to soften the blow from the ongoing pandemic.

In a statement, Incheon International Airport Corp., the operator of the airport, explained it is seeking new business partners at Terminal 1, as previously signed contracts will start to expire from August.

The bidding process has been launched for six out of the eight duty-free business operation rights that remain available from the previous round of bidding in January, accounting for a total 33 stores.

The IIAC said it will also waive a “minimum guarantee fee” from the rent until businesses return to normal levels and pledged to reduce rents even post-pandemic in the event that the number of passengers falls by over 40 percent.

The contracts are five years long, with an option to renew for another five years.

By Yim Hyun-su (hyunsu@heraldcorp.com)