New duty free shop at Changi Airport will be Lotte’s third

Lotte Duty Free said yesterday it has been selected to run a duty-free outlet specializing in designer clothing and accessories at Singapore’s Changi Airport from November.

Korea’s largest duty-free retailer beat Hong Kong’s DFS Group, the world’s leading duty-free shop operator, and Italian retailer WDF, Nuance and Heinemann to win the right to run the 302-square-meter outlet at Terminal 1.

Lotte plans to sell 11 luxury brands including Bvlgari and Montblanc from until September 2015. It will then be given the option of a two-year extension.

It said it expects to raise over 60 billion won ($51 million) in sales over five years if it signs to extend. This is Lotte’s third overseas duty-free shop. The retailer in January opened its first in Indonesia’s Soekarno-Hatta International Airport.