DEVELON

Doosan Corporation has won a license to operate a tax-exempt retail outlet in Seoul.

The Korea Customs Service announced on Nov. 14 the winners of four business licenses to run city duty-free outlets (three in Seoul and one in Busan), which are due to expire by the end of this year. The three licenses to run duty-free stores in Seoul were granted to Doosan Corporation, Lotte Sogong and Shinsegae, while the license for a Busan outlet was won by Shinsegae.

Doosan Corporation first revealed its bid to enter the duty-free retail business in Seoul on Sept. 2. To win the expiring licenses, the existing operators—Lotte (Sogong and World Tower) and SK (Walkerhill Duty Free Shop)—as well as the challengers—Doosan and Shinsegae—fiercely competed against each other.

The Korea Customs Service conducted due diligence, reviewed the applicants’ business plans and listened to their presentations to determine the final winners. The companies, which could each score a possible total of 1,000 points, were evaluated on their management capacity (300 points), sustainability and financial stability (250 points), location and tourism infrastructure (150 points), contribution to the economy and social development through sales of SME products, etc. (150 points) and dedication to profit-sharing with society and win-win growth (150 points).

“I believe the business plan thoroughly prepared in line with the evaluation criteria has been duly recognized,” said Hyunsoo Dong, president of Doosan Corporation’s Business Division. “We will do our best to make a duty-free outlet that contributes to reviving the business activity in Dongdaemun and transform the region into a tourism hub in Seoul, promoting growth of the national economy as a whole.”

Doosan Corporation’s duty-free shops, which will be located in Doosan Tower, also known as “Doota,” will open in the beginning of next year.