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S.Korea picks Lotte, 3 others for new duty-free licenses in downtown Seoul
December 17, 2016 / 11:23 AM / a year ago

S.Korea picks Lotte, 3 others for new duty-free licenses in downtown Seoul

SEOUL, Dec 17 (Reuters) - South Korea chose four firms including the world’s third-largest duty-free operator, Lotte Duty Free, to grant new duty-free store licenses in downtown Seoul, the country’s customs agency said on Saturday.

Korea Customs Service said in a statement the four companies also include affiliates of Shinsegae Inc and Hyundai Department Store Co Ltd.

South Korea, which overtook Britain as the world’s largest duty-free market in 2010, has seen duty-free sales nearly double in four years to 9.2 trillion won ($7.9 billion) in 2015 from 5.37 trillion won in 2011. (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Dale Hudson)

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