The brands will each open a boutique at Incheon International Airport Terminal 1 in September, under Hyundai Department Store Duty Free’s license.
Chanel will open a 400sq m luxury fashion and jewellery store, whilst Rolex will open a 212sq m luxury watch store in the terminal. These latest luxury developments at Incheon were discussed by Incheon International Airport Corporation (IIAC) Director of Duty Free Management Sung-Bin Im as part of TFWA Asia Pacific Hainan Special Edition virtual conference.
Sung-Bin Im said that the opening of these high-end luxury stores was an impressive signal despite the impact of the Coronavirus pandemic, which has seen total duty free sales fall from a high of US$2.53bn in 2019 to US$590M in 2020. Despite this and the lack of travel, Im commented that there remains strong demand for luxury at the airport, including among Korean consumers.
He also commented that IIAC has plans to be more flexible and adaptable in its partnerships, commenting that it has reduced rents by -95 per cent to many tenants to help them cope in the midst of the crisis. Business partners were also permitted to operate on flexible opening hours.
