Duty Free Border Downtown | Shinsegae
Travel Retail Operators
Shinsegae, meaning 'New World' is a major department store operator in South Korea and the largest overall retailer in the country. Until recently and although this Company run the territory's largest store at Centrum City Busan, they have never actively entered the duty free or tax free retail market. This changed in early 2015, when they were awarded some retail concessions at Seoul Incheon airport, the country's main international hub. Indirectly, Shinsegae own a majority share in Paradise Duty Free, a downtown duty free retailer, also located in Busan, but airport retailing is a new development for the Group.
South Korea is the world's more vibrant market for duty free shopping, locals spend more per capita in such stores than anywhere else in the world, with a particular emphasis on branded luxury fashion, beauty, leather and gift products. This is probably due to the Asian thirst for such luxuries and perhaps very high local prices, compared to the duty free stores. Unfortunately, for Europeans or North Americans, such products are probably less expensive at home, than on their travels, so the important issue is to compare and check before you travel.