THE WHAT? Biddings for Incheon International Airport duty-free stores, including for perfumes and cosmetics, licensees have fallen through due to lack of tenders, in the airport’s first auction failure, according to a report by the Korea Herald.
THE DETAILS The airport, located west of Seoul, opened biddings on five sectors of the airport, with the current licenses set to expire in August. Hotel Lotte, Hotel Shilla, Shinsegae and Hyundai Department Store took part in the auction, with all bidding for the fashion and others section.
An IIAC official said, “As far as I know, this is the first time the bidding to lease out the duty-free license at the Incheon airport No. 1 terminal fell through.”
THE WHY? High rent was speculated as deterring potential bidders for the perfume and cosmetics section, with the auction thought to be being rescheduled.