THE WHAT? Lotte Duty Free has opened its first store in Sydney, Australia, which marks the company resuming plans for global expansion, according to Forbes.
THE DETAILS? The new 32,000sq ft, three level store showcases hundreds of premium brands across categories such as beauty, watches and jewellery, and is said to have been designed as a destination in its own right.
The company’s first store in two years, Lotte has a sales target for the new store of US$790 million (1 trillion Korean won) over 10 years.
THE WHY? The downtown opening is said to mark the ‘restart’ of the retailer’s global business, as well as a ‘fully fledged entry into the Oceania duty-free market.’
CEO Lee Gap said, “The opening of the Sydney store reflects our will to speed up expansion once again.”