THE WHAT? Wangfuijing Group has been awarded a license for duty free retail, according to a report published by Reuters.
THE DETAILS The owner of Beijing Department Store saw its shares leap 10 percent as the news broke. With some 40 department stores to its name and a captive audience responsible for more than a third of duty free sales globally, the license could prove lucrative.
The retailer did not release further details of its plans for duty free stores.
THE WHY? The government is hoping to stimulate domestic consumption in the wake of lockdown through duty-free outlets in downtown areas.