In a bid to support South Korea’s struggling duty free sector, Incheon Airport has announced a temporary rent relief scheme for certain stores. The new initiative will see rent for 12 outlets spread across five zones being recalculated based on sales figures.
According to Pulse News, while rents at Incheon were previously determined in line with passenger traffic, an increase in these charges has been observed over the past year with the revival of travel. However, spending by passengers has not mirrored this uptick.
Global Cosmetics News recently highlighted the economic challenges faced by four major South Korean travel retail operators, all of whom reported losses in the third quarter, indicating the need for measures like this rent adjustment.