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SK Networks to bid in duty free shop license contest to reopen Walkerhill shop

Collected: 2016.09.28

Distributed: 2016.09.29

Source: Go Direct

SK Networks Co., trading unit of South Korea’s SK Group, made it clear it will be bidding in next government auction on October 4 in hopes to win back business license and reopen its duty free shop in Wakerhill Hotel that had to close down in May after 24 years of business upon losing license renewal in November.

Choi Shin-won, chairman of SK Networks and second son of the late SK Group founder Choi Jong-kun expressed strong determination to redeem business license in Seoul while declaring 1 trillion won ($911.6 million) sales target for Walkerhill Inc., accommodation unit that also managed Walkerhill Duty Free, at a recent board directors meeting, SK Networks said on Tuesday.

Walkerhill Duty Free had been the country’s only urban hotel duty-free shop that contributed to the national tourism industry, said Choi as he expressed strong will to obtain the duty-free shop license by designing a specialized shopping business model through a large investment.

SK Group received a major setback by losing lucrative duty-free shop from its hotel business and Choi has taken initiative on behalf of the group to restore the conglomerate’s reputation, observers said.

SK Networks reportedly lost the duty-free shop license last year amid lukewarm interest from the group owner family and complacency from decades-old business. Another duty-free household name Lotte also lost its license for its shop in southern Seoul.

By Cho Sung-ho

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