What: Lotte Duty Free, South Korea's largest duty-free operator, lost its spot in the airport in April.

Why it is important: While the loss of the airport spot is expected to have minimal impact on Lotte’s overall revenue, their withdrawal from Incheon airport after 22 years of operation is expected to have a major impact on the ranking of Korea's duty-free industry.

Shilla Duty Free and Shinsegae Duty Free have since launched larger-scale operations with a wider product range, with the latter planning to operate 29 stores across Terminals 1 and 2 by the end of next year. Hyundai Department Store Duty Free has also started operations, offering luxury brands including Tiffany, Celine, and Fendi.

Following its departure from Incheon Airport, Lotte Duty Free intends to concentrate on its downtown duty-free shops and online platform where they introduced a dedicated section for duty-free liquors.

Lotte Duty Free withdraws from Incheon airport