Three travel retail companies are in the running to take over the liquor and tobacco concession at Singapore’s Changi Airport. 

The concession is being vacated by DFS Group which has held it for 40 years, the company’s CEO saying it was “not a financially viable option” remaining there.  

According to Korea Bizwire, two of the bidders are from South Korea – No. 1 Lotte Duty Free and its nearest rival, second-placed The Shilla Duty Free. 

A third bidder is German-headquartered Heinemann Duty Free which is on an aggressive expansion program in Asia-Pacific, having recently opened a variety of concessions in Malaysia, Indonesia, Hong Kong and Sydney. 

The successful bidder will take over from DFS Group in June next year, although there is likely to be a transitional period to continue to provide shoppers with service. 

Bids for the concessions, which cover four terminals, had to be lodged by Monday of this week. 

The concessions will last six years. Changi is the seventh-busiest airport in the world with its users numbering 64.9 million last year.

The successful bidder is likely to be chosen late this year or early next year at the latest.