Hyundai Department Store has won a license to operate a duty-free outlet in Seoul.

The firm was the only contender for the space in Dongdaemun, which was previously run by Doosan Group. It has operated a duty-free store in Gangnam since last year. Hyundai Department Store is renting the outlet from Doosan for KRW10 billion (US$8.5 million) per year under a five-year lease, and will open early next year.

“We plan to stabilise the duty-free business by bringing a synergy effect by operating two outlets in both southern and northern Seoul,” said an unidentified company executive to Yonhap News.

Doosan Group is pulling out of its duty-free business following a slump in Chinese visitors to the country following political tensions.