Lotte Duty Free is to open a flagship store in Sydney’s CBD early next year, planning to tap into the 4 million visitors to the city each year.
The three-level 3000sqm store will be built by Mirvac on a prime site at the corner of Pitt and Market Streets. It will stock beauty and skincare brands, a prestige-watch boutique, a fine and rare liquor and wine shopping experience, and a number of VIP services including concierge and limousine transfers to Sydney’s top hotels and dining.
The store is Lotte Duty Free’s first ground-up build in Australia and follows acquisition of JR Duty Free in 2018 and the subsequent opening of its first airport store, in Brisbane.
Lotte Duty Free Oceania CEO Stephen Timms said the downtown Sydney site is in the heart of the city’s luxury-retail precinct
“We couldn’t have asked for a more premium location to showcase our quality curated offer.”
Last year Timms told Inside Retail Australia that the business was looking to lead the duty-free market in Australia by 2023, and is forecasting over AU$280 million (US$188 million) revenue in its first year in the region.
“Travel retail is a unique sector. No other industry has such a divisive target audience, which provides both possibilities and challenges,” Timms said.
“It’s crucial to have an understanding of the types of people who are travelling through a region – their nationalities, their shopping motivations and the special occasions they celebrate in order to generate strong and targeted sales.”