[News] Bae Yong-joon's company KeyEast joins bid to open duty-free store

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source: Kpopherald

KeyEast Entertainment -- the South Korean entertainment agency led by Hallyu star Bae Yong-joon -- has entered the bid to open a new duty-free store in downtown Seoul, joining at least eight other firms competing for a single operating license to be granted to one small- or middle-sized enterprise.

The agency said Sunday that it has formed a consortium with City Plus Co. -- a Korean duty-free shop operator with stores in Incheon and Cheongju International Airports -- and eight other local and China-based firms to establish a new company, Seoul Duty-Free Co., to enter the bid.

The KeyEast-led consortium seeks to open a new duty-free shop, to be called DF Seoul, on the top floor of the Maxtyle mall located in the heart of the Dongdaemun Shopping Complex, a popular tourist spot in Seoul.

“The consortium consists of companies who have a strong background in duty-free operations, retail business management and Hallyu marketing,” said a Seoul Duty-free official. “Our new duty-free store will fuse Hallyu with shopping and differentiate itself from the shops operated by conglomerates.”

Meanwhile, at least nine other SMEs are in the running for the duty-free bid -- Eugene Corp., Paradise Global, Hana Tour, Hi Brand, Joong Won Duty Free, the Korea Fashion Association, the Grand Daegu Hotel, the Sejong Hotel and the Jeil Pyunghwa consortium.

After closing bids on Monday, the Korea Customs Service will rate the candidates based on five evaluation categories. The selected company, to be announced as early as July, will gain the right to operate a duty-free shop in Seoul for five years.

By Sohn Ji-young (jys@heraldcorp.com)