South Korea'S Lotte Breaking Record Of Chinese Purchasing Is Already A Source Of Korean Duty-Free Shops.

According to the Korean rijon TV station quoted the Lotte duty free shop in January 7th, Lotte duty-free shop Seoul Ming Dong shop broke the world record of single store sales in one year, and sales in 2018 exceeded 3 billion 500 million dollars, with an average daily sales of over 9 million 900 thousand dollars.

Lotte duty-free shops say that the main contributor to this sales achievement is the surge in Chinese purchasing.

The Lotte duty-free shop also created a domestic sales record for duty-free shops in Korea, which exceeded $6 billion 700 million.

After the "Saad" incident in February 2017, sales of Lotte Group fell sharply.

According to the Korea Central Daily News, the Lotte duty-free shop of Lotte Group lost 29 billion 800 million won in the second quarter of 2017, which is the first time that Lotte duty-free shops have been in deficit for 14 years.

The sales of Lotte duty-free 70% came from Chinese tourists, but the number of Chinese tourists dropped by 60.1% in the second quarter of 2017. For this reason, the main reason for the poor performance of Lotte duty free shops is attributed to the continued influence of "Sade".

But Lotte's sales slump didn't last until 2018.

According to the Yonhap news agency, the number of Chinese tourists to Korea increased by 49% over the same period of June 2018. In 2018, the overall sales of Lotte duty-free shops increased by 45% over the May 1 holiday period, accounting for 70% of Chinese customers.

Many of the customers in Lotte duty-free shops are Chinese buyers. They are also the source of Korean duty-free shops.

According to the Korean "Asian economy" report, in order to snatch the purchasing agent, the Lotte duty free shop and the new world duty-free shop in Korea give the highest return of 40%.

A duty-free shop owner told the "Asian economy": "at present, purchasing has become the most important customer of all duty-free shops, and all duty free shops are fighting for purchasing."

However, China's purchasing industry has undergone great changes in 2019.

In January 1, 2019, the electronic commerce law of the People's Republic of China (hereinafter referred to as the "electricity business law") was formally implemented, requiring practitioners who are defined as operators of e-commerce must conduct formal registration, obtain relevant business licenses and pay taxes according to law.

With the formal implementation of the "electricity business law", many purchasing agents are pessimistic about the industry prospect, and even buy on behalf of "70% to 80% purchasing agents can not go down".

China's purchasing has helped Korea's Lotte duty-free shop break the world record of single store sales in 2018, but if such a good result can be extended to 2019, it still needs to ask a question mark.