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SOUTH KOREA. Lotte Duty Free has signed a strategic business agreement with Shinhan Bank to strengthen marketing to customers preparing for international travel in the wake of eased restrictions.

A signing ceremony was held yesterday at Lotte Duty Free headquarters in Jung-gu, Seoul. It was attended by Lotte Duty Free Head of Marketing Department Lee Sang-jin and Shinhan Bank Foreign Exchange Division Head Kim Min-soo.

Based on this agreement, Lotte Duty Free and Shinhan Bank plan to host joint promotions and events for foreign tourists and Koreans to stimulate an anticipated strong recovery in travel demand.

The Korea Herald reported (see photo below) yesterday that Incheon International Airport, the country’s main gateway, is expected to serve around 81,000 passengers a day in July – about 40% of pre-pandemic levels. That figure is projected to rise to 70% from November, the report noted.

Korean customers who sign up for Shinhan Bank’s ‘Someday Foreign Currency Savings’ earn points that can be used at Lotte Internet Duty Free and their membership level is upgraded.

Lotte Duty Free Head of Marketing Department Lee Sang-jin (left) and Shinhan Bank Foreign Exchange Division Head Kim Min-soo pictured after the signing ceremony

For foreign tourists visiting Shinhan Bank, preferential exchange rates and Lotte Duty Free discount coupons are provided. From May to December, foreign shoppers with the coupons can receive instant discounts of up to U$22 depending on the purchase amount at all Lotte Duty free downtown duty free stores.

Lee Sang-jin said, “We have signed this business agreement to provide more benefits to domestic and foreign customers who are preparing excitedly for overseas travel. We hope that customers using Lotte Duty Free and Shinhan Bank will enjoy preferential exchange rates and discounts on duty free shopping.”

As reported, Lotte Duty Free has unleashed a wide range of promotions and incentives to boost shopping as outbound travel resumes, including the Travel is Coming online and offline shopping festival from 22 April to 31 May.

Lotte is also hosting what it called the ‘Dynamic Exchange Rate Compensation Event’. This takes into account the prevailing Won-Dollar exchange rate, which has been affected by the latter’s strong recent trend. Under the scheme, LDF PAY benefits are made to customers according to the exchange rate at the time and the amount spent at Lotte Duty Free downtown stores.

Lotte Duty Free issues a positive message as the previously moribund Korean travel sector finally cranks back into life

When the Dollar exchange rate rises above KRW1,250 and sits below KRW1,300, a maximum of KRW20,000 (US$16.15) is provided. When it exceeds KRW1,300, a maximum of KRW35,000 (US$28.30) is offered.

Lotte has also unveiled a range of benefits for online shoppers. Payments in Lotte Internet Duty Free Shop The Dream Money (US$25) and Kakao Pay (up to US$45) are being presented. Online membership level is upgraded to the higher Purple status during the promotion period.

An overseas travel kit is also provided as a gift. Additionally, three eco-friendly plastic-free soaps will be presented to customers who spend over US$200 at the Lotte Duty Free downtown store or US$100 at an Incheon International Airport shop.

The Korea Herald presents a modestly upbeat picture of travel recovery prospects. Click on the image to read the full article.

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