South Korea’s four largest duty-free operators — Lotte, Shilla, Hyundai, and Shinsegae — reported losses in Q3 FY2024, marking the first simultaneous quarterly losses for all four since 2022. Shilla posted a KRW38.7 billion ($28.9 million) deficit, while Lotte reported KRW46 billion ($34.4 million) in losses, with Hyundai and Shinsegae also experiencing declines. The losses were attributed to rising rents at Incheon International Airport, tied to increased passenger numbers, intensified competition from China’s duty-free stores, and the end of government-subsidized licensing fee discounts granted during the pandemic.