Shinsegae Duty Free Myeongdong.
Shinsegae Duty Free has signed an agreement with the MICE Committee of the China Association of Travel Services, the only national travel industry cooperative under the purview of the Chinese Ministry of Culture and Tourism.
The deal will see both parties jointly market Korea’s MICE resources, customise promotions and facilitate duty-free shopping for Chinese MICE travellers.
According to Korean media reports, Shinsegae Duty Free aims to attract over 60,000 MICE tourists and a total of 140,000 Chinese tourists by the end of the year.
This comes as the Korean retail company – which last month withdrew from Incheon International Airport's DF2 zone citing financial concerns – trains its sights on high-yield corporate delegations with enhanced VIP services.
In October, reports emerged of the duty-free market being plagued by high exchange rates, the economic downturn, and diminished spending among primary consumers.
Local media reported that the average spending per MICE traveller is more than three times higher than that of regular tourist groups. MICE expenditure makes up about 35% of total international group sales.