Lotte Duty Free to exit Guam airport, citing profitability concerns

Lotte Duty Free announced Friday it will operate its Guam airport duty-free store only through Dec. 20 before withdrawing from the market. Swiss retailer Dufry will take over the space.

Lotte Duty Free entered Guam airport in 2013 and extended its operating contract by three years in 2023, but chose not to participate in a new bidding process held this year, leading to its exit. Dufry, which won that bid, will assume operations afterward.

The withdrawal is largely attributed to a sharp decline in visitors to Guam since the COVID-19 pandemic, which eroded the business's profitability. "We are restructuring our overseas operations with a focus on profitability," a Lotte Duty Free official said.