Shinsegae Duty Free Busan branch considering closure due to sharp decline in tourists and weak won (Korea)

It has been revealed that Shinsegae DF, which operates Shinsegae Duty Free, has notified its partner companies of its plans to close its Busan store on December 30, 2024. Korea Department Store Duty Free Sales Service
The union said the exact date for the closure of the Busan store has not been made clear, but Shinsegae DF will withdraw all employees dispatched to the store by January 24.
Shinsegae DF has said it is "considering" the closure of its Busan store. The duty-free industry is currently in an unprecedented crisis.
The number of tourists has dropped sharply. The won has fallen to the 1,400 won (about 150 yen) range per dollar (USD, about 157 yen), and price competitiveness has also been lost.
Prior to this, Shinsegae DF had established an "emergency management task force" under CEO Yoo Shin-yeol.
The company is currently considering austerity measures and organizational reforms, including soliciting voluntary retirements from mid-November 2024.
The Busan branch of World Duty Free is struggling as a duty free store located in the city, not the airport. Fewer brands are being added, and the sales floor space will be reduced by 25% by November 2024.
Due to the increase in work hours, the company will reduce its seven-day work week to five days a week from the end of 2024.