South Korean retail operator Lotte Duty Free has placed a bid to renew its operating license for a store at Seoul's Convention and Exhibition Center, Yonhap News Agency reported Nov. 20.
The company, which is part of the Lotte Group conglomerate, was the lone bidder to operate the store in the city's high-end Gangnam district. It has run the store since 2010, and its current contract is reportedly set to expire at the end of the year. A renewed license would be valid for five years.
The move comes amid growing anticipation that Chinese tourists may start returning to South Korea after months of diplomatic tensions between Beijing and Seoul resulted in a drop-off in visitors, according to the report. Both countries recently said they will work to repair their relations.