SK Networks, a retail subsidiary of SK Group, said Tuesday it would close its duty-free shop in northeastern Seoul on May 16, after failing to renew its operational license last year.

Since 1992, SK ran the duty free shop at the Walkerhill Hotel. The company will shut down the tax-free retail store for first time in 24 years, but will devise ways to reopen the business. Lotte Duty Free, another tax-free retailer that lost its operational license, will also close its Jamsil branch at the end of June. Both are expected to apply to win their licenses back.


The government said in April that it would issue four more licenses for duty-free shops in Seoul by the end of this year to meet growing demands from Chinese tourists.

By Cho Chung-un (christory@heraldcorp.com)