With an eye on the roughly 4 million visitors that visit Sydney each year, Korean duty free retailer Lotte has announced its first Sydney flagship store to open next year.

The announcement comes after the business launched its first Australian location in Brisbane Airport last year, following the acquisition of JR Duty Free in 2018

The 3000 sqm store will be located on Market Street, and will feature beauty and skincare brands, watches, fine and rare liquor and wine across three levels, as well as luxury services including concierge and limousine transfers from the city’s top hotels and dining spots. 

“We couldn’t have asked for a more premium location to showcase our quality curated offer,” said Lotte Duty Free Oceania chief executive Stephen Timms. 

“The location is in the heart of Sydney’s luxury retail precinct at the intersection of Pitt and Market Streets.”

Construction is being handled by property firm Mirvac, and the store is planned to be open in early 2021. 

Last year Timms told Inside Retail the business was looking to lead the duty free market in Australia by 2023, and is forecasting over $280 million in its first year in the region. 

“Travel retail is a unique sector. No other industry has such a divisive target audience, which provides both possibilities and challenges,” Timms said. 

“It’s crucial to have an understanding of the types of people who are travelling through a region – their nationalities, their shopping motivations and the special occasions they celebrate in order to generate strong and targeted sales.”