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South Korean-Japanese conglomerate Lotte group opened its first Japanese downtown duty-free shop in Tokyo's upscale Ginza district on Thursday as it strives to create a 100 billion yen ($888 million) business in the country within a decade.
Lotte Duty Free Ginza operates inside Tokyu Plaza Ginza, a major shopping mall in the heart of Tokyo. Lotte Duty Free, a Lotte group unit, aims to tap the strong growth in the number of foreign visitors to Japan by offering tax-free shopping on luxury-brand products, cosmetics and other items in a convenient location. The company is looking to have five downtown duty-free shops operating in Japan within five years.
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