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Lotte Duty Free reviewing future at Guam Airport amid profitability drive
“The contract period for the Guam Airport branch is until July 2026. The operation plan has been under consideration, and no decision has been made so far,” Lotte Duty Free tells The Moodie Davitt Report following local reports suggesting the retailer may quit its contract.
GUAM. South Korean travel retailer Lotte Duty Free has clarified reports in local media that it is planning an exit from its contract at A.B. Won Pat International Airport.
Lotte Duty Free told The Moodie Davitt Report, “The contract period for the Guam Airport branch is until July 2026. The operation plan has been under consideration, and no decision has been made so far.
“Lotte Duty Free is currently focusing on strengthening profitability through sound management of its domestic and foreign stores, and is considering various types of operation plans to do so.”
Guam International Airport Authority (GIAA) granted Lotte Duty Free a three-year contract extension from July 2023 to allow the retailer time to recoup its original ten-year investment following the disastrous financial impact of the COVID-19 pandemic and Typhoon Mawar.
With the extended concession due to end in mid-2026, GIAA is set to call a Request for Proposals (RFP) in coming months.
The reports follow Lujan’s introduction of a related legislative Bill (67-38) in March. This seeks to grant GIAA power to adopt policies and procedures for the solicitation, selection and award of agreements for the use of airport facilities and properties.
Senator Lujan said in a press release quoted by The Guam Daily Post that the Bill is designed to modernise and strengthen GIAA while expanding its ability to generate revenue, particularly from non-aeronautical sources such as duty-free operations, other retail concessions and premium travel services.
If passed, Bill 67-38 would repeal and replace the current airport lease process and give the GIAA Board control over the negotiation of concession agreements, the report noted.
It would also increase the minimum lease term for concessions from ten to 15 years and reset the maximum lease term for all other leases to 50 years.
“We need to streamline contract procedures, incentivize private investment and maximise commercial partnerships that enhance our island’s appeal as a world-class destination,” Lujan said in the release. “Guam’s airport is more than just a transportation hub; it is the front door to our island’s economy.”
Lotte Duty Free’s long-time predecessor DFS Group continues to operate its downtown duty-free business in Guam. 
