The exit of Singapore Changi Airport’s largest tenant came as a surprise. DFS, in addition to being the airport’s largest tenant, is also its oldest, according to the Straits Times. DFS has sold alcohol and tobacco at Changi for nearly 40 years, and is estimated to have generated S$590mil in sales last year, according to the Moodie Davitt Report. (File pic shows part of duty free area at Changi)
SINGAPORE: Hotel Lotte Co and Hotel Shilla Co, South Korea’s two largest duty-free companies, are among bidders for the rights to take over the liquor and tobacco business at Singapore’s Changi Airport, after long-time operator DFS Group Ltd unexpectedly didn’t bid for the rights again.
Lotte and Shilla were joined by Germany’s Gebr Heinemann in a tender exercise that closed on Monday, Yonhap reported, citing sources. Spokespeople for Lotte Duty Free and Shilla, which already sells cosmetics at Changi, confirmed their bids in separate statements to Bloomberg.
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