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KNTO set for North Korea openingKNTO set for North Korea opening
Tina Milton
14-Jul-2006
The state-owned retailer is to open a store at the Geum Gang San mountain resort
Korea National Tourism Organization (KNTO) has signed a deal with development company Hyundai Asan to manage the new duty-free shop at the Onjunggak-2 East building at the Geum Gang San mountain resort in North Korea. The resort, close to North Korea's frontier with its southern neighbour, has become a tourist attraction for South Koreans.KNTO confirmed that it will open a duty-free store at the resort in September and it is believed the outlet will measure close to 500sq m (5,380sq ft). The new store was originally scheduled to open in June but negotiations have delayed proceedings until September.
Koryo Samwhan operates a 100sq m (1,076sq ft) store at Onjunggak West building and a 132sq m (1,420sq ft) Hyundai Hotel Haegumgang shop inside the tourism complex but RavenFox.com understands KNTO plans to operate retail in the east building exclusively.
For further details see DFNI July 15.
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(15-Oct-2006) - NORTH KOREA. State-owned South Korean operator Korea National Tourism Organisation (KNTO) has secured a deal with Hyundai Asan to be the exclusive duty-free operator at the Geum Gang San mountain resort, ousting incumbent operator Koryo Samwhan, DFNI understands
(15-Jul-2006) - NORTH KOREA. DFNI understands that the Korea National Tourism Organization (KNTO) has signed a contract with development company Hyundai Asan to manage the new duty-free shop at the Onjunggak-2 East building in North Korea's Geum Gang San mountain resort
(15-Apr-2006) - Mention the potential for duty-free business in North Korea and most will either wince or express doubt that the market even exists
(15-Apr-2006) - NORTH KOREA. A new 500sq m (5,380sq ft) duty-free store is scheduled to open at North Korea's Geum Gang San mountain resort—developed by Hyundai Asan—in June
(1-May-2006) - NORTH KOREA. Duty-free operator Koryo Samwham Trading has urged international brands to support the fledgling duty-free market in North Korea's mountain resort Geum Gang San