"The Korea Airports Corp. will select two bidders out of the four candidates and notify the Korea Customs Service of the shortlisted firms this month," the insider said.

The KCS is expected to select the final bidder in August after a reviewing process, he said.

If selected as the final bidder, the company will secure the right to operate the liquor and tobacco duty-free shop for five years, the KAC said.

City Plus Co., a midsized retailer, operated the duty-free shop until April, when its contract was cancelled due to delayed rental payments. Lotte Group has been operating the shop since then, it said. (Yonhap)