Trbusiness. The travel retail Trbusiness. The magazine for global retail and duty free professionals.Shilla Duty Free reports significant downturn in downtown operations
By Benedict Evans |
The struggles Shilla has faced in its downtown trading have been seen across the South Korean travel retail landscape.
Hotel Shilla, the parent company of Shilla Duty Free, has reported a KRW43.9bn ($31m) in operating losses for the fourth quarter of 2024, with double-digit slides in downtown revenue (-16.4%) and airport revenue (+15.7%) year-on-year.
In Q424, revenue for the travel retail division increased marginally by 0.2% year-on-year to KRW773.5bn ($541m), and Shilla said it was focusing on profitability recovery in response to changes in both the internal and external trading environment.
Shinsegae Duty Free recently announced the closure of its Centrum City mall amidst declining performance, while in June 2024, Lotte Duty Free revealed an ‘emergency recovery plan’ aimed at streamlining the company’s operations and performance via workplace restructures and a reduction in executive salaries.
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