Shilla to reopen Seoul and Jeju shops as coronavirus monitoring continues

By Luke Barras-hill |

Shilla-Seoul-shut

The Shilla Duty Free’s downtown shops in Jeju and Seoul (pictured) are due to reopen after closing on 2 February.

The Shilla Duty Free’s downtown Jeju and Seoul stores will resume operations from Friday 7 February after concluding a period of ‘professional quarantine and disinfection’.

Both stores had been temporarily shut on 2 January following mounting fears over the spread of the novel coronavirus (2019-nCoV) and confirmation that two visitors were carrying the virus.

As reported, Shilla has reacted swiftly to protect employees and customers in line with sanitation guidelines issued by South Korean health officials.

BUSINESS HOURS CHANGE

An emergency response committee chaired by Shilla Travel Retail President Ingyu Han has been established in response to the ongoing threat.

Reiterating an earlier announcement made by the Korea Centers for Disease Control and Prevention, Shilla said the coronavirus cannot survive within hours of transmission from the human body, with infection sites safe provided that proper sterilisation procedures are administered.

“The Shilla Duty Free place top priority on the safety and health of customers and employees and will continue to cooperate with relevant authorities to prevent infections and do our best to carry out quarantine activities,” said a Shilla Duty Free spokesperson.

Business hours will temporarily change from 7 February to the following: 09:00-18:00 (Seoul) and 09:30-18:30 (Jeju).

REVENUE +32% IN Q4

Last week, Hotel Shilla released its unaudited Q4 earnings with travel retail revenue surging by 41% year-on-year to KRW1,158.9bn/US$980.7m on a non-consolidated basis and by 32% year-on-year to KRW1,410.9bn/US$1.2bn on a consolidated basis.

Operating profit was up by 194% year-on-year to KRW78.3bn on a non-consolidated basis and by 179% to KRW70.1bn on a consolidated basis.

Shilla-revenue-Q2019

Source: Hotel Shilla. Click to enlarge.

Revenue at downtown and airport shops rose by 51% and 4% year-on-year, respectively, revealed the earnings statement, with the Q1 2020 outlook noting ‘improved profitability driven by steady overseas operations and maintaining flexibility in volatile market conditions’.

Shilla’s domestic travel retail operations span Seoul downtown (7,178sq m), Jeju downtown (6,384sq m), Shilla IPark (11,417sq m), Incheon International Airport (5,580sq m), Jeju International Airport (400sq m) and Gimpo International Airport (553sq m).

The firm boasts an overseas airport presence at Macau International Airport (1,120sq m), Singapore Changi Airport (8,044sq m) and Hong Kong International Airport (3,283sq m), plus downtown stores in Phuket (8,155sq m) and Tokyo (2,317sq m).

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