The Shilla Duty Free says it stands poised to capitalise on the coronavirus (Covid-19) recovery as work to sustain relationships with current customers – and forge new ones – continues, TRBusiness has been told. 

In an exclusive interview, The Shilla Duty Free Executive Vice President – Korea Division Taeho Kim said: “Our sales, marketing, and all relevant divisions are preparing for the time when customers get back.

“One of our goals for the time being is raising awareness to lure potential customers. Also, there is close cooperation with the brands to supply products smoothly when the business normalises.

“Although everyone is having a really hard time under the unprecedented crisis that we’ve never experienced before, I believe and hope that we can get over this difficult situation in the near future. The Shilla Duty Free will prepare for the time when this pandemic ends and can go back to normal life again. We promise that we will continue to grow with the customers and all of our partners.”

PREFERENTIAL PAYMENTS

Those preparations include developing various promotions and focusing on upselling, while committing to supplier renumeration and offering preferential payments to small and medium-sized partners.

“We are doing our best to ensure 8,000 direct and indirect employees’ job security,” added Kim. “Moreover, we have been operating the ‘mutual growth fund’ to support low-interest rate financing for small and medium-sized partners to overcome the crisis together. We are sharing the current market situation, offering information to the brands, and trying to stimulate sales as best as we can.”

As reported, The Shilla Duty Free stands ready to contest future concession opportunities from a strengthened position following its tie-up of a 44% stake in US travel retailer 3Sixty Duty Free.

As reported, Shilla completed its shareholding acquisition in April in a deal worth an estimated $121 million. The deal was originally announced in October.

“Recently we have closed the transaction and became a 44% shareholder of 3Sixty to compete for all future opportunities and expand the business portfolio,” added Kim. 

Read extensive interviews with The Shilla Duty Free in the May edition of TRBusiness, available soon…