Shilla expands duty free business
South Korea’s Shilla plans to beef up its presence at home and abroad.
Shilla is reported to be opening a large-scale duty free store at Singapore’s Changi Airport in October. It is also eyeing new markets like Cambodia, Thailand and Australia.
And it is expanding its stores in Seoul and Jeju Island to accommodate more overseas shoppers.
The expansion plans were revealed after its second quarter performance recorded an outstanding results. It says sales at airport shops were up 6.6 per cent while downtown duty free shop revenue jumped 42 per cent year-on-year.
“At the moment, Shilla seems to have nothing but good news for itself,” said Chung Soo-hyun, an analyst at NH Investment and Securities.
“At the current pace, Shilla will see a 27 per cent growth in sales and 57 per cent in operating profit over the next three years.”