SOUTH KOREA. Hotel Shilla, parent company of The Shilla Duty Free, posted a +0.6% year-on-year rise in third-quarter travel retail sales to KRW849.6 billion (US$583.5 million), a -0.1% fall quarter-on-quarter.
The travel retailer remained in the red for the quarter but narrowed its losses significantly year-on-year to KRW10.4 billion (US$7.1 million), compared with a thumping KRW38.7 billion (US$26.6 million) deficit in Q3 2024.
Quarter-on-quarter operating losses eased slightly.
Downtown duty-free revenue decreased -1.3% year-on-year while airport revenues increased by +2.1%.
As with all recent quarterly announcements, Hotel Shilla said focusing on profitability recovery to address changes in the internal and external environment and travel retail markets remains its key priority.
As reported, The Shilla Duty Free has served notice to quit its Incheon International Airport DF1 perfumes & cosmetics, liquor & tobacco concession, effective 17 March 2026, citing heavy financial losses. The company is likely to rebid in an effort to retain the business on more profitable terms. ✈
