SOUTH KOREA. Hotel Shilla’s second-quarter travel retail revenues rose by +19% year-on-year to KRW1,010.1 billion (US$775 million). Howevere, travel retail operating profits decreased by -69% to KRW14.8 billion (US$11.4 million).
Downtown revenue for The Shilla Duty Free increased by +14% year-on-year to KRW884.1 billion (US$678.4 million), representing 87.5% of total sales. Airport sales, driven by the country’s recent opening up to inbound and outbound travel, surged by +71% from a very low 2021 base to KRW126 billion (US$96.7 million).
![](https://moodiedavittreport.com/wp-content/uploads/2023/07/The-Shilla-Duty-Free-BTS-store.jpg)
Space of BTS is located at the retailer’s flagship Seoul downtown store.
![](https://moodiedavittreport.com/wp-content/uploads/2023/07/31-July-Shilla-results-2.png)
![](https://moodiedavittreport.com/wp-content/uploads/2023/07/31-July-Shilla-results.png)
Hotel Shilla said it would aim to improve travel retail profitability in Q3 by responding to changes in the business environment and demand in the market.
![](https://moodiedavittreport.com/wp-content/uploads/2023/07/Screenshot-2022-07-27-at-3.05.31-pm.png)