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The Korea Herald
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THE INVESTOR
March 29, 2024

Retail & Consumer

HDC Shilla 1st new duty-free store to turn to black

  • PUBLISHED :February 09, 2017 - 10:44
  • UPDATED :February 09, 2017 - 10:44
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[THE INVESTOR] HDC Shilla Duty Free announced on Feb. 9 that it made profits last month, the first to do so among new downtown duty-free stores.





Its operating profit in January reached 125 million won (US$109,000) and revenue was 53.2 billion won, the first positive earnings since it was officially launched in March 2016.

The joint venture between Hotel Shilla and Hyundai Development Company estimated that its sales amounted to 397.5 billion won and operating loss at 20.9 billion won last year. 

With a Louis Vuitton boutique slated to open in the first half, and 100 billion won ongoing expansion of I’Park Mall which houses the duty-free store, HDC Shilla aims to remain in the black during the first half and log a profit by the year end. It has set a 750 billion won sales target for the whole year. 

Despite the decline in Chinese inbound tourism and heightening competition among duty-free stores, turning to black and passing the break-even point, albeit at a small scale, signifies that it has secured sustainable business capacity, assessed the company. 

By Hwang You-mee (glamazon@heraldcorp.com)

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