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Biz News Korea(Eng)
Hotel Shilla opens city duty-free shop in Phuket
- Collected
- 2016.11.22
- Distributed
- 2016.11.23
- Source
- Go Direct
Hotel Shilla said on Sunday that it has opened a duty free store in Kathu, Phuket in Thailand on November 19. The new Shilla Duty Free, a two-story store commanding an area of 25,000 square meters, is located about 15 minutes away from Phuket’s major tourist spots Patong Beach and Phuket Town. It hosts more than 400 cosmetics, fashion and liquor brands and many restaurants.
The Phuket store is the company’s first duty-free shop in a city, not an airport. It started its first overseas duty-free operation in Changi Airport in Singapore in 2012 and Macau International Airport in 2014.
The company chose Thailand to open its new city duty-free store after the country’s duty-free market has grown 20 percent annually thanks to massive inflows of Chinese tourists. Thailand’s duty-free market was estimated at 2.4 trillion won ($2.03 billion) as of 2015, the fifth largest in Asia after Korea, China, Hong Kong and Singapore.
Hotel Shilla, which has the biggest overseas sales record among local duty-free operators, aims to ramp up its global business with the new store in Thailand. Its overseas operations accounted for more than 15 percent of its total duty-free sales in 2015. It also plans to open a new downtown duty-free store in Takashimaya Times Square in Tokyo early next year.
Shares of Hotel Shilla closed Monday at 50,600 won, down 4.17 percent or 2,200 won from the previous session.
By Sohn Il-seon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]