NEWS ROUND-UP HDC Shilla’s I’Park registers $350m in first year
impact the reduction in Chinese tourists will have on sales this year as Beijing targets South Korea’s tourism industry in reprisal for the deployment of the United States THAAD missile system. HDC Shilla believes that luxury brands
could be key to attracting more customers to its downtown store and may even help to mitigate some of the impact to sales. Six new luxury boutiques have opened
HDC Shilla’s I’Park duty free store recorded total sales of almost US$350m in 2016, the store’s first full year of operations after opening in late 2015. Pleased with its initial sales, the company
has set an ambitious high double-digit target for revenue growth in 2017. It remains to be seen, however, what
in HDC Shilla’s downtown I’Park over the past six months and more are scheduled to open this year, as negotiations continue with various ‘top line brands’ to open boutiques in future. As TRBusiness went
to press, Celine is
scheduled to open a boutique on the fourth floor by the end of April after Versace
Mexico’s ASUR to take control of 12 Colombian airports
Grupo Aeroportuario del Sureste (ASUR), the first privatised airport group in Mexico has signed agreements to acquire the controlling interest in two Colombian airport groups, Airplan, S.A. (Airplan) and Aeropuertos de Oriente S.A.S. (Oriente) which manage 12 airports in Colombia between them. ASUR, the operator of Cancun Airport
(right) and eight other airports in southeast Mexico, also operates Luis Muñoz Marín International Airport in San Juan and is a 50% JV partner in Aerostar Airport Holdings, LLC. Airplan operates the following airports in
Colombia: Enrique Olaya Herrera Airport and José María Córdova International Airport in Medellín; Los Garzones Airport in Montería; Antonio Roldán Betancourt Airport in Carepa; El Caraño Airport in Quibdó and Las Brujas Airport in Corozal. Oriente has concessions to operate
the following airports in Colombia: Simón Bolivar International Airport in Santa Marta; Almirante Padilla Airport in Riohacha; Alfonso López Pumarejo Airport in Valledupar; Camilo Daza International
Airport in Cúcuta; Palonegro International Airport in Bucaramanga and Yariguíes Airport in Barrancabermeja. Following consummation of the
acquisitions, ASUR will own approximately 92.42% of the capital stock of Airplan and 97.26% of the capital stock of Oriente.
Duty free sales climb to $777m at KAC’s airports
Duty free sales in the corporation’s international airports reached a total of US$777m in 2016, according to KAC. The figure includes Jeju Development
Corporation’s popular domestic duty free shop in Jeju Airport that serves only customers that are residents in South Korea and which accounts for about 65% of total duty free sales in KAC’s various airports. Excluding domestic duty free sales at Jeju
Airport, KAC’s international airports’ duty free revenue totalled $319m last year. KAC owns and operates all of South
Korea’s international airports with the exception of Incheon International Airport. The state-run organisation has recently
Manuel Gutierrez Sola, Chief Commercial Officer of ASUR and Aerostar Airport Holding, speaking during the Commercial Forum, held during the 2015 ACI World Annual General Assembly, Conference and Exhibition in Panama City.
seen strong growth in international passenger traffic at most of its airports, particularly in Chinese visitors, while the number of direct international flights serving its various airports has risen each year. The full-length feature on KAC
appears on p121 within the TRBusiness Annual South Korea Report.
opened a fifth floor boutique in March. Zegna, meanwhile, is scheduled to move to a permanent boutique on the fifth floor at the end of April from its previous fourth floor location. “It takes time to open brand boutiques;
with Celine we negotiated for over a year,” explained a Shilla I’Park spokesman. “We have set a high sales goal. We are trying to attain a third place duty free store ranking in South Korea.”
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