SOUTH KOREA REPORT: HDC SHILLA
May 2017 20
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Shilla I’Park Duty Free, a joint venture of Shilla Duty Free and HDC Corporation, is looking to expand its collection of luxury brands this year in order to boost sales and attract more customers to the company’s new downtown store in Seoul. David Hayes reports.
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DC 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 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 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 opened a fifth floor boutique in March. Zegna, meanwhile, is scheduled to move
MAY 2017
to a permanent boutique on the fifth floor at the end of April from its previous fourth floor location. These latest brand developments
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follow the opening of Givenchy Homme and Burberry boutiques on the fifth and fourth floors respectively, in February and the Gucci, Stuart Weitzman and A. Testoni stores in November last year. “It takes time to open brand
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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. “We want to bring in more top line
brands. We are trying to negotiate with them.”
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Good transport links Totalling 60,000sq m in area, the Shilla I’Park store is South Korea’s largest downtown duty free shop and is owned by HDC Shilla Duty Free Shop; a joint venture created by global construction company, HDC Group, and Hotel Shilla. Located in Yongsan district’s
huge I’Park Shopping Mall, Shilla I’Park Duty Free occupies floors 3-7 in the shopping and entertainment
entrance on floor three where the store’s large international cosmetics collection is displayed, along with a number of leading South Korean cosmetics brands. Shilla I’Park displays the largest
of its watch collections on the third floor where 12 boutiques are located including several multi-brand outlets.
Totalling 60,000sq m in area, the Shilla I’Park store is South Korea’s largest downtown duty free shop and is owned by HDC Shilla Duty Free Shop; a joint venture created by global construction company, HDC Group, and Hotel Shilla.
TRBusiness TRBUSINESS 111
store. Customers register to shop. Payment is made to each brand or in each display area.” Customers enter through the main
LAGARDÈRE IN ROME | ACI CONFERENCES’ REVIEW | LOTTE DUTY FREE | DFS GROUP SHILLA | SUNRISE | EVER RICH | CHANGI AIRPORT | SINGAPORE CRUISE CENTRE | CHINA DUTY FREE | INCHEON AIRPORT | HDC SHILLA | HANWHA GALLERIA | SM DUTY FREE WILLIAM GRANT & SONS | PERNOD RICARD | BROWN-FORMAN | BEAM SUNTORY | BACARDI BEAUTY IN ASIA REPORT | COTY’S PHILIPPE MARGUERITTE | PEOPLE NEWS | NOW & THEN
complex, with a footprint of around 12,000sq m for each floor. “Our main entrance is opposite
Yongsan station which is served by No 1 subway line, local rail services and the KTX high speed rail service,” the spokesman said. “There is only one entrance to our
Above: Luxury in focus for HDC Shilla’s I’Park store.
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