SOUTH KOREA REPORT: SHINSEGAE DUTY FREE
Shinsegae eyes $2.3bn as Incheon momentum continues
Shinsegae Duty Free is targeting growth of +44% to reach $2.3bn in sales in 2018, as work continues to open its second Seoul downtown duty free store after unveiling at Incheon International Airport T2 in January. David Hayes reports on the latest developments.
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hinsegae Duty Free tells TRBusiness that it is targeting an ambitious 44% rise in revenue
in 2018, as the company adds new airport and downtown duty free shopping facilities to its expanding travel retail shop portfolio. Overall sales are growing after
Shinsegae recently opened 20 luxury boutiques at Incheon International Airport’s new T2 on 18 January, where the company operates the fashion concession comprising six outlets divided into smaller, separate brand boutiques.
“T2 is quite ok, it’s meeting our target,” says Shinsegae Duty Free Merchandising Division Senior Vice President Hong Seok Ho in an exclusive interview. “The portion of South Korean customers is 60% and Chinese 25%. “We expected South Korean
customer numbers would be a bit higher but it’s only a few months [into] operations, the whole year may be different. We thought it would be South Korean customers [accounting for] 65% [of sales] and Chinese 20%. “It’s the same passengers who
used T1, it’s just that their flights have moved from T1 to T2; it’s the same shopping behaviour.”
Luxury boutique openings Shinsegae’s boutiques in T2 include Bottega Veneta, Céline, Chanel, Chloé, Etro, Fendi, Gucci, Longchamp, MCM, Moncler, Prada, Rimowa, Salvatore Ferragamo, Yves Saint Laurent, Tiffany & Co., TAGHeuer, Tory Burch, Tumi and Valentino. The company will open two more luxury boutiques in the terminal later this year, TRBusiness learns. “We will have Hermes and Rolex
in the second half of this year,” says Hong. “Now their boutiques are temporarily occupied by Etro and
Shinsegae Duty Free tells TRBusiness that it is targeting an ambitious 44% rise in revenue in 2018, as the company adds new airport and downtown duty free shopping facilities to its expanding travel retail shop portfolio.
TRBusiness Shinsegae Duty Free is targeting sales of $2.3bn this year MAY 2018 TRBUSINESS 107
Above: New airport and downtown shopping facilities are being added to Shinsegae Duty Free’s portfolio.
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