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Shilla Duty Free revenue drops 26% in Q1
The drop-off in airport business has driven the decline
The Shilla Duty Free revenue decreased 26% in the first part of 2021 as the ongoing lack of footfall to airport stores continued to take its toll.
Hotel Shilla, which is the parent company of Shilla Duty Free, released is first quarter results yesterday.
The Shilla Travel Retail business reported KRW632.4bn ($37m) in revenue for the first quarter of 2021. This marks a drop of 26% compared to the same period in 2020. It also marks a 15% drop on the KRW742.3bn recorded in the last quarter of 2020.