Lotte, Shilla vie for top spot in global duty-free market
Jun 5, 2013
Duty-free shops have been the biggest cash cows of Lotte Hotel and Hotel Shilla for years, thanks to the sharp increase in tourists from China and Southeast Asia.But with political movements to make duty-free shops donate 1 percent of their revenue as public funds and restrict conglomerates’ further expansion in the business, Lotte and Shilla are turning their eyes abroad. Lotte Hotel and Hotel Shilla netted over 80 percent of their revenue last year, which topped 3 trillion won and 2 trillion w