[Korea gimeunji financial newspaper reporter] nor myeonchi kkophyeotdeon the duty-free business is sluggish growth engine of the Hanwha Group Hanwha Galleria is likely to be a growing degenerated into ugly duckling of President Kim Seung-yeon.
Kim Seung-yeon president last 2015 via sinnyeonsa "distribution, such as overcoming the difficult market conditions of service business must challenge towards higher goals," he stressed, the same year in July, Hanwha Galleria HDC Silla, New World Dieppe, Hyundai Department Store Eland · · · SK Networks has succeeded in obtaining patents in duty-free shops in the gakchukjeon and Lotte.
Hanwha downtown existing at the time taking the spot from the Duty Free Duty Free when selecting a candidate has made a decision that does not even consider commuting, this led to an endurance rating is shone Chairman Kim Seung-yeon's.
Hanwha Galleria has set in front of the 63 Building in Yeouido called 'goldeuba' is an alias for the symbol and the Chinese group thanks to the full support of Kim Duty to candidates.
Hanwha Galleria has presented a blueprint sikindaneun birth to Asia's best shopping place creating a culture 9900㎡ size of 63 duty-free shops in the building and in conjunction shopping and entertainment, food and beverage facilities 20,000 6400㎡.
Also smoked a logical construct that the tourism cluster in connection with the Capitol Building 63, located in the National Assembly in Yeouido, including nearby fish market and can lead to Noryangjin footsteps of foreigners in the Yeouido Spring Flower Festival seonamgwon naesewo, Seoul International Fireworks Festival tourism promotion program.
At the time the domestic duty-free market was likely called a "goose that lays the golden eggs" to be a cash cow of Hanwha. According to the Korea Customs duty-free market grew from 500 billion won 4 trillion years 2010 to 3000 billion won has eight 1 trillion in 2014. A growth of over 20% annually.
As well as the domestic duty-free market ranked first in the world, surpassing the scale of the tax-exempt market, the UK and China since 2012. Because of expectations that can improve the financial soundness of the group built a stable distribution business in duty-free zones was to attract the utmost excitement.
Recently, however, the reality is an intimidating employees to voluntarily pay a management situations such as the return to duty free business worse. Hanwha Galleria drew a picture that opened last December 2015, the Galleria duty-free 63 and achieved total sales of 3 trillion won in tax-exempt businesses for five years took a second open year sales target to 500 billion won by 2020.
However, this project was considered as a duty-free goose that lays the golden eggs and now they've reached a point Hama money to eat. Hanwha Galleria 63 Galleria duty-free operators were the first to rush to the structural adjustment of the 2015 and 2016 annual statement in Seoul new duty-free shops.
Hanwha Galleria executive power had returned voluntarily 10% of salary and bonuses two months starting Director and chajanggeup also participate in the voluntary return of 100%. So duty-free shops, as well as its employees to participate in volunteer department stores belonging to the king returned to the staff situation is nokrokchi matrix.
Last month, Hanwha Galleria has conducted a briefing on the company management situation for all employees delivered a need for self-rescue efforts and difficulties facing the company.
Galleria Hanwha Galleria Time to operate 63 duty-free shops and airport departure lounge Jeju World Duty Free recorded an operating loss of 43.8 billion won last year, only duty-free business. Open from 63 of the Duty Free Galleria third quarter of last year accumulated losses amounted to 10 305 billion.
In the past, duty-free shops, but this role has recently carried out a cash cow falling to the reduction of excessive competition and attractiveness of Chinese tourists in Korea duty-free shops.
The main customer base is the number of Chinese tourists has dropped significantly in the duty-free in accordance with China's economic retaliation Saad placement issues. Last year showed a 42% decline in the number of 8000 people Mon Chinese visitors reached 540 007 93 10 000 5000 Twelve month.
It's also added to allow the establishment of a Customs Duty city three times in July 2015 and November, December 2016 was a negative. In the case of Seoul, the first half of 2015 was only the duty-free 6 to 13 had surged recently Accordingly side effects such as profitability is growing.
Duty-free industry has to pay about 10% to 20% of sales in the Travel Guide and China, and Taiwan for Chinese tourists to songgaek fees. But recently a new aspect to the business soaring and soaring fees for songgaek 30%. Duty songgaek commission showed that even where a deviation by paying up to 34.2% keuna operators, due to intensified competition.
As well as duty-free industry has expressed its anxiety to know how to leave the childish look better when luxury brands are located. Earlier this year, the actual Louis Vuitton and Gucci, Mont Blanc has a bar duty-free withdrawal from a fairy tale.
Gapjil became of intense competition to attract luxury brands in the duty-free rat race, the international brand it as an excuse may also exceeded. In August last year, the actual Hanwha Galleria 63 is something that Estee Lauder and L'Oreal are protesting the conditions such as neighbor of Chanel cosmetics store locations and withdrew the sales staff to return.
Negative due to sluggish duty free business is not yippun. Korea Ratings is said that in the last 17 days the state can consider a credit rating downgrade due to the decrease in profitability and Hanwha Galleria, Hanwha Galleria Time World.
Last year, sales of Hanwha Galleria Time World's grew 68.6% YoY to 168.9 billion won to 284.8 billion won, operating profit of 15.6 billion won deficit a year-on-year transition -123 million. Operating profit increased fees for increased advertising and mogaek new Galleria in downtown Seoul earnings of duty-free shops are open 63 sales grew year-on-year, duty-free shops to attract customers and sales is explained that a deficit.
Korea Ratings is predicted that if the expected lowering of profitability and debt coverage indicators delay in duty-free shops normalized to consider the rating downgrade Hanwha Galleria Time World.
Meanwhile, the industry has been interpreted as "the will of Hanwha will side with respect to the duty-free business significantly dampened" for having declared a boycott by the Hanwha Galleria in downtown Seoul last December conducted additional new duty free tender.
Hanwha Galleria "is the first to focus on the end of the year does not participate in the new downtown duty-free patent bid Hanwha Galleria duty-free sales activation of the 63 at this point," he said last October 4.
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