Indeed. It is way too long. All items in shops after level up can be useless junk. So you must wait 1 hour to uptade them - it is annoying.
What do you propose? 15 minutes? 5 minutes?
30 minutes will be fine.
I am an old school gamer - for me game is dying:
all items in chests are scripted, all items in shops are scripted... Luck didnt work... At least restocking time is only way to have illusion of choise. May be it will help to support the spirit of a classic RPG...