Introduction Global airport retailing has bounced back from an unprecedented decline in sales experienced in 2009. With growth of 14.0%, Asia Pacific is set to be the star performer in 2010 propelled by favorable macroeconomic and demographic factors and investment in airport infrastructure. Global Airport Retailing outlines regional expenditure, five year forecasts and profiles of ten retail groups. Features and benefits * Make informed regional investment decisions with data on expenditure per region for 2005-2010e and forecasts to 2015 with accompanying analysis.* Benchmark your company's performance by accessing profiles of ten key airport retailers including key operating statistics and global market shares.* Maximise the effectiveness of marketing investments by uncovering the strategies being used by the most prominent players in global airport retailing. Highlights The Middle East & Africa was the fastest growing region over the last five years with sales reaching $2.7bn in 2010. The key to this growth has been Dubai, which over the last 25 years has transformed itself into a leading hub in the international aviation network through sustained investment to create world leading passenger facilities.Already the most valuable category, with sales of $8.1bn, beauty will achieve the fastest growth over the next five years, driven by strong demand in Asia and exclusive promotions on leading brands. Alcohol and tobacco will experience relatively weak growth with the potential for tobacco limited by trading restrictions.The alternative to building a global network of airport retail operations for operators is to develop off-airport revenue, a strategy pursued by LVMH-owned DFS and Korea's Lotte Duty Free. Having built a luxury proposition, DFS has shifted the focus of its tax and duty free stores from airports to downtown- and resort-based locations. Your key questions answered * Which markets hold the most potential for the airport retail sector and should I enter them or invest more in them'* How did leading airport retail groups such as Aelia, Autogrill, DFS, Dufry, Gebr Heinemann, and Nuance Group perform last year'* What is my company's relative performance in the global airport retail sector and what is an achievable market share objective for my company'* What product categories should my company continue to or start to invest in, and which areas should my company look to reduce investment in'* What companies could my company partner with in airport retail sector and what do I need to know to improve my pitch to them'

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Global Airport Retailing: Market Size, Retailer Strategies and
Competitor Performance
Published on December 2010
Report Summary
Introduction
Global airport retailing has bounced back from an unprecedented decline in sales experienced in 2009. With growth of 14.0%, Asia
Pacific is set to be the star performer in 2010 propelled by favorable macroeconomic and demographic factors and investment in
airport infrastructure. Global Airport Retailing outlines regional expenditure, five year forecasts and profiles of ten retail groups.
Features and benefits
* Make informed regional investment decisions with data on expenditure per region for 2005-2010e and forecasts to 2015 with
accompanying analysis.* Benchmark your company's performance by accessing profiles of ten key airport retailers including key
operating statistics and global market shares.* Maximise the effectiveness of marketing investments by uncovering the strategies
being used by the most prominent players in global airport retailing.
Highlights
The Middle East & Africa was the fastest growing region over the last five years with sales reaching $2.7bn in 2010. The key to this
growth has been Dubai, which over the last 25 years has transformed itself into a leading hub in the international aviation network
through sustained investment to create world leading passenger facilities.Already the most valuable category, with sales of $8.1bn,
beauty will achieve the fastest growth over the next five years, driven by strong demand in Asia and exclusive promotions on leading
brands. Alcohol and tobacco will experience relatively weak growth with the potential for tobacco limited by trading restrictions.The
alternative to building a global network of airport retail operations for operators is to develop off-airport revenue, a strategy pursued by
LVMH-owned DFS and Korea's Lotte Duty Free. Having built a luxury proposition, DFS has shifted the focus of its tax and duty free
stores from airports to downtown- and resort-based locations.
Your key questions answered
* Which markets hold the most potential for the airport retail sector and should I enter them or invest more in them'* How did leading
airport retail groups such as Aelia, Autogrill, DFS, Dufry, Gebr Heinemann, and Nuance Group perform last year'* What is my
company's relative performance in the global airport retail sector and what is an achievable market share objective for my company'*
What product categories should my company continue to or start to invest in, and which areas should my company look to reduce
investment in'* What companies could my company partner with in airport retail sector and what do I need to know to improve my
pitch to them'
Table of Content
Executive Summary
Verdict view
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Executive Summary
Main conclusions
Emerging markets lift global airport retail market to new heights in 2010
Recession has accelerated a power shift towards emerging markets
Asia-Pacific will be fastest growing region in 2010
Bold visions drive Middle East airport development
European market set back by global economic crisis
US recession and underinvestment reduces growth in Americas
Airport privatizations will sharpen retail focus
Beauty will be the fastest growing category
Spend per head growth to outpace rise in passenger numbers
Broadening channels essential to maximize passenger spend
Pricing remains key for core tax and duty free purchases
Baggage restrictions a threat to retailers
Store design key to optimizing sales
Swiss-based Dufry leads the global market
Acquisitions transform Autogrill's scale
Gebr. Heinemann expands in Europe regionally and outside Europe globally
Nuance set for renewed growth
Dubai Duty Free remains world's largest single airport retailer
Expanding off-airport revenue proves effective for DFS and Lotte
MARKET ANALYSIS
Market definition
Global airport retailing recovers strongly in 2010
Europe remains the core market in airport retailing, followed by Asia-Pacific
Popularity of low cost carriers suppresses retail growth in Europe
Asia-Pacific defies downturn with strong growth
Growth in Americas remains restricted due to lack of investment
Meteoric growth in Middle East & Africa
Airside sales see significant growth due to investment from airport authorities
Beauty largest product category in global airport retailing
Passenger numbers reach five billion in 2010 with key growth in Asia-Pacific
Spend per passenger remains level at just over $5.00
KEY ISSUES
Demand for air travel recovers sharply
Air passenger numbers are expected to grow to almost seven billion by around 2016
Key issues for consumers
Time restraints are a key factor in consumers ability to make purchases at airports
Shoppers mood influences their propensity to engage in airport shopping
Airport retailers need to consider their proposition to inspire consumers to shop
Consumers expect airport shop prices to be considerably lower than on the high street
Limitations on baggage will affect consumers willingness to shop in airports
Key issues for retailers
Retailers must define their target consumer group and adapt their proposition accordingly
Broadening channels to market helps retailers to increase sales
Investment in walk through store design will boost footfall
Key issues for airports
Airport privatization to boost investment levels and create opportunities for retailers
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Airlines aim to invest in airports where they operate to gain more control
A balanced retail mix is crucial for success
OUTLOOK
Airport retailing to be one of the best performing channels in retail
Asia-Pacific to overtake Europe as world's largest airport retailing market in 2015
Beauty products will continue to dominate airport retailing sales
Airside revenue growth will be almost double landside in next five years
COMPANY COMPARISONS
Global airport retailing market consolidates with Dufry as market leader
Acquisition key to grabbing share
AELIA
Builds presence in Europe and beyond
Spain to be eighth country of operation in 2011 for France-based travel retail specialist
Joint ventures at key French hubs
UK was the company's first destination for international expansion
Retails goods on Eurotunnel and ferries
Airport operations make a part of Lagardère retail and distribution proposition
Recent key events: international expansion
Launches BuY Paris Duty Free branding
Enhances Belfast shops
Two more stores for Czech Republic
Sydney
Nice
Heathrow
Singapore
Spain
Financials: recovers from challenging 2009
Stores: network expands worldwide
Outlook: scope for expansion limited by lack of resources
Lagardère may divest Aelia in the future
Upturn in air travel should benefit Aelia
Aelia should look into consolidating its position in its International locations
AER RIANTA INTERNATIONAL
Duty free pioneer with global reach
Founder of duty free retailing
Beyond airport retail management
DAA is a state-owned but not state funded business
Recent key events: ARI invests in emerging markets
Extends Qatar contract
Opens in Delhi
Airport Retailer of the Year
Launches websites
Major role in Larnaca
New Moscow terminal
Financials: expects sales to hit new high in 2010
Stores: ARI's store network spreads worldwide
Russian operations remain key
Expands extensively in Middle East
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Leading operator in Canada
Targets India
Outlook: ARI should experience a recovery from 2011
Scope to win new concessions
Investments will pay off from 2011
Part privatization of DDA a possibility
ARI attractive to global airport retail groups and private equity
AUTOGRILL
Strong presence in UK and Spain
Leader in travel food & beverage also second in airport retail
Concession model
Acquisition-led growth
Purchase of WDF creates strong UK presence
Aldeasa globalizes operations
Divests inflight arm and merges Alpha Group into Aldeasa
Recent key events: Autogrill streamlines and focuses on renewals
Autogrill sold Alpha Flight
WDF renews key UK contracts
Retail management reshuffle
HMSHost renews key UK contracts
Thinking Barcelona
Financials: Autogrill's weakness in core markets dents performance
Mixed performance in 2009
Recovery in H1 2010
Stores: Autogrill's multibrand strategy deployed worldwide
Outlook: Autogrill should focus on debt reduction and contract retention
Debt reduction should be a priority
Restructuring provides new stability
More emphasis should be placed on concession retention
More balance is needed in Autogrill's airport portfolio
DFS
Strong position in Asia-Pacific
Luxury duty free specialist
Galleria key format
Differentiates on customer service
Part of LVMH Selective Retail
Strong luxury offer in Galleria Macao
Recent key events: DFS invests to maintain premium positioning
50th anniversary
Consolidates HQ in Hong Kong
Opens in Auckland
Opens in Abu Dhabi
Financials: Chinese tourists deliver quick recovery from global economic crisis
Stores: strengthens position in Far East
Gallerias are DFS's favored store format
Airport stores supplement the retailer's store portfolio
Outlook: DFS is well placed for further growth
Further potential in China
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Benefits of LVMH ownership
Galleria development provides a competitive advantage
DUBAI DUTY FREE
DDF is the world's largest single operation airport retailer
DDF runs a global airport retail hub
Sponsorship has built DDF's international recognition and status
Regular prize draws are popular with passengers
High passenger penetration
Non-retail expansion
Recent key events: expands prize draws
Dubai Cares
Double millionaire draw
Awards
Financials: DDF proved resilient to downturn in global air travel
Stores: new space will underpin DDF's growth
Impressive facilities
New airport will be world's largest
Outlook: buoyant long term prospects
Further passenger potential in Dubai
Demand for new airport is unproven
Sponsorship strategy could be copied by others
DDF should look for international opportunities
DUFRY
Various formats across many markets
Extensive operations
150 year history
Advent transforms Dufry's scale
Focus on profitable growth
Emerging markets priority
The retailer has a broad product mix
Sales technique program
Recent key events
Renews Cambodia contract
DSA merged into Dufry
Plus One sales training
Expands in developed markets
Shanghai concession
Applies Hudson model in Mexico
Financials: Dufry recovering from 2008 crisis
Stores: rapid expansion in scale
Acquisition aids expansion
Outlook: Dufry set for growth
Acquisitions to continue
Opportunities in emerging markets
Hudson concept offers growth
Operating margin should strengthen
DUTY FREE AMERICAS
DFA raises duty free expectations in US
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DFA has stores at 14 international airports in the US
DFA has been building business since divestment by BAA in the wake of 9/11
Owner Falic Group has a significant fashion and fragrance businesses
Recent key events: DFA expands in US and beyond
Invests in Macao
Opens in Miami
Large scale units key
Expands into Latin America
Financials: Miami lifts turnover in 2010
Stores: network expands beyond US
Outlook: due to currently limited scale DFA has a great opportunity to grow
Opportunity for growth in US
International push makes sense
Good relations with brands key to DFA's success
Website needs investment
GEBR. HEINEMANN
Focus on international expansion
World's third largest airport retailer
Regional expansion in Europe alongside international expansion in Africa and Asia
Focuses on price competitiveness and breadth of range
Customer service key
Miles & More
Flexible operational approach
Embraces e-commerce
Distributes to 72 countries
Family-owned
Recent key events: new stores set standards
Partnership in Ukraine
Invests in Russia
Launches new store format in Frankfurt
New partnership with Estée Lauder
Financials: Gebr. Heinemann enjoys steady growth
Stores: encouraging results from new format
Travel Value / Duty Free main store fascia
Rolls out Heinemann walk through format
Sub retail brands
Outlook: operating flexibility will assist further growth
New stores set pace for airport operators
Higher profile for Heinemann name is long overdue
Flexible partnership models will facilitate further growth
Distribution arm will have pinpointed some outstanding prospects
LOTTE DUTY FREE
LDF luxury pioneer in Far East
Dominant duty free player in South Korea
10 stores
Premium positioning
Each store reflects individual customer base
LDF taps into Korean Wave
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Recent key events: LDF celebrates anniversary and builds scale
Acquires AK Duty Free
Prizes perfume contract
Fierce competition
Celebrates 30th anniversary
Opens Star Avenue
Financials: LDF benefits from weak won
Stores: mix of airport and downtown locations
Flagship store in downtown Seoul
Four stores at international airports
Expands stores in Seoul and Jeju
Outlook: recent store refurbishments will lift sales and profits
International potential
Korean wave needs further investment
Seoul stores to boost sales
NUANCE GROUP
Change of ownership injects momentum
World's fourth largest airport operator
Jointly owned by private equity groups
Joint ventures like Nuance Watson supplement own stores
Asia-Pacific bias to airport operations
Perfume & cosmetics dominate Nuance category mix
Recent key events: extensions and new contracts offset closures
Nuance merges Asian operations
Withdraws from Hyderabad
Renews Zurich contract
Five stores for Toulouse
Refreshes Sydney offer
Extends Swedish contract
Renews charter carrier contract
Refurbishes Singapore store
Four fashion boutiques for Paris
World Of concept for Geneva
Nuance retains Melbourne contract
Disposes of New Zealand operations
Financials: declining sales and weak margins
Stores: Paris investment boosts store count
Core concept adapted to differing customers
Nuance takes glocal approach
Monobrand boutiques
Investment in Paris offsets withdrawal from New Zealand
Outlook: Nuance needs makeover in preparation for IPO
Nuance is likely to undergo many changes in the near future due to new ownership
Margins need to be strengthened
Contract losses should be minimized
APPENDIX
Statistical notes
Abbreviations
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Further reading
Ask the analyst
Global Retail FreeView
Verdict consulting
Disclaimer
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