Few retail sectors were hit has hard by the pandemic as the duty-free and travel amenity shops in such places as airports, rail stations and ferries. When travel shut down, so did the customer streams flowing by stores targeting in-transit consumers.
But a new study from Mordor Intelligence estimates the global duty-free and travel retail market will rebound to $68.84 billion in sales this year – and will then proceed to hit $110.21 billion by 2028.
“Duty-free and travel retail provides temporary spaces that offer extra time to end users after security check-in and allow them to get entertained and indulgent with the ambiance and experience of shopping for international products,” notes the Mordor study. “The increasing focus on digitalizing the retailing process, so that companies can maximize their profits, may boost sales in the market. The growing demand for retail chains that offer luxury and premium brands of various products is augmenting the growth of the duty-free and travel retail market.”
Several companies are partnering with duty-free stores to launch their limited or exclusive product, which is also driving market growth. By product type, the wines and spirits segment is expected to gain a major share during the forecast period.
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Retiring? Let Wilkerson Do the Heavy Lifting
Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift.
To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”