"One of the key advantages of travel retail is that, by definition, our customers come to us. Unlike the high street, we do not need to attract customers to our locations, they are there to travel." - Dufryhttps://www.dropbox.com/s/lxjk32lf3jiw1tw/Annual_Report.pdf?dl=0 …
It's kind of hard to tell though right? That's the nature of averages. There are two other drivers: - Business gifts can be expensed. Airport is logical place to make that purchase - When people go on vacation they think: "this is going to hurt my pocketbook no matter what"
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and they thusly spend without giving it the same thought that normal daily expenditures would get. Anyways, I agree with Dufry's thesis. Airport retail is robust to e-commerce. Luxury, convenience, home improvement, auto...these are the categories that Amazon will find tough.
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