Hainan’s Department of Commerce to boost duty free with voucher program
Hainan’s Department of Commerce has announced that it will issue consumption vouchers worth more than CNY200 million in a bid to stimulate spend in duty free stores. The incentive program will run throughout the first quarter.
Incheon Airport ushers in rent relief for struggling duty free operators
Incheon Airport has bowed to pressure to help Korea’s struggling duty free operators, ushering in temporary rent relief for select stores. Rent for 12 stores across five zones of the airport will now be calculated based on sales.
ELC Global President Travel Retail Worldwide departs with immediate effect
The Estee Lauder Companies has announced the departure of Israel Assa, Global President, Travel Retail Worldwide, with immediate effect. Strategic Advisor since June 2024, Olivier Dubos has been announced as SVP, General Manager, Travel Retail Global.
Korean duty free sales suffer as Chinese tourists spend on home turf
Four of South Korea’s largest duty-free operators, Lotte, Shilla, Hyundai and Shinsegae, posted losses for the third quarter of fiscal 2024 despite climbing passenger numbers – the first time all four have posted losses in a single quarter since 2022.
Thailand to close inbound duty free stores to encourage domestic spend
Thailand’s government has announced that it intends to shut down duty free stores in international arrivals zones in airports in a bid to encourage tourists to spend in local retail stores instead.
TFWA World Conference announces Hillary Rodham Clinton as keynote speaker
TFWA has announced that former US Secretary of State, Hillary Clinton will take to the stage for a keynote conversation at its 2024 TFWA World Conference. She will explore the ever-evolving global political landscape and the trends impacting the geopolitical environment, and in turn, travel retail.
L’Oreal TR MD joins IAADFS Board
The International Association of Airport and Duty Free Stores (IAADFS) has named a L’Oreal Travel Retail executive to its Board of Directors. Julia Seve, Managing Director of L’Oreal’s Travel Retail Americas unit, is the fourth supplier member to join.
Hey big spender! Hainan sales break records over Lunar New Year
China’s Hainan province reported record sales over the Lunar New Year holiday with shoppers spending some CNY2.49 billion over the 8-day break, up 60 percent yoy. Average spend stood at CNY8,358.
Heinemann Buys Out JR/Duty Free
Gebr. Heinemann has acquired full ownership of JR/Duty Free Israel by purchasing the remaining shares from James Richardson Group (JR/Group) in a joint venture that began in 2018.
An all-time record: Dubai Duty Free’s FY2023 sales surge 24.39 percent
Dubai Duty Free has announced an all-time sales record of DHS7.885 billion for 2023, up 24.39 percent over the previous year. Compared to pre-pandemic results in 2019, sales rose 6.4 percent.
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