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Free Inaugurates a new a new fashion pop-up shop at Dubai
International Airport
Duty free shops are retail outlets whose goods are exempt from the
payment of local or national taxes. Duty free retailing refers to the labeling
of products with specific "duty" names as an alternative to
displaying the brand name at full price. Duty free or discount retailing has
grown very rapidly since its inception in the early 1950s and continues to be a
highly competitive segment in the retail sector. Duty-free, also known as
discount retailing, offers consumers products at low prices without any
obligation to pay duty upon receipt.
Increasing construction of new airports in both developed and
emerging economies is expected to drive growth of the global duty free retailing
market during the forecast period. For instance, the Government of Indian plans
to inaugurate 100 new airports in five years (2019-2024) as a part of a plant
to revive the economic growth of the third-largest economy in Asia.
Furthermore, in September 2020, the Government of India inaugurated a new
airport at Pakyong, Sikkim. Such increasing construction of airports has led to
increase in the establishment of new duty free retailing stores. Thus, these
factors are expected to drive growth of the global duty
free retailing market during the forecast period. Moreover, rising
urbanization combined with growing population is expected to boost the global duty
free retailing market growth over the forecast period.
However, stringent government regulations restricting the ability
of manufacturers to access this critical market are expected to restrain growth
of the global duty free retailing market during the forecast period. Moreover,
a linguistic barrier that creates a communication gap between consumers and
sellers is expected to hinder the global duty free retailing market growth over
the forecast period. Among regions, North America is expected to witness
significant growth in the global duty free retailing market during the forecast
period. This is owing to increasing number of flights across the region.
According to the Airports Council International-North America (ACI-NA), in
2017, a 5.8% increase in international passenger traffic was observed in North
America. Moreover, Asia Pacific is expected to register a robust growth rate
over the forecast period, owing to the advent of convenient shops combined with
rising passenger traffic in the region.
Key players involved in the global duty free retailing market are
China Duty Free Group Co., Ltd, Dufry AG, Dubai Duty Free, LOTTE Duty Free
Company, Duty Free Americas, Inc., DFS Group Limited, James Richardson
Corporation Pty Ltd., Gebr. Heinemann SE & Co. KG, The King Power International
Group, and The Shilla Duty Free.
For instance, in September 2020, Dubai Duty Free launched a new
fashion pop-up shop at Dubai International Airport’s Concourse B (CB).
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