Conclusion on Travel Retail - 6817 Words

TRAVEL RETAIL – National amp; International Introduction Aer Rianta International is amongst the top 10 airports retailers in Travel Retail with presence at key international airports throughout the world. Travel retail is a highly successful trade operating in a competitive market environment where suppliers face competition from other brands, retailers meet the challenge of airlines and airports vie with other airports. The duty-free travel industry incorporates those companies primarily concerned travelers the opportunities for duty-free retail outlets. Much of the duty free travel industry is concerned around airports and other transportation hubs where various businesses have sites with duty-free merchandise available to†¦show more content†¦The world’s first airport duty free shop was opened at Shannon Airport by Dr Brendan O’Regan in 1947 to serve trans-Alantic airline passengers traavelling between North America and Europe. Flights would stop at Shannon on both legs to refuel and passengers had time to kill before continuing on their journey. Such a captive audience surely had sales potential. The argument by Dr O’Regan and his team was that, having passed passport control, the passenger had left the country and therefore the duties/tax es of that country became invalid. So everything bought after passport control should be considered as duty-free. The idea was gi ven te go-ahead in Ireland and the shop was an instant success. Duty free shopping in its infancy when two American entrepreneurs, Charles Feeney and Robert Warren Miller, created what is now Duty Free shoppers on 7 Nov 1960. DFS started operations in Hong Kong and spread to Europe and other places around the globe. Securing the exclusive concession for duty free sales in Hawaii in early 1960s created a business breakthrough for DFS, and the company was positioned to focus on emerging Japanese travelers. DFS continued to innovate, expanding into off-airport duty free stores and large downtown Galleria stores and grew to become the world’s largest travel retailer. In 1996, LVMH Moet Hennessy Louis Vuitton acquired the interests of Feeney and two other shareholders and todayShow MoreRelatedU.s. Gross Domestic Product1361 Words   |  6 Pageseconomy, according to econoday, it also affects retail sales because when consumers are confident in their economy, there are willing to buy more (Econoday: â€Å"Consumer confidence†). This, in turn, affects U.S. retail sales which is also a reflection of the U.S. Gross Domestic Product. These indicators have a chain reaction because when one changes, it affects the rest. (Ferreira, 2015). 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