Left: Frédéric Chevalier, CEO of Lagardère Travel Retail. Right: Lagardère Travel Retail’s commercial operations at Techo International Airport.

Lagardère Travel Retail expected 2026 will be a year of contrasts for travel retail. In his contribution to the Global Industry Survey 2026, CEO Frédéric Chevalier explains how, with spend per passenger (SPP) under pressure, delivering a relevant offer and redefining value in the eyes of consumers, will help to pave the way forward…

How would you assess the global travel retail industry in 2025? 

Chevalier: Our experience in 2025 has confirmed that the travel retail sector remains resilient, but also that it is at a turning point. Passenger traffic is recovering, and opportunities remain strong across regions and formats – as shown by our recent openings from Schiphol to Lima and Auckland. But volume alone is no longer enough.

From our perspective, the industry is facing a structural challenge around value creation. Spend per passenger is under pressure, not because travellers are disengaging, but because expectations have fundamentally changed. Travellers are more selective, more experience-driven, and more demanding in terms of transparency and relevance.

In this context, our focus is clear: staying close to the field, empowering our local teams and delivering operational excellence. This is how we believe value is created today – and how growth can be sustained in a more demanding environment.

Aelia Duty Free at Belfast Airport.

What are your expectations for travel retail in 2026?

Chevalier: From our perspective, we believe that 2026 will remain a year of contrasts. Demand should stay solid, but operating conditions are likely to be challenging, with continued pressure from inflation, travel costs and geopolitical uncertainty.

We expect spend per passenger to remain under pressure, reflecting more selective consumer behaviours and evolving expectations. In this context, relevance becomes essential – both in terms of assortments and experiences. This is why our focus continues to be on locally adapted offers, clearer value propositions and disciplined execution across our network.

We also believe that performance in 2026 will increasingly depend on people and execution. We will continue to invest in our teams on the ground, supported by strong operational frameworks, to deliver consistency, trust and value for travellers.

Overall, we approach 2026 with confidence but also pragmatism, focusing on the elements we can control: operational excellence, local relevance and long-term partnerships.

Snapshots from Cameroon. Lagardère Travel Retail says relevance is essential – both in terms of assortments and experiences.

And what do you expect will be the biggest opportunities for the DF&TR industry in 2026?

Chevalier: The biggest opportunity lies in redefining value. Travellers are open to discovery, local products and experience-led formats. Hybrid concepts – combining duty-free, essentials and dining – respond well to this shift.

Geographically, Europe remains a strong testing ground, while regions such as the Middle East, Africa and Latin America continue to show strong momentum. But again, opportunity comes from execution: being relevant locally, while operating with discipline and consistency.

What action needs to be taken to restore confidence in the duty-free price promise moving forward?

Chevalier: Studies such as Kearney’s are useful in highlighting perception trends among travellers. However, our experience on the ground suggests a more nuanced reality.

Travellers do not question duty-free as a concept; they question clarity, consistency and relevance. When pricing is understandable, when the offer feels meaningful and when the in-store experience is well executed, confidence is there.

Restoring the duty-free price promise therefore requires less commentary and more execution: clear and credible pricing strategies, transparent communication, and empowered teams delivering high standards every day. Trust is not rebuilt through messaging alone, but through what travellers experience, store by store.

Aelia Duty Free shop at Leonardo da Vinci International Airport, Rome.

Moving forward, what do you expect to be the biggest breakthrough in the way that technology can be utilised to give your business a boost in the channel?

Chevalier: AI and data tools can help improve forecasting, operational efficiency and decision-making, but they must remain practical and field-oriented. The real value lies in tools that simplify daily operations, free up teams’ time, and help them focus on travellers.

Technology should not replace human judgment – it should enhance it.

A version of this article first appeared as part of the Global Industry Survey 2026, which featured in the January 2026 issue of TRBusiness.

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