The flagship Top 10 Operators report and October issue of TRBusiness magazine are now available online in e-zine format as well as in print to TFWA World Exhibition & Conference delegates in Cannes.

The globe’s top 10 international travel retailers netted US$43.05bn in 2025, according to our ranking. Avolta has once again topped the table, based on sales turnover for 2025. China Duty Free Group and Lagardère Travel Retail have maintained second and third place respectively, though there have been a number of shifts up and down the standings compared to last year.

In our in in-depth 72-page publication, we examine how they navigated the business environment through exclusive interviews and comprehensive features. Plus, we bring you extra coverage of key single-market players to provide an even more detailed view of the landscape.

Please click here to read the Top 10 International Operators 2026 report. 

Please click here to read the October 2026 issue. 

For more insightful reading material, we bring you our October issue, spanning a substantial 136 pages.

Economic uncertainty, evolving traveller expectations and profound shifts in global commerce are among the key factors impacting the travel retail industry, as outlined by TFWA when describing the premise for the conference programme for this year’s global summit in Cannes.

In her state-of-the-industry address, the association’s President Sarah Branquinho will reflect on the DF&TR industry’s current position and emerging opportunities.

What delegates take away from this and the sessions that follow will no doubt be driving conversations across the exhibition halls.

In this issue, we’ve taken a closer look at some of the topics stakeholders are putting on our radar, from the importance of investing in sales staff (p67) to navigating supply chain issues (p77).

As we know, what travelling shoppers want to experience is evolving fast. Our cover feature with Noida International Airport CCO Prashant Gaurav Gupta (p35) offers a detailed look at how the commercial programme has been built, as he puts it, “to feel like a natural part of the journey, not an interruption to it”.

In terms of how the industry is moving forward, an observation that stayed with me comes from ARI CEO Ray Hernan, who said: “If only around one in four passengers is buying in our stores, we have to ask ourselves whether, as an industry, we’ve really moved the needle enough.” (Read more from p47).

We hope the features in these issues will provide a deep insight into how a range of stakeholders are building momentum with confidence. Until next time!

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