Motta Internacional’s retail fascia Attenza Duty Free will operate one of the duty free contracts at Panama Tocumen Airport.

Motta Internacional has vowed strong returns from its new Attenza Duty Free concession at Panama’s Tocumen International Airport after securing one of the three 10-year contracts in a competitive tender.

As reported earlier today, Duty Free Americas (DFA) snapped up two of the three 700sq m retail spaces in a deal worth $288m to the airport in concession fees over the lease period.

Reacting to the result, Motta Internacional CEO Erasmo Orillac told TRBusiness: “We placed what we considered a competitive bid based on the knowledge we have of the market; of course we would have loved to have won two concessions, but we will make the concession of our block a successful operation.”

Attenza Duty Free will pay a minimum monthly guarantee of $675,844 for the contract. Based on approximate amounts, the airport is estimated to earn a total of more than $370m from both concessionaire contracts for the 10-year period.

The retailer lodged a ‘competitive bid’ based on its knowledge of the market, according to CEO Erasmo Orillac.

FURTHER BID OPTIONS?

Motta’s Attenza Duty Free and Grupo Wisa’s Riviera Duty Free brands had previously held 10-year contracts at the Panamanian airport, which were due to expire in December 2017 (these were tendered early due to a high profile case against Grupo Wisa and others for alleged money laundering-Ed).

“There is a transition of the spaces that were organised by the airport and we will comply with them,” added Orillac.

“There will also be new bids for other types of stores and if they are within our range of activities, we will bid for them.

“Business is moving according to plan, however we still have the best part of the year coming up in November and December.”