Shinsegae DF sees Q3 rebound amid Incheon pull-out

A Shinsegae Duty Free beauty store at Incheon Airport.

Shinsegae Duty Free posted robust growth in the third quarter, up +14.2% to KRW538.8 billion/$370 million and narrowed its operating loss significantly to KRW5.6 billion/$3.84 million, a KRW10.6 billion/$7.3 million improvement, year-on-year. The figures signal a potential inflection point in the division’s recovery.

Across the total Shinsegae business – which includes department stores, international operations, and Central City – it was the duty-free division, with its double-digit revenue growth, that outperformed the other five in Q3, alongside the much-improved operating loss.

According to the company, this reflects a rebound in travel demand and carefully-crafted merchandising that appeals more to specific consumer segments. Overall, the retailer saw a modest revenue contraction versus Q2 of -3.4%, reaching KRW1.63 trillion/$1.13 billion. Figures released for October reinforce the Q3 momentum in duty-free sales.

Tough decisions for Shinsegae

In the recent past, the company has made some tough decisions, such as closing a store in Busan, and confirming it will pull out of Incheon Airport’s Duty Free Zone 2 (DF2 Zone), where the retailer operates stores selling cosmetics, perfumes, liquor, and tobacco. “There is no change to the DF4 concession, which includes luxury and fashion categories,” a spokesperson told TRBusiness.

The departure follows a similar decision from rival Shilla Duty Free, with retenders expected very soon, according to Yonhap, Korea’s official news agency.

The DF2 area spans approximately 4,709sq m across terminals 1 and 2, but operations will continue until 27 April 2026. In a statement, Shinsegae Duty Free said: “Given the substantial financial losses involved in maintaining the DF2 operation, the company made the unavoidable decision to return the concession.” Last year, sales in the DF2 area were worth approximately $277.4 million.

Going forward, it seems that Shinsegae has wisely opted to improve operational efficiency and increase duty-free profitability – and that means making strategic exits where necessary. In the DF2 area, losses were expected to increase if operations continued.

Shinsegae’s Q3 results indicate that the company is on the right track and could indicate a turning point for the duty-free arm. However, while there has been a revenue pick-up, it might take a little while longer to see an operating profit again. Key to that will be a sustained sales recovery in Q4 and margin preservation.

Anora CEO focuses on profitability and growth, TR in fine form

Anora CEO Kirsi Puntila: “Travel retail continues to be very important for us, in the monopoly markets in particular.”

Anora, the number one player in wine and spirits in the Nordics – and owner of the Koskenkorva brand – is setting ambitious targets to turn around the company’s fortunes. And travel retail is playing its part.

At a Capital Markets Day in Finland, which TRBusiness attended online, the group’s recently appointed CEO, Kirsi Puntila, summed up her priorities in a slogan: “fit, fix, focus,” which underpins a new strategy the company is undertaking with “clear actions for profitability and growth”.

Puntila gave a frank assessment of the company and noted the decline in the group’s comparable EBITDA from €101 million in 2021 (pro forma) to €68.9 million last year. In 2025, this is expected to rise again to €70-75 million. Set against a Nordic wine and spirits market that is set to decline in volume by -3% CAGR between 2025-2028, the CEO was confident that the company could hit new financial targets.

“We thoroughly analysed our performance, identified where we must improve, and redefined our priorities in order to return to sustainable growth,” she said. In the marketplace, Anora noted that consumer behaviours are changing along with demand patterns, and that Nordic monopoly channels, which account for almost half of Anora’s net sales, are being challenged. Internally, the company is now tackling overcapacity, adjusting cost levels, harnessing untapped synergies from previous mergers, and examining ways to fill the white space in some key growth pockets.

Anora has a broad brand portfolio.

Anora concentrates on its nearest markets

Anora expects to derive 75% of its growth to 2028 from core wine and spirits sales channels in Finland, Sweden, Norway, Denmark, and the Baltics. However, the company expects another 10% to come from international markets by pursuing spirits exports and expanding in the global travel retail (GTR) channel, which has been a bright spot for the company.

Answering a question from TRBusiness about the GTR channel at the Capital Markets Day, Puntila said: “Travel retail continues to be very important for us, in the monopoly markets in particular, because that’s the channel where we can promote and showcase our brands, especially spirits. Across the ferry lines and airports in this region, we already have a high share.” Imre Avolo, SVP Spirits, added: “This year has been exceptional; GTR has been growing very nicely, so we are on a good track.”

All the efforts outlined above are designed to hit updated financial targets. These include comparable EBITDA growth of 6–7% per annum to reach €85-90 million by the end of 2028, a reduction in net debt to below 2.5x, and a dividend payout ratio of 50-70%.

Singapore Changi Airport and Jewel launch Disney-themed festive campaign

Singapore Changi CAG Disney festive showcase Jewel

The Disney-themed campaign is running until 4 January 2026 [image credit: CAG].

Singapore Changi Airport and Jewel Changi Airport (Jewel) have unveiled a large-scale, Disney-themed festive campaign designed to drive passenger engagement and retail spend across multiple touchpoints.
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Running until 4 January 2026, the campaign celebrates Disney’s heritage and storytelling through immersive displays, limited-edition merchandise, and interactive experiences spanning Changi’s terminals and Jewel.

Jewel’s Rain Vortex is hosting a new Light & Music Showcase titled ‘The Magic of Adventure’, inspired by Disney Cruise Line. The 3.5-minute show features projections from Disney, Pixar and Marvel stories.

In Terminal 3, visitors are greeted by a 6.5-metre ship installation featuring Captain Mickey and Minnie Mouse, modelled after the Disney Adventure ship’s bow. Surrounding the ship centrepiece are four themed photo spots.

Changi and Jewel elevate holiday retail

Complimentary meet-and-greet passes are available for characters from Disney Cruise Line. Daily snow shows in T3 Departures aim to transform the area in a winter wonderland.

Additional highlights include multi-sensory underwater installations at T3 Basement 2, inspired by The Little Mermaid and Finding Nemo. This pop-up has been transformed to exude the relaxed, friendly vibes of a beach-style hangout, and offers a range of craft activities.

Singapore Changi CAG Disney festive campaign Discovery Reef

Inspired by The Little Mermaid and Finding Nemo, there are multi-sensory underwater installations at T3 Basement 2 [image credit: CAG].

From now until 4 January, the “Unleash the Holidays Carnival” experience, in T3 Departures, will include Disney-themed game booths and claw machines.
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Across the airport, festive displays feature topiaries of Disney favourites such as Baymax, Duffy, ShellieMay and StellaLou. Jewel’s Forest Valley is anchored by a 16-metre Christmas tree designed around the Disney Cruise Line Festive Tree of Adventure. The installation features nautical motifs, Mickey-shaped ornaments and illuminated storybook vignettes, complemented by nightly snowfall sessions.

Singapore Changi Jewel festive campaign Disney Micky and Minnie

A 16-metre Disney Cruise Line-themed Christmas tree and colourful topiaries of Captain Mickey and Captain Minnie light up the festive season at Jewel [image credit: Jewel Changi Airport Development]

On Jewel Level 5, in Canopy Park, three interactive zones showcase reimagined Disney worlds, featuring characters from Toy Story and Disney princesses. At the Petal Garden, visitors can take photos with a special installation inspired by the all-new live show ‘‘Duffy and the Friend Ship’’ that will be performed at the Disney Imagination Garden onboard the vessel.
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During the campaign period, Changi Rewards members who meet the qualifying spend can purchase or redeem Changi-exclusive Disney Cruise Line collectibles, such as themed travel blankets, neck pillows, bag charms and mini luggage. Purchases also qualify shoppers for a lucky draw, with the top prize being a three-night cruise onboard the Disney Adventure.

Singapore Changi Jewel Carnival festive campaign Disney

The “Unleash the Holidays Carnival” experience, in T3 Departures, includes Disney-themed game booths and claw machines [image credit: CAG].

To encourage repeat visits and higher transaction values, shoppers spending the qualifying minimum will also receive return vouchers, redeemable at participating retail outlets.
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Adding to the retail mix, the DisneyStore.sg Pop-Up Experience at Jewel’s Basement 1 Atrium is running from 6 November to 4 January 2026, featuring curated Disney, Pixar, Marvel and Star Wars merchandise.

UOB and Mastercard partnerships are providing additional shopper incentives, including prize draws and voucher rewards.

SCENTOPIA opens first luxury beauty boutique at Accra Airport

The new SCENTOPIA store features brands including Dior, Lancôme, Armani and YSL (full caption below).

SCENTOPIA has opened its first travel retail boutique at Accra’s Kotoka International Airport, in a move the retailer says will set a new benchmark for luxury beauty experiences in African travel retail. The launch is in partnership with leading regional distributor Inter-African Marketing (IAM).

The boutique marks a major milestone for SCENTOPIA, which has spent nearly a decade building a strong domestic presence in Ghana, Senegal and Mauritius. Known for its curated beauty environments and premium brand mix, the company is now extending its elevated retail approach into the airport channel for the first time.

The new store features an extensive portfolio that includes Dior, Lancôme, Armani, YSL, Paco Rabanne, Carolina Herrera, Gucci, CeraVe and La Roche-Posay. Designed with refined lighting, contemporary display fixtures and a fragrance-led sensory atmosphere, the space is positioned as a complete beauty destination for travellers.

Responding to a changing African travel landscape

The opening comes as African travel continues to expand. According to IATA, air travel across the continent grew by more than 5% year-on-year in 2025, while Ghana welcomed over 1.2 million international arrivals in 2024. The shift reflects greater leisure travel, diaspora reconnections and increased inter-African mobility.

SCENTOPIA CEO Vipul Gajjar said the boutique reflects a new era in African travel retail:
“The African traveller is no longer just passing through. They are curious, confident and globally connected. For years, travel retail in Africa has lacked the sensory, immersive experience seen in cities like Dubai or Paris. SCENTOPIA is here to change that.”

The new space is positioned as a complete beauty destination for travellers.

He added that many airport retail spaces in Africa either lack premium retail expertise, or fail to deliver international standards despite global branding. “SCENTOPIA stands in the middle—rooted in Africa, executed to global perfection. This boutique is a statement about who the African traveller has become.”

A partnership to elevate African travel retail

IAM Commercial Director Johnny Lakhwani said the opening reflects a broader shift in the region: “For IAM, this is more than a business milestone; it’s a reflection of a continent in motion. With travel on the rise, now is the time to support retailers and brands in elevating the passenger experience across African airports. The story of travel retail in Africa is just beginning – and it’s going to be extraordinary.”

The Accra boutique represents the first step in a broader travel retail expansion strategy for SCENTOPIA, with further airport openings planned across the continent.

Main image caption from L-R: Mr. Vipul Gajjar (CEO, Scentopia), Mr. Patrick Richmond Utomoibor (Area Manager, Africa Zone Travel Retail, L’Oréal), Mrs. Yvonne Nana Afriyie Opare (Managing Director, Ghana Airports Company Limited), Mr. Johnny Lakhwani (Commercial Director, Inter-African Marketing), Mr. Kwame Baffour Awuah Otchere (Group Executive, Commercial Services, Ghana Airports Company Limited

Lagardère announces strategic regional leadership changes in Africa

Sountou Bousso adds East Africa to his regional leadership remit.

Lagardère Travel Retail has restructured its African organisation to strengthen its regional presence and support growth across key markets.

Effective immediately, Sountou Bousso, currently CEO for West and Central Africa, will expand his role to include oversight of the East Africa region, covering operations in Tanzania and Rwanda.

This change reflects Lagardère’s objective to sustain growth and continue delivering operational excellence across Africa. The new regional alignment is designed to strengthen collaboration between teams in West, Central, and East Africa and to leverage shared expertise to drive further development across the continent.

Lagardère Travel Retail COO MEA, East and South East Asia Vincent Romet commented: “This strategic structuring will allow us to continue delivering the highest standards of operational excellence while preparing for future growth across Africa. Extending Sountou’s leadership to East Africa strengthens our regional organisation and puts all our efforts at the service of our ambitions in Africa – a region where we continue to grow, adapt, and deliver for our partners.”

Bousso added: “I’m honoured to take on this extended role and continue supporting our talented teams across Africa. East Africa presents both challenges and opportunities, and I look forward to building on our positive momentum — continuing to deliver strong results, adapt to local needs, and ensure that our growth contributes to local communities, while maintaining high standards of service and operational excellence.”

With over 15 years of experience in travel retail and foodservice, Bousso joined Lagardère Travel Retail in 2020 to lead operations in West Africa. Since then, his responsibilities have progressively expanded to include Central Africa — with activities in Gabon, Cameroon, Mauritania, Benin and Gambia — and now the East Africa region.

Before joining Lagardère Travel Retail, Bousso spent seven years with the Newrest Group, holding several senior management positions in Angola, Cameroon, New Caledonia and Senegal, where he successfully managed multi-country operations and business development.

Muscat Duty Free and Mars unveil GCC’s first M&M’S Experience Store

Muscat Duty Free Mars M&M'S shop-in-shop Muscat Airport

The Muscat store is Mars Wrigley ITR’s third M&M’S Experience shop-in-shop opening in the last four months, after Antalya and Jeddah.

Muscat Duty Free, ARI and Mars Wrigley ITR have launched the first M&M’S Experience shop-in-shop in the GCC.

Located in the departures area of Muscat International Airport, the new space introduces design features unique among existing M&M’S Experience locations.

These include a Pick & Mix wall of eight colourful M&M’S tubes, including special white M&M’S. Above the space, a large LED canopy screen plays animated M&M’S branded content. At the entrance, a “Hi Muscat” feature offers a photo opportunity, with its integrated TV display visually connected to the canopy above.

Muscat Duty Free CEO Renat Rozpravka commented: “We are delighted to welcome the M&M’S Experience Store to Muscat International Airport. It’s a bright and cheerful addition that brings more energy and creativity to the shopping journey. Our goal is to continue offering experiences that make travel retail more enjoyable for everyone.”

Mars aims to deliver a standout shopping experience

The store concept is built around three key themes: brand partnerships, customer engagement, and personalisation. The brand zone currently features the M&M’S × Kate spade New York collaboration, a limited-edition, travel retail-exclusive range of handbags, jewellery, and accessories. The newly launched M&M’S x Crocs collection will feature in the first half of 2026.

At the centre of the space, the “Playhub” offers a digital multiplayer game, to enhance engagement. The Gifting Station allows visitors to personalise their purchases with an Oman-themed sleeve, reinforcing a strong Sense of Place.

Muscat Duty Free Mars M&M's Experience store ribbon-cutting

L to r: Mauro Franco, Head of Retail at Muscat Duty Free, Suresh Gudepu, CFO at Muscat Duty Free, Renat Rozpravka, CEO at Muscat Duty Free, Chief Guest, Aisha Al Habsi CPOO at Muscat Duty Free, Rania Abou Hussein, Channel Developments Head ME & Asia at Mars Wrigley ITR, Faiz Khan, CCO at Muscat Duty Free, Reinout Verhelst, Global Account Manager at Mars Wrigley ITR, and Rawiya Al Busaidi, Marketing Specialist at Muscat Duty Free.

The shop in-shop also features two dedicated Galaxy branded backwalls offering local favourites such as Galaxy Kunafa and Galaxy Dates, alongside two Snickers-branded backwalls featuring Mars Wrigley ITR’s bars and pouches such as Snickers, Bounty, Twix, Milky Way, Mars Minis and Celebrations.

Muscat Duty Free Chief Commercial Officer Faiz Arshad Khan noted: “Launching this M&M’s Experience Store is another proud moment for us. The concept brings together retailtainment, design and emotion, creating an experience that travellers will truly remember.

Muscat Duty Free Mars M&M's Experience store

The shop-in-shop’s merchandising, product offer and gifting options incorporate a strong Sense of Place.

“It showcases our continuous effort to introduce fresh, engaging ideas that make shopping more interactive and meaningful, while adding a new dimension of fun and creativity to Muscat Duty Free.”

The Muscat store is Mars Wrigley ITR’s third M&M’S Experience shop-in-shop opening in the last four months. “We’re excited to bring the M&M’S Experience to Muscat International Airport, following our successful launches in Antalya and Jeddah,” commented Mars Wrigley ITR Market Director An De Volder . “Muscat is rapidly becoming a key Middle Eastern destination, with passenger numbers rising by +13% in 2023 and another +14% in 2024.

Muscat Duty Free Mars M&M's Experience store Kate Spade collection

The Muscat store’s brand zone currently features the limited-edition M&M’S X Kate spade New York collaboration.

“In the Middle East, where gifting and memorable experiences are often integral to the culture, we believe our unique portfolio and experience-led retail concept will truly resonate with travellers in this vibrant market.”

She continued: “The M&M’S Experience shop-in-shop, and its unique design, is the result of our joint collaboration with Muscat Duty Free and ARI. Together we set out to deliver a standout shopping experience in a premium setting that shoppers will remember.

“This partnership reflects our shared view of where travel retail is headed: experience first. By combining our strengths, we are raising the standard in duty-free shopping and showing that the future of retail is about memorable experiences and meaningful connections.”

DFA revenue hits $2.2bn; JFK T1 ops set for 2026

Artist’s impression of Skyline Duty Free by Duty Free Americas at John F. Kennedy International Airport’s New Terminal One. Image credit: The Port Authority of New York and New Jersey.

Duty Free Americas’ (DFA) revenue climbed to $2.2 billion in 2024 – up from $2.07 billion achieved in 2023 – with growth driven by strong global expansion and the performance of key markets.

Falic Group President Leon Falic describes 2024 as a “transformative” time for the company – and it’s easy to understand why.

“A key milestone was our successful bid for JFK’s New Terminal One in New York [the contract was signed in 2025 and announced in April – Ed], with operations set to commence in 2026 – a strategic win that reinforces our ambitions in major global hubs,” he told TRBusiness. “We also launched new ventures across Europe, supported by the opening of a new European warehouse hub. In the Middle East, the launch of UETA MEA and the opening of our first Middle Eastern office and team in Dubai marked a significant step forward, establishing us as the only truly global diplomat supplier operating out of the region and further aligning with our international growth strategy.”

At the same time, substantial capital expenditure was allocated to driving growth in its Duty Free Americas stores. The investment is paying off; the stores are performing well, according to Falic.

“We have enhanced our store formats, expanded our presence, and improved the customer experience,” he explained.

“In Latin America, the market continues to grow and presents numerous untapped opportunities. We are particularly focused on diversifying our product categories and introducing new brands to meet evolving consumer preferences.”

All eyes on JFK T1

Being selected to operate the duty free programme at John F. Kennedy International Airport’s (JFK) New Terminal One with its bespoke brand Skyline Duty Free by Duty Free Americas is a major victory for the company. The retailer has worked closely with the Port Authority of New York and New Jersey, the New Terminal One, and Unibail-Rodamco-Westfield on plans for this element of the privately funded $9.5 billion development. Its New York skyline inspired retail concept will span nearly 20,000 square feet and anchor the World’s Runway retail district with a blend of global brands and local products. It’s the cash-and- carry proposition, however, that’s opening up a whole new world of opportunity for DFA and travelling consumers.

Skyline Duty Free by Duty Free Americas, the New York skyline inspired retail concept, will span nearly 20,000 square feet. Image credit: The Port Authority of New York and New Jersey.

“As the only international-only terminal in the US, it enables a true cash & carry model, removing the need for gate delivery and allowing passengers to take purchases onboard directly,” explained Falic.

“This marks a major shift in US duty free retail, offering greater convenience and aligning with global standards.”

From this angle, it’s a major notch in the belt for DFA with regards to more such opportunities in the future.

Falic Group President, Leon Falic.

“With the New Terminal One’s international-only enplanement structure, the terminal will be the only US airport to offer the benefit of cash & carry. However, we believe this model has strong potential to be replicated in future international-only terminals across the United States. The success of JFK’s New Terminal One will set a new benchmark,” continued Falic. “Duty Free Americas is exceptionally well positioned to lead in this space. With extensive global experience, a deep understanding of international best practices, and a proven ability to adapt to new retail environments, we are ready to introduce innovative, passenger-focused retail concepts. The flexibility and efficiency of the cash & carry model align perfectly with our ongoing commitment to enhancing and modernising the travel retail experience.”

Capital expenditure boosts border business

DFA’s border business has been streamlined with Falic confirming to TRBusiness in April last year that the company is no longer operating in Brazil. It is, however, performing “exceptionally” in Uruguay.

“We have been, as well, strengthening the US-Mexico and US-Canada border store business – a channel that has demonstrated exceptional customer loyalty, particularly in the post-pandemic period,” said Falic. “We see this as a unique advantage and are capitalising on it by continuing to expand our product offerings and allocating significant capital expenditure to drive growth in this area. Duty Free Americas is proud to be by far the largest landowner of border stores in the Americas, with a retail presence at every single land border crossing in the US.”

Special attention is also being paid to expanding the product mix.

“We have expanded into homeware, lifestyle products, fashion and jewellery, toys, perfumes and cosmetics,” detailed Falic. “We have also deployed the Falic Group own brand portfolio which is doing extremely well in categories like P&C, W&S and tobacco. These additions not only enhance the overall shopping experience but also position our border stores as comprehensive retail destinations – going well beyond the traditional duty free offering.”

From China to the Middle East

Beyond the Americas, operations in Macau, where DFA operates at The Venetian Macao hotel and casino resort and at Macau International Airport, are “holding steady”, confirmed Falic. “The spending patterns of the Chinese customer have shifted looking for promotions as a primary purchase motivation, and we are closely monitoring this trend, anticipating a further positive change this year.”

He went on to say: “We remain optimistic about a positive shift this year.”

In the Middle East, the Dubai-headquartered UETA MEA, a global supplier dedicated to serving diplomats worldwide which launched in November 2024, is advancing in a number of ways.

DFA at Tocumen International Airport, Panama.

“UETA MEA has been performing extremely well, exceeding expectations in its first year of operation with a clear focus behind the diplomatic channel,” confirmed Falic. “It has significantly strengthened our presence across the Middle East, Africa and Indian Subcontinent, laying a strong foundation for expansion into the region. We are also excited to share that the UETA MEA e-commerce platform dedicated to embassies and diplomats is launching very soon – a key step in enhancing accessibility and convenience for our customers while further reinforcing our omni-channel strategy.”

Looking to the future, DFA’s commitment to sustained expansion is the key driver behind its anticipated revenue growth in 2026.

Falic summarised: “With a network that now exceeds 270 stores across airports and border crossings, we are actively growing our footprint, supported by significant capital investment that fuels this strong trajectory. As we expand internationally, we are constantly evolving our product offerings and enhancing the customer experience to ensure every shopper enjoys a premium and engaging retail environment. This strategic focus will remain at the heart of our growth as we explore new opportunities and strengthen our presence throughout the Americas.”

A version of this feature first appeared in the Top 10 International Operators Report 2025. Click here to read.

China Duty Free Group sees signs of a sales turnaround in Q3

China Duty Free Group (CDFG) retail store

CDFG’s profitability continues to fall, but a sales turnaround may be in sight.

Revenue at China’s most powerful travel retailer, China Duty Free Group (CDFG), fell by -7.3% in the nine months to September (9M), but Q3 showed a dramatic improvement, down just -0.4%, possibly due to a softer comparison with last year’s Q3.

Sales in the quarter reached RMB11.71 billion/$1.64 billion and RMB39.86 billion/$5.6 billion in the 9M period, according to results released on Friday by parent company China Tourism Group Duty Free Corporation (see chart below).

While there are positive signs in Q3 – including recent data from China Trading Desk indicating that six in 10 travellers plan to shop during dwell time at the airport, and another 28% undecided – headwinds in the market remain. They include generally weakened consumer demand, a slower-than-expected recovery in discretionary spending, and lower sales receipts.

As a result, margin pressure continued across all of CDFG’s core channels, from downtown stores to airport retail. This hit profitability in 9M, down -22.1% and Q3, which fared worse, down -28.9%. However, with the sales rebound in Q3, CDFG sounds hopeful for the rest of the year and 2026.

China Duty Free Group (CDFG) Q3 and 9M 2025 data

China Duty Free Group (CDFG) Q3 and 9M 2025 shown in Renminbi (adapted from company data).

September sales offer some promise

Importantly, there was a September recovery in Hainan, where Haikou Customs data indicate offshore duty-free sales rose by +3.4% year-on-year (YoY), marking the first positive monthly growth in 18 months. CDFG has been investing in experiential retail on the island, and this might now be paying off.

The travel retailer, which controls more than three-quarters of the Chinese duty-free market, has stepped up its focus on ‘duty-free + cultural tourism’ as a model to make activations more lively and engaging. Examples include the nationwide debut of Pop Mart’s shy character DIMOO’s ‘Shapes of Nature’ exhibition, and Sanya’s first Disney pop-up store.

Other tactics include closely following shifts in consumer demand and continuously refreshing shopping scenarios to stimulate consumption. CDFG is transforming its duty-free spaces into destinations for travel, play, and social sharing.

In future quarters, the travel retailer will also benefit from new retail such as the city-centre duty-free stores launched in Shenzhen, Guangzhou, and Chengdu, each adopting a dual-track duty-free and tax-paid model. According to CDFG, these stores integrate local culture alongside international brands and target both domestic and international consumers. The third phase of the Sanya International Duty-Free Complex in Hainan is also progressing.

In addition, CDFG expanded in Macau, opening its new concept store, cdf 澳门新马路店, on New Road, and the retailer says it is actively developing a departure store at Macau International Airport. Meanwhile, at Lanzhou Zhongchuan International Airport, CDFG is seeing its duty-paid retail performing strongly, and the company sees this as a model for future airport and commercial expansion.

Aena Group reports strong year-on-year commercial and passenger growth

Commercial activity delivered a “noteworthy performance”, according to Aena.

Aena Group has posted robust results for the first nine months of 2025, reflecting sustained growth across its operations.

Commercial revenue rose +10.8%, to €1,466.1m (US$1,696.9m), compared with the same period in 2024. Aeronautical revenue grew by +5.5%, to reach €2,556.2m (US$2,958.5), +5.5% more than in 2024. Total consolidated revenue rose +8.8% to €4,785.2m.

Aena recorded a net profit of €1,579.4m in the first nine months of 2025, up +8.9% from €1,449.8m a year earlier. Group EBITDA reached €2,882.7m, representing an +8.2% year-on-year increase, and a margin of 60.2%.

The group’s passenger traffic (including Spain, London-Luton and Aena Brasil airports) grew +by 4.1% year-on-year, to 294.1 million passengers. In Spain, the increase was +3.9%, to 247.1 million passengers.

Aena acknowledged the “noteworthy performance” of its commercial activity in the year to date. Total sales were +8.7% higher than in 2024, with total sales per passenger up +4.7%.

Total business revenue (the sum of fixed and variable rents invoiced and Minimum Annual Guaranteed Rents to be invoiced) increased by +13% over the same period in the previous year.

Avolta wins 11-year duty free contract at New York JFK Terminal 8

The new concepts are part of the location’s US$125m commercial redevelopment programme [Image source: The Port Authority of New York and New Jersey].

Avolta has revealed further details of its new 11-year duty free contract at New York John F. Kennedy (JFK) International Airport Terminal 8, following earlier T8 wins in travel retail and F&B.
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The contract – Avolta’s third at JFK in the past year – covers nearly 48,000sq ft of combined space. Its Dufry arm will develop over 18,400sq ft of duty free retail space. The offer will include luxury boutiques; a pre-loved luxury shop featuring upcycled products; locally inspired stores designed to bring the city to life; and two hybrid concepts that combine F&B with duty free.
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These concepts are part of the location’s US$125m commercial redevelopment programme. As reported, The Port Authority of New York and New Jersey, American Airlines and Unibail-Rodamco-Westfield (URW) announced 24 new duty free and food hall brands earlier this week.
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Avolta CEO Xavier Rossinyol commented: “Our wins at JFK rank among Avolta’s biggest in the North America region in recent years. They underscore the strong growth potential across all our lines of business. Our unwavering commitment to innovation continues to set new standards in airport retail and F&B and this new contract clearly demonstrates this.”

Avolta pledges to redefine the T8 shopping experience

Avolta North America President and CEO Steve Johnson noted: “We have an ambitious vision to redefine the duty free shopping experience in Terminal 8 and are proud that The Port Authority of New York and New Jersey, Unibail-Rodamco-Westfield Airports, and American Airlines share that vision.

“This is a pivotal moment in JFK’s evolution, so it is an honour to be selected as the partner that will transform T8. Combined with our contracts to bring new travel convenience, specialty retail, and food & beverage concepts to the terminal, this expanded partnership will allow us to design a world-class travel experience across all lines of business.”

The new stores showcase Avolta’s commitment to set new standards in airport retail and F&B [Image: The Port Authority of New York and New Jersey].

Ian Carter, URW Vice President, JFK added: “Dufry’s duty free programme will elevate the shopping experience at the reimagined Terminal 8. Our vision was to create a dynamic retail destination that brings together distinctive local purveyors and world-renowned global brands under one roof. We’re thrilled that Dufry shares this vision, as together, we redefine the travel retail experience in the US.”
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The first duty free stores have already made their debut in T8. These are BKLYN Shopping, Beauty on 5^th, W. 12th St. Market, The Connoisseur Collection and Blinded Tiger. They will shortly be joined by:

The Park @ T8 – designed to mirror the landscape of Brooklyn’s Prospect Park, this store will offer fragrance, skincare, confectionery, and premium wines and spirits.
Haute Parfumerie and Bubbles on 5th – this hybrid space weaves together premium fragrance, champagne and wine, showcasing high-end brands such as Le Labo, Diptyque, Kilian, Loewe, and Parfums de Marly.
Luxury Boutiques – featuring brands such as Longchamp, Marc Jacobs, Lacoste, BOSS, TAG Heuer, Breitling, and Montblanc. Avolta’s Suncatcher concept spotlights designer sunglasses from Celine, Fendi, Gucci, Prada, Tom Ford, Maui Jim and Ray-Ban, among others.
The Collection and Pre-Loved Luxury – the former offers fashion jewellery and watches from brands like Swarovski, NORQAIN, Oris, Citizen, and Bulova. The latter carries upcycled leather goods and fine watches.

Dufry will operate the new T8 duty free stores as a joint venture with four Airport Concessions Disadvantaged Business Enterprise (ACDBE) partners: Kellee Communications; New York-based Sullivan-Hernandez Group; Queens-based The Nourish Spot; and Samantha Alexis Consulting.

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Shinsegae DF sees Q3 rebound amid Incheon pull-out

Tough decisions for Shinsegae

Anora CEO focuses on profitability and growth, TR in fine form

Anora concentrates on its nearest markets

Singapore Changi Airport and Jewel launch Disney-themed festive campaign

Changi and Jewel elevate holiday retail

SCENTOPIA opens first luxury beauty boutique at Accra Airport

Responding to a changing African travel landscape

A partnership to elevate African travel retail

Lagardère announces strategic regional leadership changes in Africa

Muscat Duty Free and Mars unveil GCC’s first M&M’S Experience Store

Mars aims to deliver a standout shopping experience

DFA revenue hits $2.2bn; JFK T1 ops set for 2026

All eyes on JFK T1

Capital expenditure boosts border business

From China to the Middle East

China Duty Free Group sees signs of a sales turnaround in Q3

September sales offer some promise

Aena Group reports strong year-on-year commercial and passenger growth

Avolta wins 11-year duty free contract at New York JFK Terminal 8

Avolta pledges to redefine the T8 shopping experience

Data & Analysis

Data & Analysis

Data & Analysis

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