If you're looking for some more inspiration on how best to start a travel retail business, then this post will offer you with some helpful recommendations and advice.
The retail sector has been expanding continuously over the past few years, and, with that, we are observing the increased popularity of travel retail. Be it for business or fun, people nowadays travel a lot more outside the country. This is one of the primary factors why large airports have ended up being an attractive spot for retailers to open stores in. Usually, tourists get to the airport a couple of hours ahead of time, which means that they have a bunch of time to spend before their journey- the perfect opportunity to go shopping. Business people such as the activist shareholder in Dufry have captured the opportunity to profit from how likely individuals are to go shopping when they travel. Duty free retailers offer a wide variety of products and solutions, from travel essentials which one may have forgotten to take with them, to gift sets and products people could purchase as a present for someone they know. An obstacle that this type of shops encounter, however, is that the time people can spend shopping is determined by the airport schedule- nobody will spend hours browsing in a shop if they know that their flight is boarding in ten minutes.
Given that the travel retail market size keeps on increasing, it does not come as a really big surprise that many retailers have concentrated on offering personalised shopping experiences even at airports. The main investor in DFS Group have backed the brand in providing travelers with a fantastic shopping experience regardless of where across the world they are. Airport shopping has come to be an activity travelers look ahead to, and being offered a personalised, luxury shopping services definitely can add up to their vacationing experience. Nowadays, the largest travel retail industry players have to put a great deal of thought and consideration into how they market and promote their retail locations, to attract the right type of consumers at the best point in time.
The global duty free market size keeps on growing and, thereupon, the choice consumers are given every time they visit an international airport continues to rise. As a consequence, the space the majority of travel retail stores have access to is coming to be increasingly limited. The key investor in Relay has found a solution to this issue by providing travelers with a one-stop shop option- selling a wide range of products in one shop. A lot of these retail travel shops are currently concentrating on offering much more compact, travel-sized items, conscious that people’s purchasing decisions can be impacted by the amount of luggage they are permitted to take on board.