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 suggestions and tips.
The global duty free market size continues growing and, with that, the selection consumers are presented with every time they go to an airport is constantly on the increase. As a result, the space most travel retail shops have access to is coming to be increasingly limited. The key investor in Relay has found a fix to this problem by providing travelers with a one-stop shop option- offering a wide variety of products in one store. A great deal of these retail travel stores are currently concentrating on offering much more compact, travel-sized items, conscious that people’s buying decisions can be influenced by the quantity of luggage they are allowed to take on board.
The retail sector has been expanding consistently over the last few decades, and, with that, we are observing the increased level of popularity of travel retail. Whether for business or pleasure, men and women nowadays travel a lot more outside the country. This is one of the main factors why airports have become an appealing place for retailers to open stores in. Usually, tourists get to the airport a few hours in advance, meaning that they have a lot of time to kill before their journey- the ideal opportunity to shop. Business people like the activist shareholder in Dufry have captured the chance to profit from how likely people are to go shopping when they journey abroad. Duty free retailers offer a wide variety of products and solutions, from travel basics which one might have forgotten to bring with them, to gift sets and products travelers could buy as a present for someone they know. An obstacle that this type of shops face, however, is that the time people can spend shopping is determined by the airport schedule- nobody is going to spend hours browsing through a shop if they already know that their airline flight is boarding in ten minutes.
Provided that the travel retail market size keeps on increasing, it doesn't come as a really big surprise that many retail merchants have focused on providing individualised shopping experiences even at international airports. The main investor in DFS Group have supported the brand in providing travelers with a great shopping experience regardless of where in the world they are. Airport shopping has become an activity tourists look ahead to, and being given a personalised, luxurious shopping services definitely adds up to their traveling experience. Nowadays, the biggest travel retail industry players have to put a lot of thought and consideration into how they advertise and promote their retail locations, to draw in the right type of consumers at the best point in time.