COMMENT The good times roll in Asia
Now and Then... A
sia Pacific
DF&TR remains firmly on the
front foot. Generation Research
figures
show sales for the region jumped by
11.6% to $30.6bn in 2017, accounting for an approximate 44.6% share of today’s $68.6bn global total. Certainly, as evidenced by our 20th
anniversary Top 10 International Operators report (available as a supplement with this issue), Asian travel retailers’ positions and growth within the rankings has been impressive. Lotte Duty Free (-8.97%) remains in second place (despite a hugely testing 2017 due to THAAD); The Shilla Duty Free (+16.5%) is nipping at the heels of third-placed Lagardère Travel Retail; King Power International cements its standing in seventh place (+17.7%); and China Duty Free Group, in eighth, continues its vociferous expansion (+67.7%). Despite slipping to sixth place from fourth in 2017, DFS Group is also experiencing a resurgence. Twenty years ago this month, the Hong-
Kong based firm found itself embroiled in the Asian financial crisis. To counter the effects of a depressed travel retail market, it embarked on a series of initiatives. These included the first of several openings for beauty house Sephora, following new doors in Paris, New York and Miami in the 12 months prior. Further openings at that time were also anticipated in Osaka and other large cities. [It is worth noting that today, Sephora stands as a strong pillar in its own right within parent company LVMH Moët Hennessy Louis Vuitton’s Selective Retailing Division, which posted organic growth of +9% to €6.3bn in the first half of this year-Ed]. The luxury travel retailer was also putting
the finishing touches to its large Galleria downtown store on the Pacific island of Saipan as The Duty Free Business’ 1998 issue went to press. At that time, then-Chairman of DFS
Mike Ullman praised the new store as visually ‘spectacular’ as DFS maintained momentum in procuring new brand units. The renegotiation of its liquor & tobacco contracts at Singapore Changi Airport was
178 TRBUSINESS
TRBusiness is independently and equally owned by Nigel Hardy and Janice Hook. It is available on a subscription package basis only and is published by TRBusiness Limited and distributed by air mail each month.
TRBUSINESS 16 The Warren, Worcester Park, Surrey, KT4 7DL. Tel: +44 (0) 20 8330 9444 Fax: +44 (0) 20 8330 9449
MANAGING EDITOR: Charlotte Turner Tel: + 44 (0) 1252 719078 E-mail:
charlotte@trbusiness.com
DEPUTY EDITOR: Luke Barras-Hill Tel: + 44 (0) 20 7610 2782 E-mail:
luke@trbusiness.com
SENIOR EDITOR: Andrew Pentol Tel: + 44 (0) 20 8593 8066 E-mail:
andrew@trbusiness.com
also timely, helping the group expand and cost-cut at a time of rampant stock market pressures and interest rate hikes in the likes of Indonesia, Thailand, South Korea and Hong Kong. Today, In the case of Singapore Changi Airport, DFS has made giant strides at the new Terminal 4 since opening last November in a one-of-a-kind ‘seamless’ shopping area that also features The Shilla Duty Free. At Hong Kong Airport, DFS had suffered
in recent years compared to the more healthy spending climes of 2011, when it held all three licences for beauty, fashion and liquor and tobacco. As is well known, it waived its right to take up extension options on its liquor & tobacco, general merchandise and perfumes and cosmetics concessions [consequently it went on to bid only for the combined beauty and accessories contract now occupied by Shilla-Ed). Notwithstanding this, good results at its
downtown stores in Hong Kong, Macau, Cambodia and Venice, plus renovation work at its Sydney and Auckland T Galleria outlets has bolstered its fortunes. As TRBusiness points out in the Top 10 International Operators report, DFS dominated the scene in 1997 and remains in the top six in 2018. The difference between Now...and Then is Asian operators occupy four of the top 10 positions. «
EDITORIAL CONTRIBUTORS: David Hayes
INT. SALES & MARKETING DIRECTOR: Nigel Hardy Tel: +44 (0) 1883 623020 E-mail:
nigel@trbusiness.com
FINANCE DIRECTOR: Janice Hook Tel: +44 (0) 20 8330 9444 E-mail:
janice@trbusiness.com
COMMERCIAL SALES MANAGER: Ben Webb Tel: +44 (0) 1732 760827 E-mail:
ben@trbusiness.com
DESIGN, PRODUCTION & MULTIMEDIA: Ric Blow Tel: +44 (0) 1323 894821 E-mail:
ric@trbusiness.com
ANNUAL SUBSCRIPTIONS:
1 Year £480/ 2 Years £850. Please e-mail
subs@trbusiness.com for more information.
Registered office: 2 Clarendon Road, Ashford, Middlesex, TW15 2QE. UK. Reg No: 3399619.
VAT no: 700 5826 63. ISSN 1369-7390.
Printed by Positive Images UK 020 8544 5500. All contents are copyright.
OCTOBER 2018
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186
