Travel Glimmers of hope for airport retailers
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Drop-in Travel Causes Crisis for Airport Stores
The sharp drop in air travel during the pandemic has battered airport stores and restaurants. Last year, global revenue for airports contracted by more than half.
For years, airport stores have enjoyed a unique position in the challenging brick-and-mortar retail industry. Travelers in airports often have time to wander through stores and are willing to buy souvenirs, snacks, and other items at high prices. But as many stores were able to shift their operations online, many airport retailers were left in a difficult situation.
Mask mandates and travel bans: What we can expect to see from the Biden Administration regarding travel
President Joe Biden becomes the 46th president of the United States today. We already know he’s a big Amtrak fan, but what else could be coming down the pike for the travel industry? New travel restrictions? A national mask mandate? Quarantines? Read on for some answers. Sign up for the free daily TPG newsletter for …Read on for some answers.
Sinking Revenue Around the World
It is estimated that US airport shops and restaurants will lose $3.4 billion between July 2020 and December 2021. One of the world’s largest airport retailers, Dubai Duty Free, shared that its 2020 revenue tumbled 65% to $67 million after earning a record $2 billion the year prior.
Now, these airport businesses are beginning to see glimmers of hope. Though passenger volumes in airports are still low, they recently hit the highest levels seen in a year. Airport shops and restaurants will also be receiving $800 million in assistance as part of the $1.9 trillion COVID-19 stimulus bill.
An important name in the airport retail industry is Dufry. The Swiss company operates over 2,300 duty free stores in airports and other locations around the world. It also owns the ubiquitous Hudson News airport stores.
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During 2020, the company’s revenue from its airport stores sank 72%. But Dufry’s leadership believes that passenger volumes will increase in the coming months as more people receive COVID-19 vaccinations, and that airport retail will continue to recover.
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JetBlue launches its first-ever transatlantic route from JFK to London .
JetBlue announced Tuesday that it will be launching its first-ever transatlantic route to London from New York's JFK and the Boston Logan International Airport this summer. JetBlue will also introduce the Airbus A321 Long Range single-aisle aircraft, which only has 114 seats and 24 Mint suites, for the transatlantic service.The airline, which is known for its low prices, has not released estimated costs for the new transatlantic flights. It's also unclear which London airport the airline will fly in to. It's unclear why exactly JetBlue is choosing to launch now, and a DailyMail.