Page 41 - RLI June 2019

SPECIAL FEATURE: TRAvEL RETAIL

A SECTOR

ON ThE RISE

As the global travel retail market continues to grow, consumers today are going further
and further afield to achieve their new found shopping ambitions. Here RLI will take a

look at the current state of the travel retail sector, highlight research and trends in the
market and give an overview of some of the most important examples of travel retail

destinations in their own right across the world.

CITY PLAZA WUPPERTAL, Germany
Developer: Signature Capital
Architect: Chapman Taylor

ot so long ago, consumers believed that travel retail Development of the travel & tourism industry, rapid
was limited to the one, sometimes large, sometimes urbanisation, and changes in lifestyle, owing to increased
small duty free store they wandered around, passing disposable income of consumers drive the growth of
N the time until they could board their flight. the travel retail market. In addition, increase in travel &
Today, travel retail is a rising phenomenon where duty free stores tourism or international tourist arrivals in the emerging
are the tip of the retail iceberg. No longer confined to air, sea and economies, such as Asia-Pacific and LAMEA is anticipated
rail, travel packages are today designed to bring passengers from an to create lucrative opportunities for the global travel retail
arrival point, straight to major centres of shopping, encompassing market. However, unorganised local markets and stringent
everything from luxe retail to outlet centres. regulations in airport retailing hamper the growth of the
According to a new report published by Allied Market travel retail market.
Research, titled, “Travel Retail Market by Product and Asia-Pacific is the largest travel retail market in the
Channel: Global Opportunity Analysis and Industry Forecast, world, and is growing at the fastest rate owing to
2018 - 2025”, the global travel retail market size was valued improvements in living standards, rise in disposable
at $74.9bn in 2017, and is projected to reach $153.7bn by income, improvement in lifestyle, and development of
2025, growing at a CAGR of 9.6 per cent from 2018 to 2025. the tourism industry.

40 RETAIL & LEISURE INTERNATIONAL JUNE 2019