MALLS WITH AIRPORTS
Running into thousands of square metres, duty-free areas in airports have become attractive retail hubs sporting the who’s who of luxury. In terms of sheer size and range offered, the duty-free retail areas at Dubai International Airport, London’s Heathrow, Singapore’s Changi, Incheon International Airport in South Korea, or even at Indira Gandhi International Airport in Delhi, are nothing less than high-end malls.
The first duty-free store was established in 1947 at Shannon airport in Ireland. Since then, the global duty-free market has grown to $76 billion (as of 2018). What’s more, it is estimated to grow at a CAGR of 6.5 per cent and reach $112.5 billion by 2025, according to Pune-based Adroit Market Research. India’s duty-free market is estimated at $200 million. Harsha Razdan, Partner and Head – Life Sciences and Consumer Markets, KPMG, says it is expected to quadruple to $800 million by 2025 with sustained CAGR of 20 per cent till that year. “A
