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If you’re someone who loves to travel, then you must have come across the term “travel retail”. In simple terms, travel retail refers to the shops and stores that are present in airports, cruise terminals, and other transport hubs. These stores offer a range of products such as cosmetics, fragrances, alcohol, and more. But travel retail has a lot more to offer than just convenience shopping. Let’s take a closer look at what travel retail is and what makes it so special.
What is Travel Retail?
Travel retail is a type of retail that caters to travelers. It is also known as duty-free shopping or airport shopping. Travel retail shops are located in airports, cruise terminals, and other transport hubs. These shops offer a range of products such as cosmetics, fragrances, alcohol, tobacco, luxury watches, and more. These products are usually sold at a discounted price or without any taxes, making them much cheaper than what you would pay in a regular store.
History of Travel Retail
The concept of duty-free shopping or travel retail started during the 1940s when Brendan O’Regan, an Irish businessman, opened a duty-free shop at Shannon Airport in Ireland. He realized the potential of duty-free shopping and went on to set up similar shops at other airports. Today, travel retail has become a multi-billion dollar industry.
Benefits of Travel Retail
One of the biggest benefits of travel retail is the convenience factor. Travelers don’t have to worry about carrying their purchases around since they can be picked up after passing through security. Another benefit is the savings. The products sold at travel retail stores are usually cheaper than what you would find in a regular store since they are sold without any taxes. Travel retail stores also offer a range of exclusive products that are not available in regular stores, making them a great place to find unique gifts or souvenirs.
Types of Travel Retail
Travel retail can be divided into two main categories: airport retail and cruise retail. Airport retail refers to the shops and stores that are located in airports. These shops sell products such as cosmetics, fragrances, alcohol, and more. Cruise retail refers to the shops and stores that are located in cruise terminals. These shops sell products such as souvenirs, clothing, and jewelry.
Top Travel Retail Brands
Some of the top travel retail brands include DFS Group, Dufry AG, Lotte Duty Free, The Shilla Duty Free, and Heinemann Duty Free. These brands have a global presence and offer a range of products at competitive prices.
Travel Retail and E-commerce
E-commerce has had a significant impact on travel retail. Many travelers now prefer to shop online rather than in physical stores. To keep up with this trend, many travel retail brands have started offering online shopping options. This allows travelers to browse and purchase products before they even get to the airport or cruise terminal. It also allows retailers to expand their reach beyond physical stores.
Future of Travel Retail
The travel retail industry is expected to grow in the coming years. The rise of middle-class travelers from emerging markets is expected to fuel this growth. Retailers are also focusing on improving the shopping experience for travelers by offering personalized services and exclusive products. Technology is also expected to play a big role in the future of travel retail, with retailers exploring options such as mobile payments and virtual reality.
Conclusion
Travel retail has come a long way since its inception during the 1940s. It has become an integral part of the travel experience, offering travelers the convenience of shopping while on the go. With the industry expected to grow in the coming years, travel retail is set to become even more important in the world of retail. So, the next time you’re at an airport or cruise terminal, make sure to check out the travel retail stores and see what they have to offer.
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What is duty-free shopping?Duty-free shopping refers to the purchase of goods that are exempted from national taxes and duties. These goods are usually sold in airports, cruise terminals, and other transport hubs. Can anyone shop at travel retail stores?Yes, anyone can shop at travel retail stores. However, certain products such as alcohol and tobacco may be subject to age restrictions. Can I return items purchased from travel retail stores?It depends on the store’s return policy. Some stores may offer refunds or exchanges while others may not. It’s best to check with the store before making a purchase. |