The inaugural ACI Airport Economics and Finance Conference was held in London on 10-11 February. The challenges being faced by airports, with global traffic forecast to drop by 4-5% in 2009 and the economic crisis affecting the financial sector that is so vital to the capital intensive airport industry, meant that the event, jointly organised by ACI EUROPE and ACI WORLD, could not have been more timely. Ross Falconer reports.
The new retail space incorporates luxury with high street shopping brands, to cater for both the business and budget traveller.
The short answer appears to be that investors are feeling little impact. Organisations such as Hochtief, Macquarie Airports and Balfour Beatty are enjoying considerable success, and are seemingly unaffected by the current economic climate. So, how have the ‘big players’ remained unscathed and can investors look ahead to a fruitful future? Michelle Meineke reports.
Danae Vogiatzi was recently appointed Chair of the ACI EUROPE Commercial Forum and is manager of retail services at Athens International Airport. Vogiatzi told Michelle Meineke how the industry will need to react positively to current adversity and how cultural spirit in the retail mix is paramount, as globalisation of travel retail becomes increasingly evident.
Aeroporti di Roma’s (AdR) retail sales have grown from €190 million in 2004 to €280 million in 2007 across Rome Fiumicino and Ciampino airports. That constitutes a 48% increase, with a 20% increase in spend per passenger across both retail (+23%) and food and beverage (+14%). Andrea Belardini, EVP, outlined details of AdR’s retail expansion and the importance of F&B to Michelle Meineke.