September 28 2021  |  Retailers

Dufry hails new Spanish concession fee law

By Wendy Morley

Leading operator Dufry has welcomed a new law passed by the Spanish Congress which modifies the concession fees in all Spanish airports by linking the concession fee levels to actual passenger numbers.

This modification will last until passenger numbers return to 2019 levels and is expected to have a positive financial impact on Dufry.

The new law states that the Minimum Annual Guaranteed Rents (MAG) payable by the operators at Spanish airports pursuant to their concession contracts are not owed for the period between March 15, 2020 and June 20, 2020; and will be proportionally reduced from June 21, 2020 onwards by comparing the lower volume of passengers at the airports to the 2019 passenger levels. This formula will stay in place until passenger numbers are back to the level of 2019.

Dufry operates duty free and duty paid stores at 26 Spanish airports. The new law is expected to materially reduce the MAG claimed by AENA, Dufry said.

Passenger numbers at Spanish airports dropped by around 72% in 2020 and around 68% August year-to-date in 2021 compared to 2019 in each case.

The P&L impact in 2021 and going forward will depend on the recovery of passenger numbers at Spanish airports. The impact on the company’s cash flow is being reviewed, Dufry said.

Brand News

October 19 2021

Cigar report: travel retail retains…

Exclusive innovation helps Davidoff attract gifting consumer

By Wendy Morley

October 19 2021

Shenzhen Duty Free hails Bacardi’s…

​Bacardi Global Travel Retail has opened The Whisky Emporium, its world-first permanent boutique, in the Shenzhen Duty Free…

By Laura Shirk

October 19 2021

shu uemura’s chic makeup box lands…

​shu uemura Travel Retail Asia Pacific has collaborated with Lagardère Travel Retail China to bring its makeup box pop-up…

By Wendy Morley

October 19 2021

Dr.Ci:Labo shifts to science-based…

​Dr.Ci:Labo, the leading derma-cosmetics brand in Japan, has pivoted to a “science that sells” content-for-commerce strategy…

By Wendy Morley

October 18 2021

Brown-Forman reinforces commitment…

​US liquor group Brown-Forman Corporation is joining RE100, a global environmental initiative,…

By Wendy Morley

October 18 2021

Lagardere Travel Retail unveils…

​Lagardere Travel Retail Pacific and Nestlé have announced a new addition to their exclusive partnership as the KitKat Chocolatory…

By Wendy Morley

October 18 2021

J.Cortès and Oliva brands unite…

​In a move that consolidates and clarifies both its machine-made and handmade cigar divisions, J.Cortès and Oliva Cigars…

By Wendy Morley

October 18 2021

Nederburg wines win major accolades…

​Winemaker Nederburg has scooped multiple medals at the 2021 International Wine & Spirit competition in London, winning three…

By Wendy Morley

October 14 2021

Appleton Estate relaunches travel…

​Appleton Estate Jamaica Rum has relaunched in travel retail with newly designed packaging, a reimagined bottle and label,…

By Laura Shirk

Copyright 2021 DutyFree Magazine. All rights reserved. Privacy Policy Sitemap