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Dubai Duty Free achieves all- time sales record and continues to enhance retail operation Dubai Duty Free achieved an all-time sales record of US$2.16 billion in 2023 and is positive that sales in 2024 will meet the target by year-end of US$2.19 billion. Following the recent news that industry legend ColmMcLoughlin will step down as Executive Vice Chairman & CEO of Dubai Duty Free, he shared an update with Ross Falconer. A fter 55 years in the travel retail industry and 41 at the helm of Dubai Duty Free, ColmMcLoughlin, Executive Vice Chairman & CEO, has announced that he is stepping down from his role on 31 May 2024. McLoughlin, who has been the driving force behind Dubai Duty Free’s rise to become the single largest duty free operation in the world, will maintain an advisory role. “We are pleased with our record annual sales of US$2.16 billion in 2023, representing a 24.39% increase over the previous year and 6.40% up on pre-pandemic in 2019,” says McLoughlin. “We are thrilled to have achieved our target sales for that year, a record month in December and a record year, which culminated with our celebrations of our milestone 40th anniversary. Year-to-date (January to 8 May 2024) our sales have reached US$770 million, an increase of 1.18% over the previous year. We are positive that sales in 2024 will be good and that we will meet our target by year-end, which is US$2.19 billion.” Perfumes, Liquor, Gold, Cigarettes/Tobacco and Electronics held the top five spots category-wise. Perfumes sales reached over US$140 million, accounting for 18% of total revenue. Sales of Liquor reached US$104 million, while Gold sales reached US$77 million accounting for 10% of total sales. Cigarettes & Tobacco sales reached US$75 million accounting for 10% of total sales, while Electronics sales reached US$54 million or 7%. Dubai Duty Free continues to enhance its retail operation and is refurbishing its three main Arrivals shops in Terminals 1, 2 and 3. “The construction work in Terminal 3 Arrivals already started in April, while for Terminal 1 and 2 Arrivals, site construction work is expected to commence this May,” McLoughlin explains. “With these, we are expecting to have newly refurbished Arrivals shops in these three terminals by the end of the fourth quarter with a total retail area of about 2,170sqm, or 54% of the 4,000sqm overall Arrivals retail area.” There is also a massive redevelopment program for the retail shops in Concourse A. These changes will be phased out in various zones across the retail area and will be rolled out into three or more project packages. “There will be enhancements and relocations of categories such as Gifts from Dubai, Toys and Lifestyle, At Your Service, the introduction of three major boutique brands (Louis Vuitton, Chanel, and Cartier), and a complete upgrade of the two perfume shops in East and West,” says McLoughlin. “About 3,200sqm of the gross retail area will be redeveloped in various phases within 2024-2025 in Concourse A. The Concourse B refurbishment program for watches and technology is also in the pipeline for concept planning. This project will have an estimated 800sqm of retail upgrades, which will be rolled out by the third or fourth quarter of this year.” Dubai Duty Free’s 40th anniversary took place last December. Living up to its tagline ‘Full of Surprises’, it conducted exciting promotions and activities to make the 40th anniversary a memorable occasion, involving customers, suppliers and staff in the celebrations. Looking ahead, McLoughlin is positive about the future. “I may have stepped down frommy position after 55 years in the travel retail industry and 41 years at the helm of Dubai Duty Free, while I maintain an advisory role, I am confident that Dubai Duty Free will continue to grow, and I see a very bright future for the operation, which is in line with the growth of the airport.” Dubai Duty Free achieved an all-time sales record of US$2.16 billion in 2023 and is positive that sales in 2024 will meet the target by year-end of US$2.19 billion. After 55 years in the travel retail industry and 41 at the helm of Dubai Duty Free, ColmMcLoughlin, Executive Vice Chairman & CEO, has announced that he is stepping down from his role on 31 May 2024. Effective 1 June 2024, Ramesh Cidambi, current COO of Dubai Duty Free, will become Managing Director. Salah Tahlak, current Joint COO, will become Deputy Managing Director of Dubai Duty Free. Wednesday 1 5 May 2024 13 T F W A D A I L Y