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D ubai Duty Free achieved an all-time sales record of US$2.16 billion in 2023 and year-to-date (January to 22 September 2024), sales have reached US$1.5 billion, which is on budget. “We have had a major focus on driving sales in recent months and there are still challenges to be faced over the remaining four months, but we are positive that sales in 2024 will be good and that we will meet our target by year-end,” says Ramesh Cidambi, Managing Director, Dubai Duty Free. In a significant moment, both personally and for Dubai Duty Free, Cidambi became Managing Director on 1 June 2024. “Transitioning from Chief Operating Officer to Managing Director brought with it a great sense of responsibility following the retirement of ColmMcLoughlin,” he shares. “Colm of course had led the company for 41 years and oversaw its tremendous growth and success, and it is a challenge and an opportunity to continue to develop the business for the future. It’s a subtle but powerful shift in terms of responsibility and the level of responsibility is greater.” In terms of short-term considerations, Dubai Duty Free’s focus is on sales. “That’s the metric that we are judged against,” says Cidambi. “At the end of May for the year-to- date we’re just about at budget but the gap between the passenger growth and sales growth is something we are addressing. So, the first and most important priority is to look at each and every category and how it is performing and to look at all the locations that we are in.” Perfumes, Liquor, Cigarettes/Tobacco, Gold and Electronics have held the top five spots category wise so far this year. Perfumes sales reached over US$278 million, accounting for 18.5% of total revenue. Sales of Liquor reached US$199 million, while Cigarettes & Tobacco sales reached US$155 million accounting for 10.3% of total sales. Gold sales reached US$149 million accounting for 10% of total sales, while Electronics sales reached US$101 million or 6.7%. In January, Dubai Duty Free announced a partnership with Alipay+ to power a seamless travel and checkout experience for international visitors. Dubai Duty Free Dubai Duty Free’s major focus on driving sales and continuing ambitious retail renovation plans An interviewwith Ramesh Cidambi, Managing Director, Dubai Duty Free. By Ross Falconer Ramesh Cidambi, Managing Director, Dubai Duty Free: “We have had a major focus on driving sales in recent months and there are still challenges to be faced over the remaining four months, but we are positive that sales in 2024 will be good and that we will meet our target by year-end.” is continually evolving and integrating technology to provide a seamless customer experience in its stores. “Recently, we introduced self-checkout counters across several of our duty free locations, which have received positive feedback from our customers,” Cidambi explains. “We are also piloting a ‘Scan, Pay & Go’ solution, which empowers customers to complete transactions using their own mobile devices, eliminating the need to wait in queues. This initiative effectively merges the e-commerce experience with in-store shopping, offering the best of both worlds.” Looking ahead, Dubai Duty Free is continuing its ambitious retail renovation plans, making significant investments in stores and retail offers. “We are doing a major renovation of the Perfumes and Cosmetics offer in Concourse A. We will start that work towards the end of this year with a view to finishing it by the middle or end of 2025,” Cidambi adds. “Site preparations for the three boutiques in Concourse A are also in progress. In Concourse B, we are doing a swap of the technology, and the watches offers to improve the offerings, especially luxury watches, and to also create space for two or three small boutiques. Last but not least is the fact that the fashion offer in Concourse D is not on par with the fashion offer in Concourses A, B, and C. An estimated 1,138sqm of retail area rearrangement will be under this project scope, with an estimated final completion of the program in Q2 2026.” Dubai Duty Free achieved an all- time sales record of US$2.16 billion in 2023 and year-to-date (January to 22 September 2024), sales have reached US$1.5 billion, which is on budget. Tuesday 1 Oc tobe r 2024 28 T F W A D A I L Y