PHOTO
Dubai Duty Free is looking to surpass $2.029 billion in sales in 2023, with a target to beat its 2019 record, while returning the travel retailer to pre-pandemic levels.
Speaking at a panel at the Arabian Travel Market in Dubai, Colm McLoughlin, Executive Vice Chairman and CEO, Dubai Duty Free, revealed that 2023’s numbers for the first four months had already surpassed that of 2019.
“The target is to take Dubai Duty Free back and surpass 2019, and that is happening so far,” McLoughlin said. “Looking at the past four months, business has already increased over 2019 figures even though the forecast [airport] traffic of 80 million people won’t be as high as 2019 levels, in terms of business we hope this year will be the highest yet.”
Despite a pandemic lull for two years, in 2022 Dubai Duty Free racked up USD 1.74 billion in sales, recording a 78% hike over its 2021 numbers.
While perfumes and cosmetics remained the biggest category in terms of sales for Dubai Duty Free in 2023, McLoughlin further revealed that in the first four months of the year also saw the mobile phone category get a boost with 33,000 pieces of iPhones sold over the period.
On December 20, as Dubai Duty Free celebrates its 40th anniversary with a celebration planned to mark the occasion, McLoughlin is looking towards a record year as the city aims to reach pre-pandemic levels in tourism numbers.
“While the Indian market remains just as important, this year has seen a surge in Russian and Chinese tourism numbers. Traffic from China is continuing to grow and will be very big by the end of this year,” McLoughlin added.
McLoughlin, who is the only member of the original 100 people employed who launched Dubai Duty Free 40 years ago, was also awarded with the inaugural Pearl Award at the Arabian Travel Market to mark his contribution to the travel retail sector and Dubai Duty Free’s contribution to the Dubai economy.
(Reporting by Bindu Rai; editing by Seban Scaria)
