Greg Ponesse — April 12, 2007 — Business
References: msnbc.msn
In the past, one was most likely to find duty free shops and magazine stores at airports. However, due to longer lay-overs, delays and larger airports, luxury retail stores are the norm selling high-end watches, designer purses and custom-made suits.
Implications - One of the airports that give a great example of this is the Heathrow Airport in London, England. The new terminal is set to open up in March 2008 and is expected to be a shopping extravaganza for those people waiting to catch their plane. The airport has partnered with high-end department store Harrods, which will feature a luxurious two-floor shopping destination. Some people may be more excited about their terminal than their flight destination!
Implications - One of the airports that give a great example of this is the Heathrow Airport in London, England. The new terminal is set to open up in March 2008 and is expected to be a shopping extravaganza for those people waiting to catch their plane. The airport has partnered with high-end department store Harrods, which will feature a luxurious two-floor shopping destination. Some people may be more excited about their terminal than their flight destination!
Trend Themes
1. Luxury Retail in Airports - Expanding luxury retail options in airports provide disruptive innovation opportunities for high-end brands to tap into the captive audience of travelers.
2. Partnerships Between Airports and Retailers - Forming partnerships between airports and high-end retailers allows for the creation of unique shopping experiences, enhancing airport terminals' appeal as destinations in themselves.
3. Airport Shopping Experiences - Creating immersive and enjoyable shopping experiences in airports presents disruptive innovation opportunities to reinvent the perception of airports as mere transit hubs.
Industry Implications
1. Luxury Retail - The luxury retail industry can leverage the expansion of retail in airports to reach affluent travelers and generate additional revenue streams.
2. Travel and Tourism - The travel and tourism industry can benefit from enhanced airport shopping experiences as it provides an additional attraction for travelers, contributing to the overall tourism experience.
3. Airport Infrastructure - The airport infrastructure industry can explore opportunities to design and develop airport terminals with a focus on creating immersive and engaging retail environments.
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