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<br /> 2025<br /> Established 1998<br /> PRINTED LOCALLY<br /> <br /> <br /> <br /> Contents<br /> 2025<br /> TRBusiness Top 10 International Operators 20252025<br /> Established 1998<br /> PRINTED LOCALLY<br /> Introduction........................... 7<br /> Established 1998<br /> 4 Lotte<br /> Duty Free.............. 25<br /> PRINTED LOCALLY<br /> 1 Avolta........................................ 9<br /> 2 China Duty Free Group 15<br /> 3 Lagardère TR.................. 21<br /> OCTOBER 2025<br /> 5 The Shilla Duty Free...... 30<br /> 6 Gebr. Heinemann............ 38<br /> 7 DFS Group...................... 45<br /> 8 Duty Free Americas....... 51<br /> 9 King Power Intl.............. 56<br /> 10 WHSmith Intl................ 59<br /> Bonus: ARI............................. 64<br /> Bonus: Dubai Duty Free..... 69<br /> Bonus: Qatar Duty Free..... 75<br /> www.trbusiness.com<br /> TOP 10 OPERATORS 5<br /> THE NEW PARFUM<br /> Top 10 Intl Operator<a title="TRBusiness Top 10 Operators 2025 page 1" href="https://secure.viewer.zmags.com/publication/457a4867?page=1"> 2025 Established 1998 PRINTED LOCALLY</a> <a title="TRBusiness Top 10 Operators 2025 page 2" href="https://secure.viewer.zmags.com/publication/457a4867?page=2"> </a> <a title="TRBusiness Top 10 Operators 2025 page 3" href="https://secure.viewer.zmags.com/publication/457a4867?page=3"> </a> <a title="TRBusiness Top 10 Operators 2025 page 4" href="https://secure.viewer.zmags.com/publication/457a4867?page=4"> </a> <a title="TRBusiness Top 10 Operators 2025 page 5" href="https://secure.viewer.zmags.com/publication/457a4867?page=5"> Contents 2025 TRBusiness Top 10 International Ope</a> <a title="TRBusiness Top 10 Operators 2025 page 6" href="https://secure.viewer.zmags.com/publication/457a4867?page=6"> THE NEW PARFUM</a> <a title="TRBusiness Top 10 Operators 2025 page 7" href="https://secure.viewer.zmags.com/publication/457a4867?page=7"> Top 10 Intl Operators stay agile amid complex and</a> <a title="TRBusiness Top 10 Operators 2025 page 8" href="https://secure.viewer.zmags.com/publication/457a4867?page=8"> </a> <a title="TRBusiness Top 10 Operators 2025 page 9" href="https://secure.viewer.zmags.com/publication/457a4867?page=9"> 1 Avolta tops the ranking as Destination 2</a> <a title="TRBusiness Top 10 Operators 2025 page 10" href="https://secure.viewer.zmags.com/publication/457a4867?page=10"> Headwinds and tailwinds One market Avolta is keep</a> <a title="TRBusiness Top 10 Operators 2025 page 11" href="https://secure.viewer.zmags.com/publication/457a4867?page=11"> partnership at Shenzhen Bao'an International Airp</a> <a title="TRBusiness Top 10 Operators 2025 page 12" href="https://secure.viewer.zmags.com/publication/457a4867?page=12"> Above and awarded two significant and below: </a> <a title="TRBusiness Top 10 Operators 2025 page 13" href="https://secure.viewer.zmags.com/publication/457a4867?page=13"> </a> <a title="TRBusiness Top 10 Operators 2025 page 14" href="https://secure.viewer.zmags.com/publication/457a4867?page=14"> </a> <a title="TRBusiness Top 10 Operators 2025 page 15" href="https://secure.viewer.zmags.com/publication/457a4867?page=15"> TOP 10 OPERATORS: 2 CHINA DUTY FREE GROUP 2 Chopp</a> <a title="TRBusiness Top 10 Operators 2025 page 16" href="https://secure.viewer.zmags.com/publication/457a4867?page=16"> research from the WTTC (World Travel & Tourism Co</a> <a title="TRBusiness Top 10 Operators 2025 page 17" href="https://secure.viewer.zmags.com/publication/457a4867?page=17"> TOP 10 OPERATORS: 2 CHINA DUTY FREE GROUP If you</a> <a title="TRBusiness Top 10 Operators 2025 page 18" href="https://secure.viewer.zmags.com/publication/457a4867?page=18"> more intense and orderly stage of competition. </a> <a title="TRBusiness Top 10 Operators 2025 page 19" href="https://secure.viewer.zmags.com/publication/457a4867?page=19"> PREPARED FOR PRIORITY ACCESS Our Spectra 3.0. Du</a> <a title="TRBusiness Top 10 Operators 2025 page 20" href="https://secure.viewer.zmags.com/publication/457a4867?page=20"> Wellness At Every Step Of The Journey Pr</a> <a title="TRBusiness Top 10 Operators 2025 page 21" href="https://secure.viewer.zmags.com/publication/457a4867?page=21"> TOP 10 OPERATORS: 3 LAGARDÈRE TRAVEL RETAIL 3 “Ou</a> <a title="TRBusiness Top 10 Operators 2025 page 22" href="https://secure.viewer.zmags.com/publication/457a4867?page=22"> </a> <a title="TRBusiness Top 10 Operators 2025 page 23" href="https://secure.viewer.zmags.com/publication/457a4867?page=23"> TOP 10 OPERATORS: 3 LAGARDERE TRAVEL RETAIL over</a> <a title="TRBusiness Top 10 Operators 2025 page 24" href="https://secure.viewer.zmags.com/publication/457a4867?page=24"> Above: no secret that spending Duty free</a> <a title="TRBusiness Top 10 Operators 2025 page 25" href="https://secure.viewer.zmags.com/publication/457a4867?page=25"> TOP 10 OPERATORS: 4 LOTTE DUTY FREE 4 New China v</a> <a title="TRBusiness Top 10 Operators 2025 page 26" href="https://secure.viewer.zmags.com/publication/457a4867?page=26"> Above: Lotte Duty Free's flagship Myeongdong store</a> <a title="TRBusiness Top 10 Operators 2025 page 27" href="https://secure.viewer.zmags.com/publication/457a4867?page=27"> ALWAYS FORWARD #1 SHISHA TOBACCO BRAND </a> <a title="TRBusiness Top 10 Operators 2025 page 28" href="https://secure.viewer.zmags.com/publication/457a4867?page=28"> #1 WORLD'S SHISHA BRAND </a> <a title="TRBusiness Top 10 Operators 2025 page 29" href="https://secure.viewer.zmags.com/publication/457a4867?page=29"> TOP 10 OPERATORS: 4 LOTTE DUTY FREE Improved rel</a> <a title="TRBusiness Top 10 Operators 2025 page 30" href="https://secure.viewer.zmags.com/publication/457a4867?page=30"> FEEL THE SUPPORT</a> <a title="TRBusiness Top 10 Operators 2025 page 31" href="https://secure.viewer.zmags.com/publication/457a4867?page=31"> TOP 10 OPERATORS: 4 LOTTE DUTY FREE a qualitativ</a> <a title="TRBusiness Top 10 Operators 2025 page 32" href="https://secure.viewer.zmags.com/publication/457a4867?page=32"> “We have developed new products in response to re</a> <a title="TRBusiness Top 10 Operators 2025 page 33" href="https://secure.viewer.zmags.com/publication/457a4867?page=33"> </a> <a title="TRBusiness Top 10 Operators 2025 page 34" href="https://secure.viewer.zmags.com/publication/457a4867?page=34"> Above: marketing and improved The Shilla</a> <a title="TRBusiness Top 10 Operators 2025 page 35" href="https://secure.viewer.zmags.com/publication/457a4867?page=35"> TOP 10 OPERATORS: 5 THE SHILLA DUTY FREE what Sh</a> <a title="TRBusiness Top 10 Operators 2025 page 36" href="https://secure.viewer.zmags.com/publication/457a4867?page=36"> </a> <a title="TRBusiness Top 10 Operators 2025 page 37" href="https://secure.viewer.zmags.com/publication/457a4867?page=37"> TOP 10 OPERATORS: 5 THE SHILLA DUTY FREE Hyung-s</a> <a title="TRBusiness Top 10 Operators 2025 page 38" href="https://secure.viewer.zmags.com/publication/457a4867?page=38"> ADVERTISEMENT FEATURE GTR takes pole position i</a> <a title="TRBusiness Top 10 Operators 2025 page 39" href="https://secure.viewer.zmags.com/publication/457a4867?page=39"> E�perience �he �hrill LEGO, the LEGO logo and th</a> <a title="TRBusiness Top 10 Operators 2025 page 40" href="https://secure.viewer.zmags.com/publication/457a4867?page=40"> Above: Heinemann Tax & Duty Free at Sydney Airpor</a> <a title="TRBusiness Top 10 Operators 2025 page 41" href="https://secure.viewer.zmags.com/publication/457a4867?page=41"> TOP 10 OPERATORS: 6 GEBR. HEINEMANN some of whic</a> <a title="TRBusiness Top 10 Operators 2025 page 42" href="https://secure.viewer.zmags.com/publication/457a4867?page=42"> Above: Liquor, tobacco and confectionery grew 17%</a> <a title="TRBusiness Top 10 Operators 2025 page 43" href="https://secure.viewer.zmags.com/publication/457a4867?page=43"> N P S OF </a> <a title="TRBusiness Top 10 Operators 2025 page 44" href="https://secure.viewer.zmags.com/publication/457a4867?page=44"> ADVERTISEMENT FEATURE Join the clean beauty mov</a> <a title="TRBusiness Top 10 Operators 2025 page 45" href="https://secure.viewer.zmags.com/publication/457a4867?page=45"> TOP 10 OPERATORS: 6 GEBR. HEINEMANN is rising an</a> <a title="TRBusiness Top 10 Operators 2025 page 46" href="https://secure.viewer.zmags.com/publication/457a4867?page=46"> Above: Travel Free store in Cinovec, Czechia. st</a> <a title="TRBusiness Top 10 Operators 2025 page 47" href="https://secure.viewer.zmags.com/publication/457a4867?page=47"> 7 Entrenched conditions weigh on DFS but </a> <a title="TRBusiness Top 10 Operators 2025 page 48" href="https://secure.viewer.zmags.com/publication/457a4867?page=48"> </a> <a title="TRBusiness Top 10 Operators 2025 page 49" href="https://secure.viewer.zmags.com/publication/457a4867?page=49"> TRBusiness, drawing on independent sources, estim</a> <a title="TRBusiness Top 10 Operators 2025 page 50" href="https://secure.viewer.zmags.com/publication/457a4867?page=50"> </a> <a title="TRBusiness Top 10 Operators 2025 page 51" href="https://secure.viewer.zmags.com/publication/457a4867?page=51"> reliant on a steady flow of conducted downtown sho</a> <a title="TRBusiness Top 10 Operators 2025 page 52" href="https://secure.viewer.zmags.com/publication/457a4867?page=52"> We are committed to protecting biodiversity, prom</a> <a title="TRBusiness Top 10 Operators 2025 page 53" href="https://secure.viewer.zmags.com/publication/457a4867?page=53"> TOP 10 OPERATORS: 8 DUTY FREE AMERICAS 8 DFA reve</a> <a title="TRBusiness Top 10 Operators 2025 page 54" href="https://secure.viewer.zmags.com/publication/457a4867?page=54"> Above: DFA Festival: The dynamic travel retail ev</a> <a title="TRBusiness Top 10 Operators 2025 page 55" href="https://secure.viewer.zmags.com/publication/457a4867?page=55"> TOP 10 OPERATORS: 8 DUTY FREE AMERICAS retail, o</a> <a title="TRBusiness Top 10 Operators 2025 page 56" href="https://secure.viewer.zmags.com/publication/457a4867?page=56"> Find your fresh match. Full of taste, </a> <a title="TRBusiness Top 10 Operators 2025 page 57" href="https://secure.viewer.zmags.com/publication/457a4867?page=57"> TOP 10 OPERATORS: 8 DUTY FREE AMERICAS “We h</a> <a title="TRBusiness Top 10 Operators 2025 page 58" href="https://secure.viewer.zmags.com/publication/457a4867?page=58"> Above: P&C unit at Bangkok Suvarnabhumi Airport. </a> <a title="TRBusiness Top 10 Operators 2025 page 59" href="https://secure.viewer.zmags.com/publication/457a4867?page=59"> TOP 10 OPERATORS: 9 KING POWER INTERNATIONAL a s</a> <a title="TRBusiness Top 10 Operators 2025 page 60" href="https://secure.viewer.zmags.com/publication/457a4867?page=60"> </a> <a title="TRBusiness Top 10 Operators 2025 page 61" href="https://secure.viewer.zmags.com/publication/457a4867?page=61"> TOP 10 OPERATORS: 10 WHSMITH TRAVEL 10 WHSmith lo</a> <a title="TRBusiness Top 10 Operators 2025 page 62" href="https://secure.viewer.zmags.com/publication/457a4867?page=62"> </a> <a title="TRBusiness Top 10 Operators 2025 page 63" href="https://secure.viewer.zmags.com/publication/457a4867?page=63"> TOP 10 OPERATORS: 10 WHSMITH TRAVEL June, Modell</a> <a title="TRBusiness Top 10 Operators 2025 page 64" href="https://secure.viewer.zmags.com/publication/457a4867?page=64"> Above: York, and Ronald Reagan WHSNA </a> <a title="TRBusiness Top 10 Operators 2025 page 65" href="https://secure.viewer.zmags.com/publication/457a4867?page=65"> TOP 10 OPERATORS: 10 WHSMITH TRAVEL from its Tra</a> <a title="TRBusiness Top 10 Operators 2025 page 66" href="https://secure.viewer.zmags.com/publication/457a4867?page=66"> T Above: hough Ray Hernan, </a> <a title="TRBusiness Top 10 Operators 2025 page 67" href="https://secure.viewer.zmags.com/publication/457a4867?page=67"> support for export-reliant businesses, a Minister</a> <a title="TRBusiness Top 10 Operators 2025 page 68" href="https://secure.viewer.zmags.com/publication/457a4867?page=68"> </a> <a title="TRBusiness Top 10 Operators 2025 page 69" href="https://secure.viewer.zmags.com/publication/457a4867?page=69"> unique experience when they shop in our stores.” </a> <a title="TRBusiness Top 10 Operators 2025 page 70" href="https://secure.viewer.zmags.com/publication/457a4867?page=70"> We continue to monitor opportunities across the A</a> <a title="TRBusiness Top 10 Operators 2025 page 71" href="https://secure.viewer.zmags.com/publication/457a4867?page=71"> DDF enters next phase of retail development after</a> <a title="TRBusiness Top 10 Operators 2025 page 72" href="https://secure.viewer.zmags.com/publication/457a4867?page=72"> TFWAWORLDEXHIBITION & CONFERENCECANNES2025</a> <a title="TRBusiness Top 10 Operators 2025 page 73" href="https://secure.viewer.zmags.com/publication/457a4867?page=73"> and beyond.” In view are major retail upgrade</a> <a title="TRBusiness Top 10 Operators 2025 page 74" href="https://secure.viewer.zmags.com/publication/457a4867?page=74"> mirrored in t</a> <a title="TRBusiness Top 10 Operators 2025 page 75" href="https://secure.viewer.zmags.com/publication/457a4867?page=75"> sifjakobs.com</a> <a title="TRBusiness Top 10 Operators 2025 page 76" href="https://secure.viewer.zmags.com/publication/457a4867?page=76"> YOUR SKIN RETREAT NUTRI </a> <a title="TRBusiness Top 10 Operators 2025 page 77" href="https://secure.viewer.zmags.com/publication/457a4867?page=77"> Hamad-based Qatar Duty Free in supercharged growt</a> <a title="TRBusiness Top 10 Operators 2025 page 78" href="https://secure.viewer.zmags.com/publication/457a4867?page=78"> 25 years of expertise in retail, live, digital, </a> <a title="TRBusiness Top 10 Operators 2025 page 79" href="https://secure.viewer.zmags.com/publication/457a4867?page=79"> 10th with 52.7 million passengers, up 14.8% year-</a> <a title="TRBusiness Top 10 Operators 2025 page 80" href="https://secure.viewer.zmags.com/publication/457a4867?page=80"> partners. This is being enabled through a better </a> <a title="TRBusiness Top 10 Operators 2025 page 81" href="https://secure.viewer.zmags.com/publication/457a4867?page=81"> </a> <a title="TRBusiness Top 10 Operators 2025 page 82" href="https://secure.viewer.zmags.com/publication/457a4867?page=82"> </a>