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<br /> 2026<br /> Established 1998<br /> PRINTED LOCALLY<br /> <br /> Contents<br /> 2025<br /> TRBusiness Top 10 International Operators 20262026<br /> Established 1998<br /> PRINTED LOCALLY<br /> Introduction........................... 5<br /> Established 1998<br /> 4 The S<br /> hilla Duty Free..... 25<br /> PRINTED LOCALLY<br /> 1 Avolta................................. 9<br /> 2 China Duty Free Group... 15<br /> 3 Lagardère TR................. 19<br /> OCTOBER 2026<br /> 5 Gebr. Heinemann............ 31<br /> 6 Lotte Duty Free............. 39<br /> 7 Duty Free Americas..... 45<br /> 8 WHSmith......................... 51<br /> 9 King Power Corporation... 55<br /> 10 DFS Group.................... 59<br /> Bonus Features<br /> Dubai Duty Free................. 63<br /> Shinsegae Duty Free......... 67<br /> Everrich Duty Free............ 68<br /> Hyundai Duty Free............ 68<br /> Qatar Duty Free................. 69<br /> TOP 10 OPERATORS 3<b<a title="TRBusiness Top 10 Operators 2026 page 1" href="https://secure.viewer.zmags.com/publication/543a0a63?page=1"> 2026 Established 1998 PRINTED LOCALLY</a> <a title="TRBusiness Top 10 Operators 2026 page 2" href="https://secure.viewer.zmags.com/publication/543a0a63?page=2"> </a> <a title="TRBusiness Top 10 Operators 2026 page 3" href="https://secure.viewer.zmags.com/publication/543a0a63?page=3"> Contents 2025 TRBusiness Top 10 International Ope</a> <a title="TRBusiness Top 10 Operators 2026 page 4" href="https://secure.viewer.zmags.com/publication/543a0a63?page=4"> </a> <a title="TRBusiness Top 10 Operators 2026 page 5" href="https://secure.viewer.zmags.com/publication/543a0a63?page=5"> Recovery gives way to a more demanding growth equ</a> <a title="TRBusiness Top 10 Operators 2026 page 6" href="https://secure.viewer.zmags.com/publication/543a0a63?page=6"> Previous Global passenger traffic reached </a> <a title="TRBusiness Top 10 Operators 2026 page 7" href="https://secure.viewer.zmags.com/publication/543a0a63?page=7"> SWISS PRISTINE SERUM REVEAL THE AURA OF HEALTHY S</a> <a title="TRBusiness Top 10 Operators 2026 page 8" href="https://secure.viewer.zmags.com/publication/543a0a63?page=8"> START YOUR TASTE JOURNEY at</a> <a title="TRBusiness Top 10 Operators 2026 page 9" href="https://secure.viewer.zmags.com/publication/543a0a63?page=9"> 1 Industry leader Avolta is building sign</a> <a title="TRBusiness Top 10 Operators 2026 page 10" href="https://secure.viewer.zmags.com/publication/543a0a63?page=10"> Above: a difficult market since Club Avolt</a> <a title="TRBusiness Top 10 Operators 2026 page 11" href="https://secure.viewer.zmags.com/publication/543a0a63?page=11"> messaging firmly at the heart of a wider offering. </a> <a title="TRBusiness Top 10 Operators 2026 page 12" href="https://secure.viewer.zmags.com/publication/543a0a63?page=12"> Above: Among the retail offerings at JFK Terminal</a> <a title="TRBusiness Top 10 Operators 2026 page 13" href="https://secure.viewer.zmags.com/publication/543a0a63?page=13"> THE NEW NECTAR</a> <a title="TRBusiness Top 10 Operators 2026 page 14" href="https://secure.viewer.zmags.com/publication/543a0a63?page=14"> </a> <a title="TRBusiness Top 10 Operators 2026 page 15" href="https://secure.viewer.zmags.com/publication/543a0a63?page=15"> 2 CDFG sees “favourable winds” as revenue</a> <a title="TRBusiness Top 10 Operators 2026 page 16" href="https://secure.viewer.zmags.com/publication/543a0a63?page=16"> year (YOY), while the total number of inbound for</a> <a title="TRBusiness Top 10 Operators 2026 page 17" href="https://secure.viewer.zmags.com/publication/543a0a63?page=17"> Gallerias (according to a June 2023 count of DFS </a> <a title="TRBusiness Top 10 Operators 2026 page 18" href="https://secure.viewer.zmags.com/publication/543a0a63?page=18"> </a> <a title="TRBusiness Top 10 Operators 2026 page 19" href="https://secure.viewer.zmags.com/publication/543a0a63?page=19"> L agardère Travel its j</a> <a title="TRBusiness Top 10 Operators 2026 page 20" href="https://secure.viewer.zmags.com/publication/543a0a63?page=20"> Above from billion from Dining, leaving L-R: L</a> <a title="TRBusiness Top 10 Operators 2026 page 21" href="https://secure.viewer.zmags.com/publication/543a0a63?page=21"> TOP 10 OPERATORS: 3 LAGARDÈRE TRAVEL RETAIL </a> <a title="TRBusiness Top 10 Operators 2026 page 22" href="https://secure.viewer.zmags.com/publication/543a0a63?page=22"> agility to respond to trends quickly enough”. </a> <a title="TRBusiness Top 10 Operators 2026 page 23" href="https://secure.viewer.zmags.com/publication/543a0a63?page=23"> HAILEE STEINFELD THE NEW </a> <a title="TRBusiness Top 10 Operators 2026 page 24" href="https://secure.viewer.zmags.com/publication/543a0a63?page=24"> </a> <a title="TRBusiness Top 10 Operators 2026 page 25" href="https://secure.viewer.zmags.com/publication/543a0a63?page=25"> TOP 10 OPERATORS: 4 THE SHILLA DUTY FREE 4 Shilla</a> <a title="TRBusiness Top 10 Operators 2026 page 26" href="https://secure.viewer.zmags.com/publication/543a0a63?page=26"> Incheon departure: a gap to fill Those total merch</a> <a title="TRBusiness Top 10 Operators 2026 page 27" href="https://secure.viewer.zmags.com/publication/543a0a63?page=27"> TOP 10 OPERATORS: 4 THE SHILLA DUTY FREE increas</a> <a title="TRBusiness Top 10 Operators 2026 page 28" href="https://secure.viewer.zmags.com/publication/543a0a63?page=28"> “We are also enhancing content that allows cu</a> <a title="TRBusiness Top 10 Operators 2026 page 29" href="https://secure.viewer.zmags.com/publication/543a0a63?page=29"> New Visit our Booth at TFWA World Exhibition </a> <a title="TRBusiness Top 10 Operators 2026 page 30" href="https://secure.viewer.zmags.com/publication/543a0a63?page=30"> Fresh new bottle, same original taste. </a> <a title="TRBusiness Top 10 Operators 2026 page 31" href="https://secure.viewer.zmags.com/publication/543a0a63?page=31"> TOP 10 OPERATORS: 5 GEBR. HEINEMANN 5 Creating sh</a> <a title="TRBusiness Top 10 Operators 2026 page 32" href="https://secure.viewer.zmags.com/publication/543a0a63?page=32"> and Türkiye, supported by the ramp-up of Keflavík </a> <a title="TRBusiness Top 10 Operators 2026 page 33" href="https://secure.viewer.zmags.com/publication/543a0a63?page=33"> TOP 10 OPERATORS: 5 GEBR. HEINEMANN expect the r</a> <a title="TRBusiness Top 10 Operators 2026 page 34" href="https://secure.viewer.zmags.com/publication/543a0a63?page=34"> what travellers view as a legitimately engaging e</a> <a title="TRBusiness Top 10 Operators 2026 page 35" href="https://secure.viewer.zmags.com/publication/543a0a63?page=35"> TOP 10 OPERATORS: 5 GEBR. HEINEMANN shopping exp</a> <a title="TRBusiness Top 10 Operators 2026 page 36" href="https://secure.viewer.zmags.com/publication/543a0a63?page=36"> Above: Mast-Jägermeister SE's dual pop-up activat</a> <a title="TRBusiness Top 10 Operators 2026 page 37" href="https://secure.viewer.zmags.com/publication/543a0a63?page=37"> TM</a> <a title="TRBusiness Top 10 Operators 2026 page 38" href="https://secure.viewer.zmags.com/publication/543a0a63?page=38"> </a> <a title="TRBusiness Top 10 Operators 2026 page 39" href="https://secure.viewer.zmags.com/publication/543a0a63?page=39"> TOP 10 OPERATORS: 6 LOTTE DUTY FREE 6 Lotte Duty </a> <a title="TRBusiness Top 10 Operators 2026 page 40" href="https://secure.viewer.zmags.com/publication/543a0a63?page=40"> Profitability takes priority On the sales fall las</a> <a title="TRBusiness Top 10 Operators 2026 page 41" href="https://secure.viewer.zmags.com/publication/543a0a63?page=41"> TOP 10 OPERATORS: 6 LOTTE DUTY FREE strengthened</a> <a title="TRBusiness Top 10 Operators 2026 page 42" href="https://secure.viewer.zmags.com/publication/543a0a63?page=42"> alcoholic beverages, desserts, and convenience fo</a> <a title="TRBusiness Top 10 Operators 2026 page 43" href="https://secure.viewer.zmags.com/publication/543a0a63?page=43"> TOP 10 OPERATORS: 6 LOTTE DUTY FREE What do you </a> <a title="TRBusiness Top 10 Operators 2026 page 44" href="https://secure.viewer.zmags.com/publication/543a0a63?page=44"> PIONEERS OF SMOKE-FREE PRODUCTS Discover our</a> <a title="TRBusiness Top 10 Operators 2026 page 45" href="https://secure.viewer.zmags.com/publication/543a0a63?page=45"> TOP 10 OPERATORS: 7 DUTY FREE AMERICAS 7 Major in</a> <a title="TRBusiness Top 10 Operators 2026 page 46" href="https://secure.viewer.zmags.com/publication/543a0a63?page=46"> include the opening of JFK's New Terminal One, wh</a> <a title="TRBusiness Top 10 Operators 2026 page 47" href="https://secure.viewer.zmags.com/publication/543a0a63?page=47"> TOP 10 OPERATORS: 7 DUTY FREE AMERICAS </a> <a title="TRBusiness Top 10 Operators 2026 page 48" href="https://secure.viewer.zmags.com/publication/543a0a63?page=48"> Above: are performing “very well”, DFA's</a> <a title="TRBusiness Top 10 Operators 2026 page 49" href="https://secure.viewer.zmags.com/publication/543a0a63?page=49"> </a> <a title="TRBusiness Top 10 Operators 2026 page 50" href="https://secure.viewer.zmags.com/publication/543a0a63?page=50"> LEGO, the LEGO logo and the Minifigure are tradema</a> <a title="TRBusiness Top 10 Operators 2026 page 51" href="https://secure.viewer.zmags.com/publication/543a0a63?page=51"> 8 WHSmith: a year of significant change an</a> <a title="TRBusiness Top 10 Operators 2026 page 52" href="https://secure.viewer.zmags.com/publication/543a0a63?page=52"> Above: second-largest segment in WHSmith</a> <a title="TRBusiness Top 10 Operators 2026 page 53" href="https://secure.viewer.zmags.com/publication/543a0a63?page=53"> </a> <a title="TRBusiness Top 10 Operators 2026 page 54" href="https://secure.viewer.zmags.com/publication/543a0a63?page=54"> SEE THE RESULTS. FEEL THE DIFFERENCE. PROFESSION</a> <a title="TRBusiness Top 10 Operators 2026 page 55" href="https://secure.viewer.zmags.com/publication/543a0a63?page=55"> TOP 10 OPERATORS: 9 KING POWER CORPORATION 9 King</a> <a title="TRBusiness Top 10 Operators 2026 page 56" href="https://secure.viewer.zmags.com/publication/543a0a63?page=56"> Above: environment and the 2024 King Pow</a> <a title="TRBusiness Top 10 Operators 2026 page 57" href="https://secure.viewer.zmags.com/publication/543a0a63?page=57"> Meet us at TFWA Cannes Blue Village, Stand</a> <a title="TRBusiness Top 10 Operators 2026 page 58" href="https://secure.viewer.zmags.com/publication/543a0a63?page=58"> </a> <a title="TRBusiness Top 10 Operators 2026 page 59" href="https://secure.viewer.zmags.com/publication/543a0a63?page=59"> 10 DFS: The slow unravelling of a travel</a> <a title="TRBusiness Top 10 Operators 2026 page 60" href="https://secure.viewer.zmags.com/publication/543a0a63?page=60"> K. Inouye International Airport (HNL) and Kahului</a> <a title="TRBusiness Top 10 Operators 2026 page 61" href="https://secure.viewer.zmags.com/publication/543a0a63?page=61"> </a> <a title="TRBusiness Top 10 Operators 2026 page 62" href="https://secure.viewer.zmags.com/publication/543a0a63?page=62"> 10 years ago, we gave shopper data a voice. </a> <a title="TRBusiness Top 10 Operators 2026 page 63" href="https://secure.viewer.zmags.com/publication/543a0a63?page=63"> Dubai Duty Free hits the buffers, but is tracking</a> <a title="TRBusiness Top 10 Operators 2026 page 64" href="https://secure.viewer.zmags.com/publication/543a0a63?page=64"> Above: Trump administration is Gold and </a> <a title="TRBusiness Top 10 Operators 2026 page 65" href="https://secure.viewer.zmags.com/publication/543a0a63?page=65"> constraints were still influencing traffic during H1</a> <a title="TRBusiness Top 10 Operators 2026 page 66" href="https://secure.viewer.zmags.com/publication/543a0a63?page=66"> Above: Liquor & Tobacco shop at Concourse B West.</a> <a title="TRBusiness Top 10 Operators 2026 page 67" href="https://secure.viewer.zmags.com/publication/543a0a63?page=67"> BONUS FEATURE: SHINSEGAE DUTY FREE Shinsegae Du</a> <a title="TRBusiness Top 10 Operators 2026 page 68" href="https://secure.viewer.zmags.com/publication/543a0a63?page=68"> H yundai Duty Free's </a> <a title="TRBusiness Top 10 Operators 2026 page 69" href="https://secure.viewer.zmags.com/publication/543a0a63?page=69"> QDF on data, trends and tailoring amid geopolitic</a> <a title="TRBusiness Top 10 Operators 2026 page 70" href="https://secure.viewer.zmags.com/publication/543a0a63?page=70"> Above: Qatar Airways has restored its network to </a> <a title="TRBusiness Top 10 Operators 2026 page 71" href="https://secure.viewer.zmags.com/publication/543a0a63?page=71"> </a> <a title="TRBusiness Top 10 Operators 2026 page 72" href="https://secure.viewer.zmags.com/publication/543a0a63?page=72"> </a>