Dubai Duty Free hits record sales high in 2009 after powerful late-year flourish
Dubai Duty Free last night closed out 2009 with record annual sales of AED4.1 billion – some AED145 million or +3.7% ahead of the previous high set in 2008, reports The Moodie Report.
“We are very happy,†Managing Director Colm McLoughlin told The Moodie Report just after midnight UAE time.
The record sales represent a remarkable performance – and transformation – at the world’s leading duty free sales location (based on 2008 figures).
In common with most travel retailers around the world Dubai Duty Free was hit hard by the impact of the global financial crisis – and Dubai’s own well-documented economic issues – during much of 2009.
The retailer was also severely affected by the Pound Sterling’s slump, which made UAE duty free pricing far less attractive for the important UK passenger base.
After a rare year-on-year slump in sales each month from February to May, Dubai Duty Free’s performance gradually picked up during the remainder of the year, coming on strongly in the final few months despite mounting adverse publicity about the local economy. Tobacco, liquor, confectionery and destination merchandise proved to be particularly strong categories in the second-half bounce back.
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