SINGAPORE - Global airport retail heavyweights have landed at Changi to battle it out for two of the industry's most coveted contracts.
At stake: more than $800 million a year from the sale of duty- free liquor and tobacco, as well as cosmetics and perfumes.
The bids are in for the two separate licences and will be evaluated over the next few months, said Changi Airport Group's spokesman Ivan Tan.
Apart from incumbents Nuance- Watson (cosmetics and perfumes licence) and DFS group (liquor and tobacco licence), the contest has attracted other bigwigs.
They include South Korea's Lotte Duty Free, Europe's World Duty Free Group and King Power Group Hong Kong.
Mr Martin Moodie, chairman of business publication The Moodie Report which focuses on airport commercial services, said: "It's no surprise that the two Changi Airport tenders have each attracted world-class fields. At stake is over $800 million worth of business, but just as importantly, Changi is considered one of the world's blue-riband airports and its retail offer among the best."
Last year, Changi's retail business raked in a record $1.75 billion in total sales - the fourth highest in the world. In the top three were airports in South Korea, Dubai and London.
Airports in Asia that are showing the strongest growth in passenger traffic can expect retail takings to keep heading north, industry watchers said.