Avolta wins contract at JFK Airport, among its largest in N.America in 2024
Nov 27 (Reuters) -Avolta AVOL.S has won a deal to operate several duty-free, travel convenience and specialty retail stores at New York's John F. Kennedy International Airport from 2026, one of its largest contracts in North America this year, the Swiss duty-free retailer said on Wednesday.
WHY IT'S IMPORTANT
Avolta has been benefiting from a post-pandemic rebound in global travel. It last month stuck with its medium-term growth targets saying the size of its network should help it compensate for any regional slowdown.
However, Barclays analysts on Tuesday questioned Avolta's competitive position in North America and raised concerns about fading benefits of the post-pandemic recovery.
KEY QUOTES
"This is the first in a series of wins the team has had at this airport," Avolta told Reuters in an email.
The world's largest duty-free shop operator declined to comment on the expected revenues coming from the deal, but said the contract was aligned with its 2027 strategy.
"Across our operations we see continued passenger growth and general increase in spend per head," it said about the market concerns around slowing passenger demand.
Reporting by Anastasiia Kozlova in Gdansk; editing by Milla Nissi
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