Gebr Heinemann passes €4 billion in turnover as duty-free booms at airports.
The co-owner of the family-run airport retail giant Gebr Heinemann, Claus Heinemann, says that sales in Scandinavia are helping to boost turnover at the company.
The retailer’s turnover increased 6.6% to €4.1 billion during the year, with Heinemann commenting that “2017 was a respectable year for us with healthy development.”
“We were able to achieve this by building on our strong position in Europe, especially Eastern Europe with Russia and Ukraine, and Scandinavia, with Norway and Denmark,” he elaborated.
The Hamburg-based company pointed to its 6.5% growth in Norway as being positive. Travel Retail Norway, its joint venture with Norse Trade, completed restructuring and expansion of its portfolio and now operates 16,740sqm of retail space in Norway, the airport retail site DFNI reports.
Meanwhile, a joint venture it has created in Russia won a tender to be the exclusive duty-free operator at Moscow’s Domodedovo airport, an event that Heinemann said was one of highlights of 2017, consolidating its position in Russia.
Europe covers 80% of Heinemann’s business, but the retailer said it also achieved successes in Asia and the Americas, specifically in Sydney, Malaysia and Hong Kong. Heinemann also entered the lucrative Caribbean cruise market in 2017.
The company is also investing around €100 million in the ongoing Istanbul New Airport project, projected to open at the end of October.