With travelers from North America on the decline, duty-free retailers and suppliers in Latin America are vying for their attention, even as they ride a local wave of increased spending power among consumers who live within the region. To negotiate this tricky situation, businesses are introducing larger retail spaces, new marketing techniques and a wider array of products.
From one angle, sales trends are positive, according to Manuel Montico, the general manager for the Montevideo office of Grupo Wisa, the Panama-based travel retailer. “The global travel retail market in Latin America has been growing almost continuously over the past 10 years, except for a slight contraction experienced in the year 2008 due to, among other factors, the crisis created after the fall of Lehman in the United States ,” he said. “It shows signs of strength to continue growing for at least the next five years.”
Source: Latin Trade
Source: Latin Trade
