Business | General
Dubai Duty Free marks 25th anniversary
Dubai Duty Free, a retail phenomenon in its own right, has recorded a growth in sales from a humble $20 million (Dh73.4 million) at its inception in 1983 and soaring to $1 billion as it commemorates its 25th anniversary this week.
- By Natasha Marrian, Staff Reporter
- Published: 23:27 December 17, 2008
Dubai: Dubai Duty Free, a retail phenomenon in its own right, has recorded a growth in sales from a humble $20 million (Dh73.4 million) at its inception in 1983 and soaring to $1 billion as it commemorates its 25th anniversary this week.
The duty free industry is worth $32 billion globally with airports generating roughly half of this and Dubai Duty Free contributing six per cent to the global industry.
Colm McLoughlin, managing director of Dubai Duty Free, speaking at the launch of Fly By Dubai, a book chronicling the rise of the duty free industry in Dubai, said the industry had come a long way since its inception in the emirate in 1983.
"We opened on December 20, 1983. Our sales on the first day of opening was Dh160,000 and on the corresponding day last December, the 20th of December last year, our sales were Dh46 million so we have gone from Dh160,000 to Dh46 million in our 25 years in this business," he said.
The duty free industry began in 1947 at Shannon Airport in Ireland, when businessman Brendan O'Regan started selling a selection of Irish handicrafts to transatlantic travellers.
Share this article
More from Business General
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
