Endless lines, boring terminals, and expensive parking may finally be coming to an end, as airports see opportunity in enticing travelers to spend more time in terminals.
Airports in the US now generate 46% of their revenue from space rental, parking, and other non-aeronautical sources, according to Airports Council International.
These offerings represented $9.7B in revenue in 2016, a significant increase from the $9.1B generated in 2015.
“We are in the position to engage with the customers in a different and better way than the high street” — Julían Díaz, CEO of travel retail operator Dufry
Over the past few years, airports have transformed themselves to provide better services and activities for travelers, as they become more and more like shopping malls — adding new stores, restaurants, and even on-demand fitness.
As brick-and-mortar retail collapses, airports are recognizing the opportunity in their captive market and high foot traffic to become retail destinations.
Sensing the opportunity, airports have partnered with startups to help improve the overall airport experience — from parking to security to navigation — in an effort to get travelers to spend more time and money on improved food, shopping, and fitness services.