Qatar Duty Free’s garden-like shopping spaces viewed from a business lounge.
Qatar Duty Free (QDF) today revealed another set of strong annual results for 2024 following an already stellar 2023 in a global duty-free market that is seeing spending pressure, particularly in China.
The retailer, a 100% subsidiary of state-owned Qatar Airways, posted 18% growth, just over half of the increase in 2023. However, given that its bigger regional rival Dubai Duty Free saw flat sales of $2.15 billion last year, QDF’s result is outstanding. Its growth is unlikely to be beaten by bigger global travel retailers when they report their 2024 results in the coming weeks.
Thabet Musleh, Qatar Airways’ chief retail and hospitality officer, described the year as “extraordinary” and added: “As a business, we have a shared vision for the heights we want to scale. These milestones in 2024 are a testament to the belief that our team and partners have in this vision and the dedication and hard work which has gone into making it a reality.”
Thabet Musleh: “As a business, we have a shared vision for the heights we want to scale.”
QDF’s core business is at Doha’s Hamad Airport, Qatar Airways’ hub. This is a good place to be a duty-free retailer as the airline is growing and recently delivered the strongest financial performance in its 27-year history. Net profits hit $1.7 billion on revenue of $22.2 billion during the 2023-2024 fiscal year.
The airline’s CEO, Engr. Badr Mohammed Al-Meer, is rolling out the Qatar Airways 2.0 strategy focused on employee well-being and retention while building and sustaining partnerships in emerging markets in Africa, the Americas, and India. These are the aviation growth markets of the future.
QDF does not reveal its sales but by extrapolating from our 2023 estimates, the retailer may well have generated sales of around $1.2 billion last year. Sales growth of 18% outpaced Hamad Airport’s 15% rise in passengers to 52.7 million. It was the other way around for Dubai Duty Free.
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Much of QDF’s growth was due to retail and food and beverage (F&B) novelties. Eighteen retail concepts were added including the opening of the first digital multi-brand store by LVMH’s eyewear business Thelios in collaboration with Kering Eyewear, and a Dior spa and beauty retreat, the first of its kind in an ai