Even at metro airports, duty free penetration is around 10%, versus 15% in Dubai and 18% in Singapore, despite similar international footfalls of about 40%. This is mainly due to lower passenger spending and limited store formats, Biswas said. However, he believes that rising incomes, better international connectivity, growing outbound travel, and upgraded airport infrastructure, along with experiential retail and digital pre-orders, offer strong growth potential.
Fly the infrastructure, not the airline: Why investors are flocking to airport stocks like GMR Airports
