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Concession Structure Analysis
Top 30 International Airports 2007
July 29, 2008
Concession Analysis |
Food and Beverage
Concession Analysis |
Retail and Services
Concession Analysis |
Overall |
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1, 2, 3 |
1 |
Atlanta,
GA (Atl) |
89,379,287 |
6.250% |
$218,666,872 |
$2.45 |
$2.45 |
$139,671,278 |
$1.56 |
96,265 |
$120.91 |
928 |
$78,995,594 |
$0.88 |
93,916 |
$70.09 |
952 |
$191.00 |
|
2 |
Chicago
Il(Ord) |
76,177,855 |
5.327% |
$181,466,781 |
$2.38 |
$2.38 |
$115,910,092 |
$1.52 |
84,327 |
$114.54 |
903 |
$65,556,689 |
$0.86 |
82,269 |
$66.40 |
926 |
$180.95 |
|
3 |
London
(Lhr) |
68,068,304 |
4.760% |
$171,452,952 |
$2.52 |
$2.24 |
$109,513,859 |
$1.61 |
78,088 |
$116.87 |
872 |
$61,939,094 |
$0.91 |
76,183 |
$67.75 |
893 |
$184.62 |
|
4 |
Tokyo
(Hnd) |
66,823,414 |
4.673% |
$24,468,785 |
$0.37 |
$0.33 |
$15,629,192 |
$0.23 |
80,954 |
$16.09 |
825 |
$8,839,593 |
$0.13 |
78,979 |
$9.33 |
846 |
$25.42 |
7 |
5 |
Los
Angeles, CA (Lax) |
61,896,075 |
4.328% |
$174,387,932 |
$2.82 |
$2.82 |
$111,388,548 |
$1.80 |
106,130 |
$87.46 |
583 |
$62,999,384 |
$1.02 |
103,541 |
$50.70 |
598 |
$138.17 |
|
6 |
Paris
(Cdg) |
59,922,177 |
4.190% |
$141,936,827 |
$2.37 |
$2.37 |
$90,660,729 |
$1.51 |
98,486 |
$76.71 |
608 |
$51,276,098 |
$0.86 |
96,083 |
$44.47 |
624 |
$121.18 |
|
7 |
Dallas/Fort
Worth, TX (Dfw) |
59,786,476 |
4.181% |
$123,945,249 |
$2.07 |
$1.85 |
$79,168,788 |
$1.32 |
115,344 |
$57.20 |
518 |
$44,776,460 |
$0.75 |
112,530 |
$33.16 |
531 |
$90.36 |
|
8 |
Frankfurt
(Fra) |
54,161,856 |
3.787% |
$117,897,853 |
$2.18 |
$1.94 |
$75,306,074 |
$1.39 |
97,599 |
$64.30 |
555 |
$42,591,778 |
$0.79 |
95,217 |
$37.28 |
569 |
$101.57 |
|
9 |
Beijing
(Pek) |
53,583,664 |
3.747% |
$87,850,621 |
$1.64 |
$1.64 |
$56,113,706 |
$1.05 |
60,958 |
$76.71 |
879 |
$31,736,915 |
$0.59 |
59,470 |
$44.47 |
901 |
$121.18 |
|
10 |
Madrid
(Mad) |
52,122,702 |
3.645% |
$123,494,177 |
$2.37 |
$2.11 |
$78,880,671 |
$1.51 |
63,116 |
$104.15 |
826 |
$44,613,507 |
$0.86 |
61,576 |
$60.38 |
846 |
$164.53 |
|
11 |
Denver,CO
(Den) |
49,863,352 |
3.487% |
$120,212,351 |
$2.41 |
$2.41 |
$76,784,437 |
$1.54 |
116,775 |
$54.79 |
427 |
$43,427,914 |
$0.87 |
113,926 |
$31.77 |
438 |
$86.56 |
|
12 |
Amsterdam
(Ams) |
47,794,994 |
3.342% |
$62,486,921 |
$1.31 |
$1.16 |
$39,912,896 |
$0.84 |
129,176 |
$25.75 |
370 |
$22,574,025 |
$0.47 |
126,024 |
$14.93 |
379 |
$40.68 |
|
13 |
New
York, NY (Jfk) |
47,716,941 |
3.337% |
$123,983,399 |
$2.60 |
$2.60 |
$79,193,156 |
$1.66 |
80,363 |
$82.12 |
594 |
$44,790,243 |
$0.94 |
78,402 |
$47.61 |
609 |
$129.73 |
|
14 |
Hong
Kong, China (Hkg) |
47,042,419 |
3.289% |
$32,316,271 |
$0.69 |
$0.61 |
$20,641,695 |
$0.44 |
45,823 |
$37.54 |
1027 |
$11,674,576 |
$0.25 |
44,705 |
$21.76 |
1052 |
$59.30 |
|
15 |
Las
Vegas, NV (Las) |
46,961,011 |
3.284% |
$74,428,564 |
$1.58 |
$1.58 |
$47,540,501 |
$1.01 |
68,052 |
$58.22 |
690 |
$26,888,063 |
$0.57 |
66,392 |
$33.75 |
707 |
$91.96 |
|
16 |
Houston,
TX (Iah) |
42,998,040 |
3.007% |
$27,526,301 |
$0.64 |
$0.57 |
$17,582,149 |
$0.41 |
69,859 |
$20.97 |
615 |
$9,944,151 |
$0.23 |
68,155 |
$12.16 |
631 |
$33.13 |
|
17 |
Phoenix
AZ (Phx) |
42,184,515 |
2.950% |
$74,363,482 |
$1.76 |
$1.76 |
$47,498,930 |
$1.13 |
59,938 |
$66.04 |
704 |
$26,864,551 |
$0.64 |
58,476 |
$38.28 |
721 |
$104.32 |
|
18 |
Bangkok
(Bkk) |
41,210,081 |
2.882% |
$39,453,741 |
$0.96 |
$0.85 |
$25,200,682 |
$0.61 |
64,734 |
$32.44 |
637 |
$14,253,058 |
$0.35 |
63,154 |
$18.81 |
653 |
$51.25 |
8 |
19 |
Singapore
(Sin) |
36,701,556 |
2.566% |
$81,913,610 |
$2.23 |
$2.23 |
$52,321,500 |
$1.43 |
138,863 |
$31.40 |
264 |
$29,592,111 |
$0.81 |
135,474 |
$18.20 |
271 |
$49.60 |
|
20 |
Orlando,
Fl (Mco) |
36,480,416 |
2.551% |
$74,741,468 |
$2.05 |
$2.05 |
$47,740,365 |
$1.31 |
74,408 |
$53.47 |
490 |
$27,001,103 |
$0.74 |
72,593 |
$31.00 |
503 |
$84.46 |
|
21 |
Newark,
NJ (Ewr) |
36,367,240 |
2.543% |
$76,778,882 |
$2.11 |
$2.11 |
$49,041,743 |
$1.35 |
70,071 |
$58.32 |
519 |
$27,737,139 |
$0.76 |
68,361 |
$33.81 |
532 |
$92.14 |
|
22 |
Detroit,
MI (Dtw) |
35,983,478 |
2.516% |
$96,869,810 |
$2.69 |
$2.40 |
$61,874,622 |
$1.72 |
35,750 |
$144.23 |
1007 |
$34,995,187 |
$0.97 |
34,878 |
$83.61 |
1032 |
$227.84 |
9,10,12,14,15,16 |
23 |
San
Francisco, CA (Sfo) |
35,792,707 |
2.503% |
$97,516,375 |
$2.72 |
$2.72 |
$62,287,609 |
$1.74 |
132,666 |
$39.13 |
270 |
$35,228,765 |
$0.98 |
129,429 |
$22.68 |
277 |
$61.81 |
13 |
24 |
Tokyo
(Nrt) |
35,478,146 |
2.481% |
$89,766,477 |
$2.53 |
$2.53 |
$57,337,440 |
$1.62 |
128,686 |
$37.13 |
276 |
$32,429,037 |
$0.91 |
125,546 |
$21.53 |
283 |
$58.66 |
|
25 |
London
(Lgw) |
35,218,374 |
2.463% |
$70,013,441 |
$1.99 |
$1.99 |
$44,720,385 |
$1.27 |
124,825 |
$29.86 |
282 |
$25,293,056 |
$0.72 |
121,779 |
$17.31 |
289 |
$47.16 |
|
26 |
Minneapolis
MN (Msp) |
35,157,322 |
2.458% |
$49,368,989 |
$1.40 |
$1.40 |
$31,533,948 |
$0.90 |
121,080 |
$21.70 |
290 |
$17,835,041 |
$0.51 |
118,126 |
$12.58 |
298 |
$34.29 |
|
27 |
Dubai
(Dxb) |
34,348,110 |
2.402% |
$88,721,648 |
$2.58 |
$2.58 |
$56,670,066 |
$1.65 |
132,666 |
$35.60 |
259 |
$32,051,583 |
$0.93 |
129,429 |
$20.64 |
265 |
$56.23 |
|
28 |
Munich
(Muc) |
33,959,422 |
2.375% |
$87,205,652 |
$2.57 |
$2.57 |
$55,701,738 |
$1.64 |
104,760 |
$44.31 |
324 |
$31,503,914 |
$0.93 |
102,204 |
$25.69 |
332 |
$70.00 |
|
29 |
Miami
, Fl (Mia) |
33,740,416 |
2.359% |
$71,015,405 |
$2.10 |
$2.10 |
$45,360,380 |
$1.34 |
57,109 |
$66.19 |
591 |
$25,655,025 |
$0.76 |
55,716 |
$38.37 |
606 |
$104.56 |
|
30 |
Charlotte, NC (Clt) |
33,165,688 |
2.319% |
$86,621,338 |
$2.61 |
$2.61 |
$55,328,514 |
$1.67 |
100,471 |
$45.89 |
330 |
$31,292,825 |
$0.94 |
98,019 |
$26.60 |
338 |
$72.50 |
|
|
Totals |
1,430,086,038 |
100.000% |
$2,890,872,172 |
$2.02 |
$58.97 |
$1,846,515,691 |
$38.78 |
2,737,343 |
$1,820.03 |
17464 |
$1,044,356,481 |
$21.93 |
2,670,552 |
$1,055.12 |
17901 |
$2,875.15 |
Synopsis of Analysis
RMD Financial Corporation generated this "concession structure analysis" based upon the information and documents provided by the sources listed below and others.
The purpose of this
analysis is to provide a "first level" preliminary economic analysis
of the top twenty international airports in
Do not use this analysis as your "primary investment analysis source" when you decide to invest in an airport concession program.
Primary Information Sources:
Airports Council International - ACI
Airports Council
International – North America, head quartered in
Number 1 Ranking By Category
RMD has ranked each of the top thirty international
airports above based upon the 16 major analytical categories listed
below. The "number one" airport in each category
has been identified. The number one "overall all"
international airport in North America, from the stand-point of
"concession management and revenue performance" is San Francisco International Airport.
and the "worst overall"
international airport is Philadelphia International Airport.
Pass. Count Ranking
Passenger
Count Ranking are determined by the Airports Council International of North
America based upon the FAA's annual report of passenger "enplanements and deplanements" at US
airports. There are 151 airports in
RMD has listed each
of the top twenty North American international airports above based upon
their passenger traffic. RMD
has included a "web site link" to the home page of each
international airport. Each web site link will enable you to secure
more detailed information about each airport.
Passenger Count Cat. #1
Passenger Count - Category #1 -
The FAA
generates an annual report of passenger "enplanements and
deplanements;" based upon information provided to the agency by aviation
managers.
% Total Cat. #2
% Total - Category #2 - The passenger traffic of each international airport
is compared to the total passenger traffic for the top twenty North American
international airports, and the % of traffic controlled by each airport is
listed.
Total Revenues Cat. #3
Total Revenues - Category #3 - Each international airport publish the annual
revenues for each "revenue source" to includes, retail, services,
landing fees, food and beverage revenues. This information
published in the "request for proposals" issued by each airport
when the seek public bids for services. Trade magazines such
as "World Airport Retail News" publish annual detailed revenue
numbers. RMD's concession structure analyses are limited to retail,
services, food and beverage revenues; with an "adjustment" for
"Duty Free and General Services" revenues. This
"adjustment" allows for a more comparative analysis of all airports.
Total NPY Cat. #4
Total Net Passenger Yield - Category #4 - The "net passenger yield" for each airport reflects a "computed net dollar yield" for each airline passenger. Both passenger "enplanments and deplanements" numbers are included in the analysis. The net passenger yield numbers for retail, services, food and beverage revenues serves as an indication of how well each airport has structured its concession program. An airport with a "retail NPY" of $5.50 is generating greater revenues for their concessionaires and airport authority than an airport generating NPYs of $2.50. An airport could be generating above average NPYs and still be a poorly managed airport from the standpoint of the concessionaire
NPY Less Duty Free Cat. #5
Net Passenger Yield Less Duty Fee - Category
#5 - The "net passenger
yield" for each airport reflects a "computed net dollar yield"
for each airline passenger. Only five of the top twenty
international airport realize significance "Duty Free" revenues.
Hence, we have computed the impact of "Duty Free Revenues" on overall
revenues. RMD's concession structure analyses are limited to retail,
services, food and beverage revenues; with an "adjustment" for
"Duty Free" revenues. This "adjustment"
allows for a more comparative analysis of all airports.
Food and Beverage Concession Analysis Cat.
#6 -10
Food and
Beverage Concession Analysis - Category #6 - 10
Each element of food and beverage revenues are
analyzed separately to determine which international airport has the most
"economically sound" concession program. The
"economic soundness" of an airport's concession program is not driven
by the size of the airport or the passenger traffic. A
concessionaire's evaluation of an airport's concession program should include
an analysis of the issues outlined below, the other relevance categories in
this report and a detailed study of passenger traffic.
Retail and Services Concession Analysis Cat. #11 - 15
Retail and
Services Concession Analysis - Category #11 - 15
Each element of retail revenues are analyzed
separately to determine which international airport has the most
"economically sound" concession program. The
"economic soundness" of an airport's concession program is not driven
by the size of the airport or the passenger traffic. A
concessionaire's evaluation of an airport's concession program should include
an analysis of the issues outlined below, the other relevance categories in
this report and a detailed study of passenger traffic.
Overall
Revenues Per Square Foot - Category #16
The purpose of this category is to establish a
"standard" for all airport. The economic impact of all 16
categories are used to compute the Overall Revenues Per Square Foot
analysis. A concessionaire's evaluation of an airport's
concession program should include an analysis of the issues outlined above, the
other relevance categories in this report and a detailed study of passenger
traffic.
How does your airport rank?
Is it the worst international airport for concessionaires?
Is it the best international airport for concessionaires?
For a review of your international airport's numbers
For a list of the top 600 airports worldwide
Contact RMD Financial Corporation
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