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Concession Structure Analysis
Top 30 International Airports 2010
July 13, 2011
Concession Analysis | Food and Beverage Concession Analysis | Retail and Services Concession Analysis | Overall | |||||||||||||||
Number 1 Ranking By Category | Pass. Count Rank- ing | Airport | Passenger Count Cat. #1 | % Total Cat. #2 | Total Revenues Cat. #3 | Total NPY Cat. #4 | NPY Less Duty Free & Gen. Serv. Cat. #5 | Revenues Cat. #6 | NPY Cat. #7 | SQF Cat. | Mthly RPSF Cat. #9 | Pass. Count to Sq. Ft. Leased Cat. #10 | Revenues Cat. #11 | NPY Cat. #12 | SQF Cat. #13 | Mthly RPSF Cat. #14 | Pass. Count to Sq. Ft. Leased Cat. | Overall RPSF Cat. #16 |
#8 | #15 | |||||||||||||||||
1, 2, 10 | 1 | Hartsfield–Jackson International Airport - Atlanta, USA | 89,331,622 | 6.111% | $224,440,743 | $2.51 | $2.51 | $143,359,280 | $1.60 | 97,767 | $122.19 | 914 | $81,081,463 | $0.91 | 98,999 | $68.25 | 902 | $190.45 |
2 | Beijing Capital International Airport - China | 73,891,801 | 5.055% | $195,092,203 | $2.64 | $2.64 | $124,613,194 | $1.69 | 85,642 | $121.25 | 863 | $70,479,009 | $0.95 | 86,722 | $67.73 | 852 | $188.98 | |
3,6,7, 9,11, 12,14,16 | 3 | O'Hare International Airport - Chicago, USA | 66,665,390 | 4.560% | $229,599,486 | $3.44 | $3.07 | $146,654,376 | $2.20 | 79,306 | $154.10 | 841 | $82,945,110 | $1.24 | 80,306 | $86.07 | 830 | $240.17 |
4 | London Heathrow Airport - UK | 65,884,143 | 4.507% | $18,362,127 | $0.28 | $0.25 | $11,728,625 | $0.18 | 82,217 | $11.89 | 801 | $6,633,502 | $0.10 | 83,253 | $6.64 | 791 | $18.53 | |
5 | Tokyo International Airport - Japan | 64,069,098 | 4.383% | $205,927,668 | $3.21 | $3.21 | $131,534,239 | $2.05 | 107,786 | $101.69 | 594 | $74,393,429 | $1.16 | 109,144 | $56.80 | 587 | $158.49 | |
6 | Los Angeles International Airport - California, USA | 58,915,100 | 4.030% | $183,849,375 | $3.12 | $3.12 | $117,431,950 | $1.99 | 100,022 | $97.84 | 589 | $66,417,425 | $1.13 | 101,283 | $54.65 | 582 | $152.48 | |
7 | Paris Charles de Gaulle Airport - France | 58,167,062 | 3.979% | $128,994,131 | $2.22 | $1.97 | $82,393,711 | $1.42 | 117,143 | $58.61 | 497 | $46,600,420 | $0.80 | 118,619 | $32.74 | 490 | $91.35 | |
8 | Dallas/Fort Worth International Airport - Dallas, USA | 56,905,066 | 3.893% | $117,299,557 | $2.06 | $1.83 | $74,923,919 | $1.32 | 99,121 | $62.99 | 574 | $42,375,638 | $0.74 | 100,370 | $35.18 | 567 | $98.17 | |
9 | Frankfurt Airport - Germany | 53,009,221 | 3.626% | $82,789,079 | $1.56 | $1.56 | $52,880,696 | $1.00 | 61,909 | $71.18 | 856 | $29,908,383 | $0.56 | 62,689 | $39.76 | 846 | $110.94 | |
10 | Denver International Airport - Denver, USA | 52,211,242 | 3.572% | $145,808,526 | $2.79 | $2.49 | $93,133,738 | $1.78 | 64,100 | $121.08 | 815 | $52,674,788 | $1.01 | 64,908 | $67.63 | 804 | $188.71 | |
11 | Hong Kong International Airport - China | 50,410,819 | 3.448% | $149,271,519 | $2.96 | $2.96 | $95,345,690 | $1.89 | 118,597 | $67.00 | 425 | $53,925,829 | $1.07 | 120,091 | $37.42 | 420 | $104.42 | |
8, 13 | 12 | Madrid-Barajas Airport - Spain | 49,786,202 | 3.406% | $72,450,035 | $1.46 | $1.30 | $46,276,736 | $0.93 | 131,191 | $29.40 | 379 | $26,173,300 | $0.53 | 132,844 | $16.42 | 375 | $45.81 |
13 | Dubai International Airport - UAE | 47,180,628 | 3.227% | $160,919,426 | $3.41 | $3.41 | $102,785,674 | $2.18 | 81,616 | $104.95 | 578 | $58,133,752 | $1.23 | 82,645 | $58.62 | 571 | $163.57 | |
14 | John F. Kennedy International Airport - New York, USA | 46,495,876 | 3.181% | $28,344,703 | $0.61 | $0.54 | $18,104,896 | $0.39 | 46,538 | $32.42 | 999 | $10,239,807 | $0.22 | 47,124 | $18.11 | 987 | $50.53 | |
15 | Amsterdam Airport Schiphol - Netherlands | 45,211,749 | 3.093% | $85,629,946 | $1.89 | $1.89 | $54,695,272 | $1.21 | 69,114 | $65.95 | 654 | $30,934,674 | $0.68 | 69,985 | $36.83 | 646 | $102.78 | |
16 | Soekarno-Hatta International Airport - Indonesia | 43,981,022 | 3.009% | $38,263,070 | $0.87 | $0.77 | $24,440,153 | $0.56 | 70,949 | $28.71 | 620 | $13,822,917 | $0.31 | 71,843 | $16.03 | 612 | $44.74 | |
17 | Suvarnabhumi Airport - Thailand | 42,784,967 | 2.927% | $67,375,829 | $1.57 | $1.57 | $43,035,637 | $1.01 | 60,873 | $58.91 | 703 | $24,340,192 | $0.57 | 61,640 | $32.91 | 694 | $91.82 | |
18 | Singapore Changi Airport - Singapore | 42,038,777 | 2.876% | $44,934,305 | $1.07 | $0.95 | $28,701,338 | $0.68 | 65,744 | $36.38 | 639 | $16,232,967 | $0.39 | 66,572 | $20.32 | 631 | $56.70 | |
19 | Guangzhou Baiyun International Airport - China | 40,975,253 | 2.803% | $96,027,487 | $2.34 | $2.34 | $61,336,597 | $1.50 | 54,536 | $93.73 | 751 | $34,690,890 | $0.85 | 55,223 | $52.35 | 742 | $146.08 | |
20 | Shanghai Pudong International Airport - China | 40,582,356 | 2.776% | $116,784,663 | $2.88 | $2.88 | $74,595,036 | $1.84 | 75,569 | $82.26 | 537 | $42,189,627 | $1.04 | 76,521 | $45.95 | 530 | $128.20 | |
21 | George Bush Intercontinental Airport - Houston, USA | 40,475,058 | 2.769% | $92,776,132 | $2.29 | $2.29 | $59,259,827 | $1.46 | 71,164 | $69.39 | 569 | $33,516,306 | $0.83 | 72,061 | $38.76 | 562 | $108.15 | |
22 | McCarran International Airport - Nevada, USA | 39,397,359 | 2.695% | $115,640,420 | $2.94 | $2.61 | $73,864,162 | $1.87 | 56,308 | $109.32 | 700 | $41,776,258 | $1.06 | 36,765 | $94.69 | 1072 | $204.01 | |
23 | San Francisco International Airport - California | 39,254,634 | 2.685% | $114,353,508 | $2.91 | $2.91 | $73,042,160 | $1.86 | 44,396 | $137.10 | 884 | $41,311,348 | $1.05 | 44,955 | $76.58 | 873 | $213.68 | |
24 | Phoenix Sky Harbor Airport - Arizona | 38,552,409 | 2.637% | $86,542,612 | $2.24 | $2.24 | $55,278,228 | $1.43 | 45,012 | $102.34 | 856 | $31,264,384 | $0.81 | 45,580 | $57.16 | 846 | $159.50 | |
25 | Charlotte Douglas Airport - North Carolina, | 38,143,078 | 2.609% | $78,363,198 | $2.05 | $2.05 | $50,053,709 | $1.31 | 77,512 | $53.81 | 492 | $28,309,489 | $0.74 | 78,488 | $30.06 | 486 | $83.87 | |
26 | Leonardo da Vinci Airport - Italy | 36,228,490 | 2.478% | $51,334,064 | $1.42 | $1.42 | $32,789,120 | $0.91 | 37,118 | $73.61 | 976 | $18,544,944 | $0.51 | 37,586 | $41.12 | 964 | $114.73 | |
27 | Sydney Airport - Australia | 35,992,164 | 2.462% | $92,233,282 | $2.56 | $2.56 | $58,913,087 | $1.64 | 49,379 | $99.42 | 729 | $33,320,196 | $0.93 | 50,002 | $55.53 | 720 | $154.95 | |
28 | Miami International Airport - Florida, USA | 35,698,025 | 2.442% | $95,925,918 | $2.69 | $2.69 | $61,271,721 | $1.72 | 43,318 | $117.87 | 824 | $34,654,197 | $0.97 | 43,864 | $65.84 | 814 | $183.71 | |
29 | Orlando International - Florida, USA | 34,877,507 | 2.386% | $68,476,152 | $1.96 | $1.96 | $43,738,457 | $1.25 | 58,000 | $62.84 | 601 | $24,737,695 | $0.71 | 58,731 | $35.10 | 594 | $97.94 | |
30 | Munich Airport - Germany | 34,721,605 | 2.375% | $87,381,100 | $2.52 | $2.52 | $55,813,804 | $1.61 | 86,359 | $53.86 | 402 | $31,567,296 | $0.91 | 87,447 | $30.08 | 397 | $83.94 | |
Totals | 1,461,837,723 | 100.00% | $3,275,190,265 | $2.24 | $64.54 | $2,091,995,030 | $42.47 | 2,238,309 | $2,402.10 | 20663 | $1,183,195,235 | $24.02 | 2,246,260 | $1,375.31 | 20787 | $3,777.41 |
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 North America. We have outlined above a "sixteen-point analysis" of the critical first level financial issues a concessionaire should consider as he/she evaluates a concession opportunity at an international airport. This first level concession structure analysis is the starting point as one completes an analysis of an airport's concession program. Before anyone invest in an airport concession program they should complete both a "level two and three" financial analysis of each airport's concession program.
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 Washington, D.C., is the "Voice of Airports" for North America, and the largest region of the worldwide Airports Council International. Our members span the continent and provide millions of passengers access to hundreds of destinations every day. From the snowy mountains of Calgary to the sun-drenched airports of southern Florida, ACI-NA's member airports are the portals to the world. ACI-NA's member airports handle over 95 percent of the domestic-and virtually all of the international-air passenger and cargo traffic in North America.
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 BEIJING, CN (PEK). and the "worst overall" international airport is BANGKOK, TH (BKK).
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 public airports in North America; however, 65.03% of
1,456,0258,111 passengers travel through the top twenty airports.
Airport
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 RPSF Cat. #16
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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