OCEANIA. DFS Group is to close its operations in Sydney, Auckland and Queenstown, marking the travel retailer’s exit from the Oceania market.
The move is part of an ongoing review of the company’s global store network revealed by Chairman & CEO Ed Brennan in an interview with The Moodie Davitt Report last November.
The review has led to subsequent closures in several locations including Saipan, Fondaco dei Tedeschi in Venice and an exit from DFS Group’s interest in the LVMH-controlled La Samaritaine store in Paris.
“This decision reflects challenging economic conditions and is aligned with DFS’ broader strategy to optimise global operations,” DFS said.
The Sydney, Australia store will remain open until 10 September while the New Zealand business will close on 30 September.
Note: DFS Group is not the only leading travel retailer to be facing profoundly testing conditions.
In that regard, readers will find the above article sourced from Thai media The Nation related to King Power Duty Free particularly salient.
In an interview, new King Power Duty Free President Nitinai Sirismatthakarn distinguishes between cyclical downturns – temporary setbacks in otherwise viable industries – and genuine disruption that fundamentally alters market dynamics.
“Business operations differ significantly,” he explains. “If it’s an upward cycle, we can inject resources to address shortages. But if it’s a downturn, it means removing ourselves from that industry entirely.” Click here to read.
