IRAQ. Iraq Duty Free has commenced the latest phase of its expansion plans, which is to renovate its store in the international terminal at Baghdad Airport.
The feasibility study for the renovation work has been carried out, as well as consideration for the brand layout in the shop. The works will be completed by the second quarter of 2023.
Iraq Duty Free said it has started discussions to list several niche brands which are sought after by Iraqi passengers, including some cosmetics brands.
The airport expansion move follows the successful completion of the previous development phase, which, as reported, was the opening of an Iraq Duty Free store in downtown Baghdad.
The 500sq m store is open to all travellers coming or returning to Iraq including foreign nationals and diplomatic staff. Importantly, eligible shoppers have the advantage of making purchases up to 30 days after their arrival.
Iraq Duty Free said sales figures in the first quarter of business at the new store are “above and beyond expectations”.
This positive development for the business follows an encouraging 2021 for IDF, when it achieved 72% of pre-pandemic 2019 revenues.
A note from the company acknowledged 2021 as a difficult year “for all the travel retail industry around the world”, but added that it managed to perform well with the support of its partners, including suppliers, staff and contractors.
The note continued: “These are results that Iraq Duty Free is very proud of taking into account of all the restrictions on travel, the challenges of COVID-19 and all the health measures that travellers had to endure during this period internationally.”
Following on from the solid 2021 performance, Iraq Duty Free ’s target for FY 2022 is to increase sales by +10%.
Future revenues will be boosted as Iraq Duty Free executes its plans for another downtown store on the eastern side of Baghdad and similar stores across the largest cities in Iraq.
