Di Yi Cai Jing·2025-12-12 05:47Core Insights - The recent bidding results for the duty-free shop franchise rights at Shanghai Airport have led to the exit of RiShang Duty Free (Shanghai) Co., Ltd., which had operated there for 26 years, with the winning bids going to global duty-free giant Dufry and domestic leader China Duty Free Group (CDFG) [2][3] Group 1: Bidding Results - The Shanghai Airport Group announced a bidding process for duty-free shop rights for the next eight years, covering three terminals at Pudong and Hongqiao airports [3] - CDFG won the rights for the international areas of Pudong Airport's T2 terminal and Hongqiao Airport's T1 terminal, while Dufry secured the rights for Pudong Airport's T1 terminal [3][5] - RiShang Shanghai was unable to renew its contract due to a lack of support from its major shareholder, CDFG, which currently holds approximately 51% of RiShang Shanghai [3][5] Group 2: Changes in Revenue Model - The new bidding process has altered the revenue model for Shanghai Airport, shifting from a high minimum rent model to a combination of fixed monthly fees and commission-based earnings [6] - Dufry's bid for Pudong T1 was set at a fixed fee of 3,141 RMB/m²/month with commission rates ranging from 8% to 24%, while CDFG's bid for Pudong T2 was the same [6] - The previous model allowed for a higher commission rate based on sales, with a minimum of 42.5% of sales as rent, which has now significantly decreased [7] Group 3: Competitive Landscape - The changes in the duty-free shop agreements reflect a more competitive market, with new entrants and cross-border e-commerce platforms driving down prices [8] - The profit margins for duty-free products, particularly perfumes and cosmetics, have decreased from over 50% to around 20%, prompting a need for airports to reconsider their pricing strategies [8] - New competitors entering the duty-free market, such as Wangfujing and Hainan Tourism Investment, are also impacting the sales dynamics at international airports [8]