日上上海出局，上海机场免税格局变天

Core Viewpoint - The recent bidding results for the duty-free store operation rights at Shanghai Airport indicate a significant shift in the competitive landscape, with major players like Dufry and China Duty Free Group winning the contracts, while the incumbent operator, Sunrise Duty Free (Shanghai), lost its bid due to lack of support from its major shareholder [3][4][8]. Group 1: Bidding Results - The bidding for the duty-free store operation rights at Shanghai Airport for the period from January 1, 2026, to December 31, 2033, was announced on December 11, 2023 [3][5]. - China Duty Free Group secured the operation rights for the T2 terminal at Pudong International Airport and the international area of T1 at Hongqiao International Airport, while Dufry won the rights for the T1 terminal at Pudong [6][8]. - Sunrise Duty Free (Shanghai) was unable to renew its contract as it did not receive backing from its major shareholder, China Duty Free Group, which holds approximately 51% of its shares [6][8]. Group 2: Changes in Revenue Model - The new bidding results indicate a shift in the revenue model for Shanghai Airport, moving from a high fixed rent model to a combination of guaranteed rent and commission [10][11]. - Dufry's bid for the T1 terminal at Pudong was set at a fixed monthly fee of 3,141 RMB per square meter, with commission rates ranging from 8% to 24% [10]. - The previous model allowed for a higher commission rate of up to 42.5%, which has now been significantly reduced, indicating a lower revenue potential for the airport [12]. Group 3: Competitive Landscape - The duty-free market is experiencing increased competition from cross-border e-commerce platforms, which have lower operational costs and are driving down prices [14][15]. - New entrants into the duty-free market, such as Wangfujing and Hainan Tourism Investment, are also impacting the competitive dynamics, further challenging the pricing power of airport duty-free stores [14][15]. - The changing competitive landscape necessitates that airport duty-free stores reconsider their pricing strategies to remain attractive to consumers [15].