I think we have to ask following questions
- How much increase in sales is due to A) uptick in passenger throughput in airports, B) how much due to aquisition/entry into new airports, C) equally contributed by a & b.
- Ideal scenario is scenario C.
- If only A, then the risk is them losing to competition at the time of renewing/re-bidding with existing airports
- I’ve heard, small players winning on re-bidding vs large players.
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