Autogrill wins duty free concession in Brazil
MILAN Aug 1 (Reuters) - Italy's Autogrill said on Wednesday it had won a 10-year concession to operate duty-free stores at Belem International Airport, a deal that allows it to enter the fast-growing Brazilian market.
The 2012-2022 concession is expected to generate sales of over 30 million euros ($36.95 million), Autogrill said.
"The entry in Brazil is just the first step. We hope to expand in the country, given its high growth potential," Jose Maria Palencia, Chief Executive of Autogrill's World Duty Free Group division said in a statement.
Situated in the north of Brazil, Belem International Airport is the main gateway to the Amazon area.
Brazil retail travel and duty free markets are worth an estimated $900 million and airport passengers have been growing at 12 percent a year over the last eight years. Tourism is expected to get a further boost when Brazil hosts the football World Cup in 2014 and the summer Olympic Games in 2016. ($1 = 0.8120 euros) (Reporting By Lisa Jucca; Editing by Helen Massy-Beresford)
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