Both Duty Free Americas and Motta Internacional won bids for retail space at Panama’s Tocumen International Airport.
Three blocks of space, each with a 10-year term, were put up for tender, with DFA winning two of the positions.
DFA will pay the airport US $1.207 million a month for its space, while Motta will pay US $675, 844 per month.
Motta CEO Erasmo Orillac told The Latin America Report, “It is an important airport for us since it is our headquarters.”
The company also issued a statement: “We will be operating 725 meters in various locations throughout this terminal in a new 10-year concession. The final ratification will be given by the Board of directors of Tocumen in their monthly meeting to be held on August 31.”
Each block of retail space measures approximately 700 sq. m.
The current duty free concessions are held by Waked International and Motta and expire in December. During the bid in 2007, the contracts were awarded based on a single payment for 10 years. However, this year Tocumen set the bidding process to reflect a minimum guaranteed payment each month.
In the first half of this year, the airport welcomed 7.5 million passengers, an increase of 7.76% over the same period in 2016.