ANA Aeroportos de Portugal, Lisboa, Porto e Faro, Portugal

The Task

ANA wanted to understand what the market share on car parks lost to off-airport operators was, the reasons why pax choose their competitors and understand competitors’ capacity, services and pricing policy. This input would allow it to fine-tune its competitive position on the 3 main airports.

Our Approach

Our team started by implementing a market study to understand the split in market share between the airport and off-airport competitors, key demand drivers and buying decisions.

We also performed a detailed analysis on existing operators, using public data and mystery clients, to identify main characteristics (location, services, marketing strategy) and economic performance.

Finally, based on the competitive analysis, our consultants identified quick wins to increase car park revenues.

The Result

Our client was able to review its pricing policy and services offered, to capture market share from competitors without jeopardizing the business margins.

Queen Alia International Airport, Amman, Jordan

The Task

Airport International Group (AIG) contacted us regarding an immediate optimisation of the commercial revenues as well as the development of an RFP, new standard commercial contract and the planning of a master Food & Beverage Concession tender.

Our Approach

A quick due diligence revealed several immediate turn-around opportunities, which were all implemented during an on-site visit, without any need for CAPEX.

To compose the most attractive Food and Beverage tender package, it was necessary first to carry out a phased terminal redevelopment, - accommodating increasing passenger numbers over the coming 10 years and ensuring the best possible operating conditions for the future Food & Beverage operator.

The new RFP and corresponding contract were developed to ensure optimal revenues through the implementation of best global practices and the introduction of practical day-to-day operational requirements.

The Result

A new standard RFP and Master Concession Contract, with detailed service level requirements for all future commercial operators at the airport, was launched in the beginning of 2019 to a shortlist of international Food & Beverage operators.

Pulkovo International Airport, Saint Petersburg, Russia

The Task

An international consultancy firm requested us to carry out a due diligence and develop a revenue forecast for a potential bid for a stake in the airport.

Our Approach

Based on a site visit, review of available data and an evaluation of the downtown retail and food & beverage offer, we carried out an in-depth due diligence of the various aspects of the commercial operation at the airport.

A detailed revenue forecast, with a specification of revenue per passenger, per business line, per year, was developed. In addition to the basic revenue forecast, we also provided a strategy for increasing revenues, based on specific short, medium and long term optimisation strategies.

Finally, the commercial revenue forecast included airport needs and requirements, such as space allocations, contractual terms and outsourcing deadlines as well as a technical and architectural “wish list”.

The Result

The client was presented with a detailed evaluation of the current situation, potential upsides based on a short, medium and long term business development strategy and a revenue forecast per year per passenger for the term of the concession.

Nikola Tesla International Airport, Belgrade, Serbia

The Task

Our client considered placing a bid for a stake in the airport and tasked us with the development of an initial due diligence and revenue forecast for the non-aviation activities

Our Approach

Based on available data for the last 3 years, terminal plans and existing contracts, we reviewed the current financial performance and benchmarked it against that of similar airports. We also evaluated the commercial space distribution, passenger flows through the terminal and the shop allocation, to identify opportunities for the introduction of new shops and food & beverage units. Finally, we reviewed the commercial contracts to identify potential legal limitations to the identified optimisation opportunities.

The Result

We delivered an in-depth due diligence with an indication of immediate turnaround opportunities as well as a medium revenue optimisation plan and a long term business development strategy for all commercial activities at the airport.

We also provided a revenue forecast for the term of the offered airport concession with identification of revenue per passenger, per year, per business line.

Gardermoen International Airport, Oslo, Norway

The Task

Our client won the concession contract for the operation of various retail outlets in the new Gardermoen airport and needed assistance with the final concept and design development, liaison with the airport operator pre-start-up and the hands-on implementation and opening of the shops.

Our Approach

In close collaboration with the airport’s architects, we developed new customised shop concepts, which were adjusted to the passenger profile found at the airport. We also worked with local designers to develop shop designs, that would be perfectly integrated into the architectural vision for the airport; letting the airport become part of the surrounding nature. The materials used were all local and the form giving was organic. Circulation patterns, colours and displays created a varied “excitement” and “experience” in each unit.

The Result

Our client’s shops were the only ones to open within the deadline given by the airport.

The design is classic, timeless and reflects the location of the airport. And the practical set up of the daily operation of the shops ensures an operation, that generates maximum margins.

José María Córdova International Airport, Medellín, Colombia

The Task

An international airport operator was considering a potential bid for a stake in three Colombian airports and requested assistance to carry out a due diligence and develop a revenue forecast.

Our Approach

A site visit provided a good insight into the daily operation of the commercial activities and allowed us to identify opportunities for immediate revenue optimisation in the passenger flows, shop allocation and space distribution.

It also facilitated a quick study of the passenger profile and the commercial concept mix.

This was followed up by meetings with the management, a review of current commercial contracts and the financial data from the last 3 years.

All collected data were evaluated and used for the development of a detailed due diligence and revenue forecast for an acquisition bid for the three airport concessions.

The Result

A clear understanding of the current operation and a detailed business development strategy split into immediate turnaround opportunities, medium-term revenue optimisation, including planned outsourcing of commercial contracts, shop re-allocation and modification of the passenger flows. In addition, we provided a long-term business development strategy with input to architects for terminal extensions, shop designs and future operational requirements for all commercial operators. Finally, we delivered a revenue forecast detailing expected income per passenger, per business line, per year.

OMA Airport Group (13 airports, Incl. Monterrey), Mexico

The Task

The new CEO of OMA Airports requested us to perform a detailed due diligence of the current operation and to pinpoint areas for immediate optimisation. The project also included the task of developing a medium-term business optimisation strategy and step-by-step action plan as well as a management training program.

Our Approach

We started our assessment with a site visit over several days, during which we took the opportunity to meet with the commercial team. We also spent time with the commercial director in the terminal, discussing specific optimisation opportunities – several of which were implemented on the spot.

In addition to the quick wins, we planned and started a set of sale promotions – with participation from all commercial outlets at Monterrey airport. Other issues, we identified and provided solutions to, were general contract management, adjustment of concept mix with the passenger profile at each airport, shop allocation and introduction of new units for a terminal extension, both immediate and long term. We also updated the current standard commercial contract, developed a new RFP, including a Service Level Requirement booklet – to be used in all future commercial contracts - as well as a complete and detailed outsourcing strategy. All of which were activated immediately, with the successful tendering of a master FB contract.

The Result

A detailed step-by-step action plan, which takes the airport’s commercial management team through the various identified revenue optimisation opportunities – resulting in a significant increase in revenues. The plan is split into monthly tasks, sub-tasks, responsibilities and expected results.

Luis Muñoz Marín International Airport, San Juan, Puerto Rico

The Task

The airport management was seeking independent 3rd party advice on the identification of potential optimisation opportunities in the airport, short and medium-term.

Our Approach

We performed an extensive site visit, including a review of commercial contracts and outsourcing documentation, as well as analysed the concept mix versus the passenger profile, the product offer, price levels, marketing efforts and overall customer approach.

Finally, the study included a review of the terminal layouts, passenger flows and shop allocations.

All sales and revenue data were benchmarked against those of comparable airports and global best practices. And best practice elements were introduced to generate short term improvements.

The Result

We were able to identify several shop re-allocations, which provided space for the introduction of new concepts, geared towards the passenger profile found at the airport.

The client was also presented with specific input to optimisation elements, such as the creation of a mini commercial plaza, improvement of product mix, price adjustments, the installation of pop-up sales and promotion units, the introduction of mobile Food and Beverage units and readjusted flows.

The limited CAPEX and OPEX related to the implementation of the various revenue-enhancing actions were absorbed by the retailers.

George Best Airport, Belfast, Northern Ireland

The Task

Our client requested a due diligence and revenue forecast for all commercial activities concerning an acquisition bid for the airport concession.

Our Approach

Our consultants performed a thorough analysis of the current operation, including a study of the various commercial contracts, KPIs, sales and operations reporting, and the airport’s requirements and management of the day-to-day operation.

With a clear understanding of the current commercial situation, detailed information of the passenger forecast and future passenger profile, as well as future operational restrictions, we set out a short, medium and long-term business development strategy.

This strategy included an extension of the car park facilities, a redirection of passenger' flows and the remodelling of the commercial layout and shop allocation plan. The remodelling would not only make space for increased security requirements but would also allow for the introduction of new retail and food & beverage concepts.

The plan also addressed issues such as the need for, and cost of, staff training, extended parking facilities and the outsourcing of key commercial contracts, such as advertising.

The Result

We performed an in-depth due diligence. And based on the identified extra space and the 3-step business development strategy, we provided a detailed revenue forecast with the specification of turnover and revenues per passenger, per business line and year for the concession period.

Riyadh, Jeddah and Dammam International Airports, Saudi Arabia

The Task

The Saudi Ministry of Transport were looking to decentralise the management of the country’s key airports and had contracted PWC to recommend the best strategy. The consulting firm contracted us to review the current commercial and operational situation and provide input to the best process of decentralising the management of all daily non-aviation operations.

Our Approach

Following a site visit and meetings with management, we identified a step-by-step transfer strategy of the daily operations from the centralised offices to each airport. We also developed a list of recommendations to be implemented at the airports, before the transfer of decision power, such as a management training schedule, day-to-day KPIs and commercial development strategies.

Finally, we were asked to review and comment on the RFP for the upcoming tender of the Duty-Free operation.

The Result

A two-way step-by-step manual for the transfer of management - with clear identification of the process, responsibilities as well as recommended training, IT requirements and staff qualifications. And a detailed review of the Duty-Free RFP with suggested changes and recommendations.

Silvio Pettirossi International Airport, Asunción, Paraguay

The Task

In the lead-up to the privatisation of Asunción Airport, the Airport management, supported by ICAO, approached us to optimise and structure commercial operations, and develop all necessary material for the public tender of the airport.

Our Approach

On-site work in relation to daily operations, site visits to downtown shopping areas, and meetings with the various airport departments, involved in managing the commercial activities, gave us an understanding of the opportunities and limitations of the commercial operation. We recommended that DINAC (Dirección Nacional de Aeronáutica Civil) should decentralise control of commercial management and upgrade the financial reporting system as well as implement a commercial business development strategy.

Our report also included specific areas for immediate optimisation, partly to increase revenue and partly to streamline operations to create an improved overall image of the commercial operation.

The Result

We developed all relevant input and information for the bidders, government and DINAC in relation to the privatisation.

Finally, we recommended a change in national legislation that regulated the airport charges applying to the commercial units at the terminal.

The airport was scheduled for privatisation in Spring 2016. However, a political decision meant the airport remains under the operation of DINAC.

ASUR Airport Group (9 airports incl. Cancun), Mexico

The Task

Copenhagen Airports International (co-owner of the ASUR airports concession) requested us to provide a commercial business development and outsourcing strategy for the 11 commercial business lines in all 9 airports. This included the development of a new commercial standard contract, RFPs and management of all international tenders.

Our Approach

Our consultant worked as an integrated part of the Copenhagen Airports International team to set out a detailed business development strategy. This included:

• Definition of space requirements and unit locations
• ​Detailing retail and food & beverage concepts and formats
• Analysing passenger profiles and in-terminal flow plans<
• Developing a revenue forecast, with the specification of revenue per passenger and per m2

Our consultant’s legal and business background, and fluency in Spanish, meant that she was able to work closely and collaboratively on-site with local lawyers, commercial managers, financial teams and the airports' operational departments.

Over a period of two years, she developed a completely new commercial standard contract, which was used for all commercial activities. All operations are now streamlined, concession fee payments are automated, and insurances and guarantees are systemised.

What's more, all service level requirements, design manuals, technical installation booklets and KPIs are available in booklet format, ready to be included in future contracts.

We also developed a complete tender package, including a standard RFP for international tenders of commercial activities. The majority of the large key concession contracts were offered as multi-airport master concessions. Smaller concessions were offered via local mini-tenders or parallel negotiations.

We also carried out the tender process for each business line, including all aspects, such as pre-tenders marketing, sales meetings with potential bidders, pre-selection, development of electronic bid evaluation systems, and contracts

The Result

All commercial units at the nine airports were tendered, contracts were signed within the given timeframe, and revenues have increased significantly. Following the successful project, the client requested us to assist with the business development of the newly acquired Newcastle Airport.

Newcastle International Airport, United Kingdom

The Task

Copenhagen Airport International acquired a stake in the airport and requested us to participate in the review of the current situation as well as the development and implementation of new business-enhancing strategies for the commercial activities at the airport.

Our Approach

Over 12 months, which we spent on-site, we identified various areas for improvements, including the implementation of new commercial concepts, signage and design requirements. We also developed and implemented a new standard commercial contract and an RFP document, which was used for the outsourcing of all commercial activities.

Our task also involved the development of a new car park concession and the management of the corresponding tender.

The Result

The tender was successful and immediately increased revenues. All other non-aviation revenues enhancing initiatives were also successfully implemented to the satisfaction of the client.

Quito Airport, Ecuador

The Task

We were approached by a potential bidder to evaluate the seller’s due diligence, revenue forecast and business development strategy for Quito International airport.

Our Approach

Based on the Information Memorandum, publicly available data and benchmarks, we reviewed the current operation of the various business lines and benchmarked these with similar airport operations as well as global best practices. This provided us with an understanding of the key sources of the commercial revenues, allowed us to identify weak areas as well as activities due for immediate optimisation. Finally, we compared the medium to long term business plan with international best practise and latest trends and used these outputs as parameters for an evaluation of the seller’s revenue forecast

The Result

Our client was presented with a detailed red flag analysis of the current commercial situation, a review of the financial projections and a summary of potential upsides and weak areas of the overall operation.

Ferenc Liszt International Airport, Budapest, Hungary

The Task

Hochtief (now Avialliance) requested full due diligence and revenue forecast for an acquisition bid for the airport concession. After the hand-over of the airport operation, we were asked to continue at the airport with outsourcing of key commercial contracts and implementation of an immediate turn-around plan.

Our Approach

Our consultant undertook a detailed due diligence, including an analysis of the current commercial operation, measuring allocation of space against passenger numbers, profile and flows. Evaluating how shop concepts and product mix matched passenger profiles, as well as implemented marketing and sales strategies.

A review of existing contacts and financial data covered contract format and content, KPIs, insurance policies and guarantees, and a benchmark of turnover and revenue figures.

We developed a business development strategy for the short, medium and long-term, and explored space and retail unit design needs, alongside securing ongoing collaboration with designers, architects and engineers.

Our immediate turn-around plan included a change of product mix and pricing, increased sales and marketing effort and staff training. It also covered shop relocations, updated KPIs, retailer meetings and closer collaboration in general.

Based on the above, we developed a detailed revenue forecast for each business line.

We also outsourced an advertising master concession contract and a car park management agreement. The outsourcing was the conclusion of developing a new RFP and standard commercial contract for all commercial activities at the airport.

The Result

The client is now successfully operating the airport, with a fully operational terminal and professional companies managing the outsourced concessions

Kastrup International Airport, Copenhagen, Denmark

The Task

Wilhelm Lauritzen Architects approached us regarding commercial input for their proposal for the design competition for the airport T3 terminal expansion.

Our Approach

We worked closely with the architects to specify an airport identity, establish the way to bring elements of Copenhagen town into the airport, enhance passenger flows – on two floors -, improve circulation patterns, create focal points, and how to best use the limited natural light in the terminal. We also detailed requirements for commercial unit designs, shop allocation and use of materials.

Following the successful bid, we were asked to remain on the team to develop details of the designs and implementation of the strategy in collaboration with Copenhagen Airport’s commercial, operational and designer teams.

The Result

Our client won the bid and the T3 terminal expansion is currently under construction.

Josep Tarradellas El Prat International Airport T1, Barcelona, Spain

The Task

Our client wished to review and improve the layout and passenger flow in Terminal 1. We were contracted by a design company to assist in developing a new layout and to calculate potential increased revenues.

Our Approach

A site visit, a calculation of m2 revenues per business line, benchmarked against the best in class, and an analysis of passenger profile versus concept mix, among various studies, provided us with an understanding of the current situation and indication of weak areas.

In collaboration with the design company, we redirected the passenger flows and proposed three different new layouts of the commercial offer. All three layouts were accompanied by the corresponding revenue forecast with comments on weak areas, elements to be changed and potential new commercial concepts to be introduced.

The Result

Ongoing project 2021-2023

Cartagena de Indias Airports, Colombia

The Task

Our client approached us to perform a detailed due diligence and revenue forecast for all non-aviation activities for an acquisition bid for the two airport concessions.

Project 2; We are working on an ongoing project at Cartagena de Indias airport, which includes the development and implementation of a new tailored standard commercial contract, optimisation of flows, commercial concepts, general business development and management training

Our Approach

The due diligence included a study of potential new operators from the area, redevelopment of passenger flows and designs. The revenue forecasts were developed per business line, based on a business turnaround strategy over 3 years with set dates for tenders and opening of new commercial units.

The ongoing project has taken place during the Covid period and has, therefore, in addition to the general redevelopment and optimisation of the commercial activities, focused on the best approach to manage the situation during the lockdown and following the restart of the business. This included the redevelopment of the commercial contracts to establish a passenger based minimum payment. It has also meant online renegotiations of existing contracts and presentations and meetings with potential new operators.

The Result

Our client won the two airport concessions.

Project 2: Despite the closing down of the airport our client has requested our continued support in developing the commercial revenues at the airport, as part of the ongoing project.

Cairns International Airport, Australia

The Task

The part-owner of the airport, an international investment company, requested we undertook a due diligence of the non-aviation activities in order to identify areas for improvement in all areas, that affected, or could affect the revenues. This included an analysis of terminal layout, passenger flows, commercial operation and airport staff performance.

Our Approach

We visited the airport and spent 4 days with the commercial team and on the shop floor to identify specific issues, which could be dealt with immediately. This resulted in a one-day management training, restructuring of the turnover reporting system and financial control, as well as daily/weekly/monthly statistics and analysis of the operation. We also prepared and presented, to the investor, an in-depth report with several issues to be followed upon.

The Result

Minor issues were dealt with in-situ and major issues were explained and handed over to the client, with a recommendation on how to proceed as well as a report with suggestions and recommendations.

Papeete Faa’a International Airport, Tahiti

The Task

In connection with an international tender for the airport concession, we were tasked with performing a detailed due diligence and developing a revenue forecast for all non-aviation activities for the concession period.

Our Approach

Based on site visit and data room information, review of downtown commercial operations, global best practice and benchmarks with other comparable airports, we performed a detailed due diligence. Taking into account the commercial and financial effects of a new terminal layout and design, suggested new operators and improved contractual conditions, we developed a revenue forecast for various scenarios.

The Result

Our client was classified as 2nd best. But this decision has been overturned. A final award of the concession is pending.

Kuala Lumpur International Airport, Malaysia

The Task

Our client assisted the airport operator with a thorough improvement of the overall commercial management process. We were requested to review and propose improvements to the standard commercial RFPs, contracts and tender process used by the airport.

Our Approach

After a detailed review of all documentation, we provided a copy with line by line comments. Comments were also grouped in areas, with explanations of the problem and possible solutions. In addition, we held a workgroup for the commercial management team, during which the key problem areas were discussed and the proposed solutions were explained and consequently implemented.

Input to improved documentation was also provided.

The Result

A full update of tender documentation, contracts and tender processes as well as training of management, for them to tender better and obtain maximum results.

Barranquilla Airport, Colombia

The Task

Our client approached us to perform a detailed due diligence and revenue forecast for all non-aviation activities for an acquisition bid for two airport concessions. (Barranquilla and Cartagena de Indias).

Our Approach

The due diligence included a study of potential new operators from the area, redevelopment of passenger flows and designs. Introduction of new contracts and outsourcingand improved management procedures. The revenue forecasts were developed per business line, based on a business turnaround strategy over 3 years with set dates for tenders and opening of new commercial units.

The Result

Our client won the airport concession.

ANA Aeroportos de Portugal, Portugal

The Task

We were engaged by ANA Aeroportos de Portugal to develop comprehensive strategic plans for Retail, Parking, Advertising, Car Rental and Real Estate businesses. The initial project was followed by ongoing support for 6 years.

Our Approach

Our team started with an in-depth review of existing performance in all 9 airports managed by ANA, together with an international benchmark to assess competitive positioning. To support the new strategy, we develop a market study to identify different customer segments and respective needs and wants.

The strategic plan included the main non-aviation business lines – Retail, Parking, Advertising, Car Rental and Real Estate, for which we developed a strategic vision and objectives. This was followed by an action plan that included new airport layouts, a revised concession mix and an optimised marketing plan.

To guarantee the successful implementation of the new strategy, our experts continued to support on-site during the following 6 years. The extensive action plan included, among others, an upgrade of commercial areas in all airports, tendering and selecting new concessionaires, defining a new concession management model, developing new commercial concepts together with operators.

The Result

In the next 5 years, all non-aviation businesses experienced significant growth with revenues increasing between 20-40%. Moreover, passenger satisfaction increased drastically, in line with the potential to attract leading brands and travel retail operators.

Aéroports Côte d'Azur, France

The Task

Atlantia, Aeroporti di Roma and EDF Investment requested a commercial due diligence and a revenue forecast model for a potential bid for Aéroports de la Côte d’Azur. We were subcontracted by LeighFisher - the lead technical advisor.

Our Approach

Based on site visits, information memorandum and other data provided by the sell-side (DGAC), and best practice benchmarks, we carried out in-depth due diligence of the various aspects of the commercial operation at the airports, with a special focus on Nice Airport.

We also evaluated the commercial space distribution, passenger flows through the terminal and the shop allocation, to identify opportunities for the introduction of new shops and food & beverage units. Additionally, we evaluated the existing contract structure and recommended changes to maximise revenues, including the concession model and rent structure.

Finally, our team developed a detailed revenue forecast for each airport, with an indication of sales and revenue per passenger, per business line, per year was developed, allowing for sensitivity analysis of different CAPEX and traffic options.

The Result

The client won the concession and is now successfully operating the airport.

Rio de Janeiro Galeão Airport, Brazil

The Task

AVIALLIANCE, one of the world's leading private industrial airport investors and managers, requested us to carry out a due diligence and develop a revenue forecast for a potential bid for a stake in the airport.

Our Approach

Based on a site visit, detailed review of economic and contract data and benchmark with similar airports, we carried out a red-flag review, identifying upsides and risks of the commercial operation at the airport.

Additionally, a detailed revenue forecast, with an indication of sales and revenue per passenger, per business lines, per year was developed, which was then compared with the sell-side business plan.

The Result

The client was presented with a detailed evaluation of the current situation, potential upsides based on a short, medium and long term business development strategy and a revenue forecast per year per passenger for the term of the concession.

Lisbon Multimodal Hubs, Portugal

The Task

EMEL (Mobility company owned by Lisbon Municipality) approached us to support them in the RESTART project, co-funded by the EU, which has as main goal the development of a master plan for Lisbon’s multimodal mobility hubs. The focus of our work was to develop conceptual guidelines for the main 5 multimodal hubs and detail the functional requirements for the main interurban coach terminal, located at Sete Rios, which has connections to rail, subway and urban buses.

Our Approach

Our team followed a customer-centric approach and started by identifying the behaviour and needs of the different user segments to define expected offer (operational and commercial services) and levels of service. At the same time, the operational needs of transport operators and expected future demand were also analysed by our team. In addition, an international qualitative and quantitative benchmark on intermodal terminals (coach and rail) was performed, focusing on structural, operational and business model trends.

In the second phase, our team developed the conceptual guidelines to allow the effective implementation of the defined strategy, which will be followed in the 5 maim multimodal mobility hubs. The guidelines were developed along 6 key points: Enhance connectivity, universal design, security and safety, flexibility and efficiency, enhanced user experience and sustainability.

The third and final stage included the development of functional requirements, including spatial requirements for the main multimodal hub (Sete Rios). This is a greenfield project and is a significant part of a major urban development that also includes other real estate products (housing, offices, retail, hotel) with a total land area of 160ha. Due to the specific characteristics, it was important to consider the synergies between the t surrounding community and the terminal, existing and future one.

The Result

Our client now has a detailed document that explains the different customer segments and behaviours, sets guidelines that the overall project needs to consider and defines requirements for the designers and architects. This document guarantees that the implemented project will not only provide a best-in-class passenger experience, but also an efficient transport operation, whilst generating positive synergies for the entire urban surroundings.

Lisbon Metro, Portugal

The Task

Metro do Lisboa approached us to develop a strategic plan for the retail business. The objective was to improve the quality of service and increase revenues, by providing upgraded commercial areas, attracting new specialised operators and improving the overall offer.

Our Approach

Our team started with an in-depth analysis of existing business conditions – revenues, contracts, areas available. We also performed an international benchmark to identify opportunities, new concepts and business models.

Following, we developed a strategic plan considering all critical areas: optimal areas and layouts, commercial concepts, category and brand plan, concessionaire management and marketing.

Additionally, for the 4 main stations, our team developed optimised layouts and defined the concession plan.

The Result

Metro de Lisboa was able to attract new concepts and operators, generating significant improvement in passenger satisfaction. With new risk-sharing contracts, Metro de Lisboa was also able to increase revenues beyond passenger traffic growth.

Aéroports de Lyon, France

The Task

Atlantia, Aeroporti di Roma and EDF Investment requested a commercial due diligence and a revenue forecast model for a potential bid for Aéroports de Lyon. We were subcontracted by LeighFisher - the lead technical advisor.

Our Approach

Based on site visits, information memorandum and other data provided by the sell-side (DGAC), and best practice benchmarks, we carried out in-depth due diligence of the various aspects of the commercial operation at the airports, with a special focus on Lyon-Saint-Exupéry Airport.

We also evaluated the commercial space distribution, passenger flows through the terminal and the shop allocation, to identify opportunities for the introduction of new shops and food & beverage units. Additionally, we evaluated the existing contract structure and recommended changes to maximise revenues, including the concession model and rent structure.

Finally, our team developed a detailed revenue forecast for each airport, with an indication of sales and revenue per passenger, per business line, per year was developed, allowing for sensitivity analysis of different CAPEX and traffic options.

The Result

The client was presented with a detailed evaluation of the current situation, potential upsides based on a short, medium and long term business development strategy and a revenue forecast per year per passenger for the term of the concession.

Vitória Airport, Brazil

The Task

Zurich Airport assumed control of the airport, after having won the bidding process of the 5th Brazilian airport concession round, and wished to develop the commercial concept and the real estate master plan that would allow the new management team to achieve the best possible financial results.

Our Approach

Our team started with an in-depth analysis of the existing status quo to identify opportunities and risks. This included meetings with the commercial team and concessionaires as well as a review of the performance using our benchmark database.

A market study was performed to identify key passenger profiles and their needs and wants. This was a critical input to define the concession and brand mix for the airport. To maximise the impact on commercial revenues, several revenue-enhancement measures were proposed, including streamlined contract management and planned marketing efforts, and not least a new terminal layout, which could optimise flows and passenger experience,

Regarding real estate, an inventory of existing assets was performed, together with a review of urban legislation, city plans and limitations, to identify potential areas to be used for new developments. This was followed by an in-depth market analysis (socio-economics, demand and supply) to understand which products would have the best fit within the airport perimeter. All conclusions were presented in a master plan, with a mix of uses, GLA and phasing.

Finally, a business plan was developed to analyse the impact on non-aviation revenues and ROI.

The Result

Our client was able to work with existing concessionaires to improve the offer and quality of service and also to attract new operators. That allowed us to diversify the offer and significantly improve the passenger experience. In addition, the real estate master plan enabled Zurich Airport to find investors to develop an area of almost 50 ha.

4th Airport Concession Round, Brazil

The Task

PATRIA, one of the leaders in alternative asset management in Latin America, and AVIALLIANCE, one of the world's leading private industrial airport investors and managers, requested us to carry out a commercial due diligence, to develop terminal layouts and to build a revenue forecast model for a potential bid for Salvador, Fortaleza, Porto Alegre and Florianópolis airports included in the 4th airport concession round.

Our Approach

Based on site visits, a thorough review of available data and extended benchmarks, we carried out in-depth due diligence of the various aspects of the commercial operation at the airports.

Our team also defined optimal areas for the entire concession period, as well as, designed new terminal layouts for each of the expansion phases. Other revenue-enhancing measures were also identified to maximise revenue generation, not only in-terminal but also in car parks and car rental areas.

A detailed revenue forecast for each airport, with an indication of sales and revenue per passenger, per business lines, per year, was developed, allowing for sensitivity analysis of different CAPEX options.

The Result

The client was presented with a detailed evaluation of the current situation, potential upsides based on a short, medium and long term business development strategy, with optimised commercial layouts and a revenue forecast for all non-aviation businesses.

Budapest Airport, Hungary

The Task

Budapest Airport was preparing to extend the terminal to accommodate the fast traffic growth and requested assistance to develop optimal commercial layouts considering the future terminal envelope.

Our Approach

Our team started with an analysis of passenger profiles and identified future consumer trends that impacted the needs and wants of passengers. We also performed a benchmark on airport design’ best practices.

After a thorough review of the expansion project, to understand risks and opportunities for the commercial businesses, the design team presented several commercial design options, for airside, landside and logistics areas. They were then discussed with the Airport top management and commercial team and also with the main retailers.

Following this brainstorming process, and using our proprietary revenue simulation model, we developed a business plan to support the assessment of different alternatives.

Considering all the inputs, an optimal design was chosen, with a detailed design brief to be used as an input for a tender for an architectural advisor

The Result

The client was presented with a plan that guaranteed utilisation of an optimal commercial area, as well as a new layout, that would allow delivery of a truly diversified retail offer through the implementation of an outstanding passenger experience. With this new layout, in-terminal commercial revenues could achieve best-practice levels.

Nelspruit Airport, South Africa

The Task

An international construction company was awarded the contract to re-develop Nelspruit Airport and appointed us to provide input to design, commercial concepts, development of a tender and contract strategy

Our Approach

Based on technical drawings, a site visit and meetings with local representatives, architects and designers, we provided detailed input to space allocation, design of units, overall terminal design and use of materials.

We also provided the new operator with tender planning, proposed RFP and standard contracts. Finally, we outlined potential commercial operators for the airports.

The Result

The design and construction of the airport were finalised within the given deadline and the airport operator immediately opened commercial outlets managed by new professional operators.

5th Airport Concession Round (Southeast Cluster), Brazil

The Task

PATRIA, one of the leaders in alternative asset management in Latin America, requested us to carry out a commercial due diligence, develop terminal layouts and build a revenue forecast model for a potential bid for the Southeast Cluster in the 5th airport concession round. This cluster included 2 airports: Vitória and Macaé airports.

Our Approach

Based on site visits, a thorough review of available data and extended benchmarks, we carried out in-depth due diligence of the various aspects of the commercial operation at the airports.

Our team also defined optimal commercial areas for the entire concession period, as well as, designed new terminal layouts for each of the expansion phases. Other revenue-enhancing measures were identified to maximise revenue generation, not only in-terminal but also in car parks and car rental areas.

A detailed revenue forecast for each airport, with an indication of sales and revenue per passenger, per business lines, per year, was developed, allowing for sensitivity analysis of different CAPEX options.

The Result

The client was presented with a detailed evaluation of the current situation, potential upsides based on a short, medium and long term business development strategy, with optimised commercial layouts and a revenue forecast for all non-aviation businesses.

5th Airport Concession Round (Northeast Cluster), Brazil

The Task

PATRIA, one of the leaders in alternative asset management in Latin America, and AVIALLIANCE, one of the world's leading private industrial airport investors and managers, requested us to carry out a commercial due diligence, to develop terminal layouts and to build a revenue forecast model for a potential bid for the Northeast Cluster in the 5th airport concession round. This cluster comprised 6 airports, including Recife, Maceió, João Pessoa and Aracaju airports.

Our Approach

Based on site visits, a thorough review of available data and an extended benchmark, we carried out in-depth due diligence of the various aspects of the commercial operation at the airports.

Our team also defined optimal areas for the entire concession period, as well as, designed new terminal layouts for each of the expansion phases. Other revenue-enhancing measures were also identified to maximise revenue generation, not only in-terminal but also in car parks and car rental areas.

A detailed revenue forecast for each airport, with an indication of sales and revenue per passenger, per business lines, per year, was developed, allowing for sensitivity analysis of different CAPEX options.

The Result

The client was presented with a detailed evaluation of the current situation, potential upsides based on a short, medium and long term business development strategy, with optimised commercial layouts and a revenue forecast for all non-aviation businesses.

Santiago do Chile Airport, Chile

The Task

Atlantia, Grupo Costanera and CPPIB requested a commercial red-flag review for a potential bid for Arturo Merino Benítez airport. We were subcontracted by LeighFisher, the lead technical advisor.

Our Approach

Based on the information memorandum and other data provided by the sell-side, as well as best practice benchmarks, we carried out a performance review and a competitive analysis of all non-aviation businesses.

After a thorough review, our team identified upside opportunities and downside risks along with associated enabling or mitigating strategies.

The Result

Considering the existing risks and the reduced flexibility to change the new terminal project already underway, our client decided not to present a bid for the airport.

Prague Airport, Czech Republic

The Task

Prague Airport wanted to develop a new eCommerce strategy, to provide an upgraded passenger experience and to drive commercial revenues.

Our Approach

To understand the challenges faced, and how the airport could respond, our team analysed critical factors from consumer behaviour, tech trends and the competitive landscape. This was key to defining what the airport needed to deliver in its eCommerce strategy. There was also an internal assessment to understand the digital readiness of the organization.

Based on these insights, a new vision and strategic guidelines were defined, based on how the airport could create value to its passengers. Following, different business models were analysed to identify the one, which could optimise the overall impact in terms of return and quality of service. The different options were discussed internally and presented to the client’s Management Board.

After selecting the best option, and ensuring an efficient implementation, a detailed roadmap was defined.

The Result

The client was presented with a clear strategy, and a step-by-step approach to implementation, which ensured, that future decisions in terms of technology and HR would be aligned with the overall eCommerce vision for the airport.

Portuguese Airports’ Concession, Portugal

The Task

The Portuguese Government decided to privatise ANA Aeroportos de Portugal, the operator of 9 Portuguese airports, through a 50-year concession. For that, they engaged Credit Suisse to develop a sell-side evaluation, to prepare the information memorandum and to provide support in the bidding procedure. Our team acted as sub-consultants on all commercial business lines

Our Approach

Our team performed an in-depth review of all non-aviation business for the 9 airports, including meetings with management, economic performance and analysis of key contracts. The output was a detailed information memorandum with relevant data for all businesses.

Additionally, a detailed commercial revenue forecast by airport, for each business line, was prepared to be used as a base case. We identified substantial upside opportunities and downside risks and developed associated enabling or mitigating strategies.

Finally, we were engaged in final meetings with short-listed bidders, to discuss findings and forecasts.

The Result

The concession was won by VINCI Airports, based on an achieved EBITDA multiple of 16x.

Lisbon Airport, Portugal

The Task

ANA wanted to understand what the market share on car parks lost to off-airport operators was, the reasons why pax choose their competitors and understand competitors’ capacity, services and pricing policy. This input would allow it to fine-tune its competitive position on the 3 main airports.

Our Approach

Our team started by implementing a market study to understand the split in market share between the airport and off-airport competitors, key demand drivers and buying decisions.

We also performed a detailed analysis on existing operators, using public data and mystery clients, to identify main characteristics (location, services, marketing strategy) and economic performance.

Finally, based on the competitive analysis, our consultants identified quick wins to increase car park revenues.

The Result

Our client was able to review its pricing policy and services offered, to capture market share from competitors without jeopardizing the business margins.

6th Airport Concession Round, Brazil

The Task

PATRIA, one of the leaders in alternative asset management in Latin America, requested us to carry out a commercial due diligence, develop terminal layouts and build a revenue forecast model for a potential bid for the North Cluster in the 6th airport concession round. This cluster comprised 9 airports, including Curitiba, Foz do Iguazu, Navegantes and Londrina airports.

Our Approach

Based on site visits, a thorough review of available data and an extended benchmark, we carried out in-depth due diligence of the various aspects of the commercial operation at the airports.

Our team also defined optimal areas for the entire concession period, as well as, designed new terminal layouts for each of the expansion phases. Other revenue-enhancing measures were also identified to maximise revenue generation, not only in-terminal but also in car parks and car rental areas.

A detailed revenue forecast for each airport, with an indication of sales and revenue per passenger, per business lines, per year, was developed, allowing for sensitivity analysis of different CAPEX options.

The Result

The client was presented with a detailed evaluation of the current situation, potential upsides based on a short, medium and long term business development strategy, with optimised commercial layouts and a revenue forecast for all non-aviation businesses.

Lisbon, Porto and Faro Airports, Portugal

The Task

We were engaged by ANA Aeroportos de Portugal to assist in the tenders for multi-airport contracts for the advertising and car park businesses. The objective was not only to optimise revenues but also to gain more control over the quality of the service provided to clients.

Our Approach

In the initial phase, our team started with an in-depth review of existing performance to assess competitive positioning. We also performed an analysis of international best practices in terms of contracts, business models and revenue share.

After, we supported the definition of contract terms, including services to be provided, SLAs, and the evaluation model. To finetune the RFP documents, we held discussions with main national and European operators, to guarantee that the conditions were balanced for both parties.

Finally, our experts supported ANA in the evaluation of proposals and negotiations.

The Result

ANA was able to generate competitive tenders and attract all main players in each business. In the advertising tender, ANA was able to increase the revenue share to best practice values, and in the car park tender, despite the increasing number of services to be provided and respective SLAs, ANA was able to decrease the cost of the management contract.

Oporto Metro, Portugal

The Task

Metro do Porto approached us to develop a strategic plan to develop the key commercial business lines – Retail, Car Parks, Advertising and Real Estate. The objective was not only to increase the profitability of existing assets but also to provide a better experience for their passengers.

Our Approach

Our team started with a thorough analysis of available areas in the network and with a market study to understand passenger profiles. We also performed an international benchmark to identify opportunities, new concepts and business models.

The strategic plan included the main non-transport business lines – Retail, Advertising, and Real Estate, for which we developed a strategic vision and objectives. For retail, we defined a concession plan and assessment of interest from potential partners. For real estate, an in-depth analysis of different products was performed, including sounding the market for expected economic viability. Finally, an action plan was defined to guarantee a successful implementation of the new strategy.

After delivery of the strategic plan, our experts continued to support the client on-site during the following 6 months.

The Result

OPorto Metro was able to implement a retail offer in all main stations, improving the quality of service to its passengers and doubling the revenues from this business line. Also, it was able to attract investors for the key real estate developments, generating a significantly higher cash flow.

San Francisco Airport, USA

The Task

A US consultancy firm approached us to assist in the development of a new commercial strategy for the San Francisco airport. Our main task was to identify retail and FB concepts, which were new to the industry, were coherent with the passenger profile at the airport and would fit into the existing commercial offer and layout at the terminal.

Our Approach

A detailed study of current and future passenger profiles provided us with an understanding of the customers’ needs and wants. And an analysis of global trends, new developments within the fashion, retail and catering industry as well as the success of local, downtown operators, generated the basis for a presentation with a list of recommended new concepts, and potential operators for the airport.

The Result

The client took on board many of our recommendations, which are now operational at the airport.

OMA, Mexico

The Task

The owner of a 29.6% shareholding of OMA’s 13 airports contacted us to perform a due diligence, and to develop a revenue forecast with detailed assumptions, to be used for a stake sale.

Our Approach

Building on an in-depth understanding of the current situation and the commercial opportunities, with respect to the various upcoming terminal expansion projects, we initiated our evaluation with the categorisation of the passenger profiles in each of the airports. Combined with the passenger forecast, this allowed us to identify future needs – both space and concept-wise - for each commercial business line.

We then proceeded to identifying potential operators, recommended contractual and financial control of the new operations, developed high-level tender planning, with deadlines, and identified risks.

Finally, we developed a revenue forecast for the concession period. Inclusive of the evaluation of terminal plans, space allocation, passenger flows, operational and practical issues and the socio-economic characteristics of each airport. We also provided the client with recommendations of short, medium and long term revenue optimisation opportunities, - some of which are already being implemented.

The Result

The stake sale was successfully concluded within 30 days of the finalisation of the DD and revenue forecast.

7th airport concession round, Brazil

The Task

AENA Desarrollo Internacional, a subsidiary of AENA, the largest airport operator in the world by passenger volume, requested us to carry out a commercial due diligence, develop terminal layouts and build a revenue forecast model for a potential bid for the SP-MS-PA-MG Cluster in the 7th airport concession round. This cluster comprised 11 airports, including Congonhas Airport in São Paulo.

Our Approach

Based on site visits, meetings with current and potential operators, a thorough review of available data and an extended benchmark, we carried out in-depth due diligence on the various aspects of the commercial operation at the airports to identify key opportunities and risks.

Our team also defined optimal areas for the entire concession period, both for commercial in-terminal businesses, but also for external areas, including real estate opportunities. This was followed by design guidelines for new and existing terminals. Other revenue-enhancing measures were also identified to maximise revenue generation, for example regarding new revenue streams and business models.

A detailed revenue forecast for each airport, with an indication of sales and revenue per passenger, per business line, was developed, allowing for sensitivity analysis of different CAPEX options.

The Result

AENA Desarrolo Internacional won the bid, becoming the biggest airport operator in Brazil with 17 airports under management.

ANA Aeroportos de Portugal, Portugal

The Task

In February 2022, ANA Aeroportos de Portugal selected Aer Rianta for a new JV to run duty-free & duty-paid stores at Portuguese airports. The new company would manage 34 commercial units, totalling 9,500sq m. Due to the short deadline until the effective date, on June 1st, ANA requested us to support the team in the transition process.

Our Approach

Our team assisted in three key areas. The first was to supervise the stock management process, not only the new orders but also the stock that was being transferred from the previous operator, in order to guarantee adequate stock levels for the initial period of operation.

The second, was to manage the transfer of all third-party supplier contracts, requesting quotes and negotiating new conditions.

Finally, we also supported ANA in the definition of new SLAs between them and the new JV company, including the control process and requisites for a new IT system. This will allow for ANA, as the airport operator, to control the quality of service provided by the new JV.

The Result

Despite the very challenging time plan, and with an extraordinary effort from all teams involved, the new JV was able to start operations on June 1st.