Profits Down
At Costa Rica Airport Duty Free Shops
The duty free shops at Costa Rica's two
international airports have fallen victim to
the world economic crisis as profit has
dropped from ¢4.3 million dollars in 2007 to
¢3.2 million in 2008.
The duty free shops are operated by the
Instituto Mixto de Ayuda Social (IMAS), a
government agency, who reported that drop in
sales at the five shops in the Juan
Santamaría in San José and the one shop at
the Daniel Oduber, in Liberia.
The Liberia shop began operating in 2008
while the San José shops have been operating
since 1999.
The drop in sales means lower profits for
the IMAS that affects directly the social
programs, which include school scholarships
and financial assistance to families in
extreme poverty.
According to Geovany Flores, director of the
Tiendas Libres del IMAS, users of the
airports have stopped consuming high priced
items, sales dropping drastically in items
like brand name perfumes, watches and
handbags. Flores said that sales in
electronics like cameras and video cameras
have also seen drastic drops in sales.
A bottle of water at the Juan Santamaría can
cost up to us$5. A coffee and a danish at
the Cinnabon store inside the terminal runs
about $8.
The drop in sales, according to the IMAS
director, is also attributed to a drop in
the number of passengers using the airports.
To counter the drop in sales and affecting
profits is also a reduction of prices on
some 15.000 items. Flores said that on
average prices were reduced by 2% across the
board.
The IMAS director added that sales at duty
free shops across Central America has
dropped as well, all as a result of the
world economic crisis.
Profits for 2009 are also expected to be
lower than forecast, about 10% lower than in
2008. The IMAS says that it might reach the
2007 profit level in 2010 if there is a
recovery in the world economy. |
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