25 Jun '14, 11pm

Russians Shopping Less as Ruble Drops Hit Rolex-Selling Airports - Businessweek: Russians Shopping Less as Rub...

Russians Shopping Less as Ruble Drops Hit Rolex-Selling Airports - Businessweek: Russians Shopping Less as Rub...

European airports are suffering from a slump in retail sales that typically deliver two-thirds of profit at major hubs as a sliding ruble curbs spending of Russians who can spend four times as much as the average traveler. The Ukraine crisis and strength of the euro, pound and Swiss franc against emerging-market currencies has hit retail sales at hubs from London to Frankfurt, with the squeeze worst at airports in the two countries at the center of the conflict. “We’re feeling the impact,” said Pierre Viarnaud, head of Russian operations at Hamburg-based Gebr. Heinemann SE & Co., which operates 230 shops at 61 airports. “In Moscow, we have a significant drop in spend per passenger. In Kiev, it’s even more dramatic, almost 50 percent lower than last year.” Russians are staying at home or limiting spending when they do travel after the ruble hit a record low of 51 to the eur...

Full article: http://www.businessweek.com/news/2014-06-25/russians-shop...

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