DFS Group awarded 10-year contract for duty free concessions at Los Angeles International Airport

06-Aug-2012 Los Angeles Board of Airport Commissioners today approved a Duty Free Merchandise Concession Agreement with DFS Group L.P. to develop and operate duty-free and duty-paid merchandise concessions in all passenger terminals at Los Angeles International Airport (LAX) for a period of 10 years with three additional one-year options. The agreement is forecast to produce revenue to Los Angeles World Airports (LAWA) of over $100 million for the first fully developed year, and an average of over $150 million annually over the initial 10-year term. DFS will be required to invest no less than $25 million in initial improvements and $17 million in mid-term refurbishment improvements.