"We are happy to always think of the next big thing."

Dubai Duty Free had brought in the New Year by announcing record year-end sales that signal a new retailing milestone for the operation. Sales for 2006 reached over Dhs2.56 billion (US$712 million), representing a remarkable 20 per cent increase over the previous year.

It is vision as also the timed opportunities that have shaped retail trade the world over. At present, the retail fraternity in India is busy organising seminars and workshops for better understanding of various concepts and formats, while back in 1993, the US-based Leonard Feinstein, one of the minds behind Bed Bath & Beyond (BBB), had told Chain Store Executive, “We had witnessed the department store shakeout, and knew that speciality stores were going to be the next wave of retailing.”

Commenting on the year-end figures, HH Sheikh Ahmed bin Saeed Al Maktoum, president of the Department of Civil Aviation, Dubai, said, “This reflects the operation's determination to retain its position as one of the top three duty-free operations in the world. I congratulate the team at Dubai Duty Free on its record-breaking achievements.”

While sales throughout the year showed a consistent increase, the last quarter saw sales rise significantly. December was a fitting end to the year as sales for the month reached Dhs290 million (US$80 million), which was 33 per cent higher than the former record month of December 2005. Memorable retailing highlights over the year's twelve months included Dubai Duty Free's 23rd anniversary (December 20), when a 23 per cent discount offer saw sales soar to an unprecedented Dhs29.5 million (US$8.2 million) in the 24-hour period.

Category-wise, perfumes ended the year in the No. 1 spot as sales reached Dhs348 million (US$96 million), which represented a 28 per cent increase over 2005. Liquor came in second place and showed a 20 per cent increase, while gold was the third highest selling category with a 19 per cent increase in sales over 2005. Notable increases were also seen in the sale of cosmetics, which rose by 40 per cent; the ‘Gifts from Dubai ' shop, which is extremely popular with tourists, showed a 32 per cent increase in sales. In quantity terms, Dubai Duty Free sold close to 53 million units of merchandise over the previous year, which involved the movement of around 228 pallets of goods per day.

On the highlights of the past twelve months, Colm McLoughlin, managing director of Dubai Duty Free, said: “2006 has been a fantastic year for the operation, which on average handled over 44,000 sales transactions per day—or 16 million transactions in the year!”

In 2006, Dubai Duty Free – the world's third largest duty-free operation in revenue terms – continued to receive international recognition, winning the industry's Raven Fox Award for ‘Middle East Travel Retailer of the Year' and the Business Traveller Middle East award for ‘Best Airport for Duty Free Shopping'. Also, in 2006 Dubai Duty Free retained its status as a Superbrand, while on the sporting front the Dubai Duty Free Men's Open won the ATP Tour Awards for ‘Tournament of the Year' and ‘Best ATP Tournament Operations'.

In 2006, McLoughlin was recognised for his contribution to the duty-free industry and selected by the International Who's Who Historical Society to be listed in the 2006 edition of International Who's Who of Professionals. In addition, he was inducted as ‘Keeper of the Quaich' by the Scotch Whiskey Society.

Having begun the year on a high note, Colm McLoughlin spoke to Nupur Chakraborty on how his outfit plans to raise the bar even higher in 2007.