The contract begins with the opening of three venues on Concourse A in July 2004. In exchange, Airport Director Gina Marie Lindsey says Hudson offered the Port guaranteed revenues of $7.7 million during its first year.
"At a time when airport and airline revenues are struggling, it is refreshing to see the confidence shown by Hudson representatives, and to know that we can count on positive revenues from gift and news venues," says Lindsey.
Hudson Group already generates $225 million in sales annually by operating 230 storefronts at 20 airports around the nation. As such, it is one of the largest news and gift shop operators in the country. Hudson Group is the retail business of New Jersey-based Hudson News Company, a large wholesale distributor and retailer of magazines and books in the New York area.
In addition to the news shops, Hudson's mix of venues at the Seattle airport will include: Tom Douglas' Seattle Kitchen, Made in Washington, City of Champions (products from local sports teams), and stores called Discover Seattle-Tacoma, which will feature products from local museums, the United Tribes, local artisans, and the Seattle Symphony. National brand stores to join the airport under the lease agreement will include: U.S. Open Golf House, National Geographic, Kid's Corner, and The $10 Boutique.
The lease contract was one contract of a three-pronged approach to vendors. Under this approach, HMSHost, which has been the sole provider of airport shops/restaurants for 34 years, received an extended contract to manage 39 food and beverage locations in the airport to the year 2005. In addition, the Commission also approved a contract with Anton Airfood of Seattle, Inc. to place a McCormick & Schmick's restaurant in the airport.
Ten local businesses are being sought to provide products and services to the airport to ensure a Northwest theme at Sea-Tac; these businesses need not be large scale operations, but businesses with local products that can offer solid business plans. A secondary contract for food and beverage will open for proposals in March 2003.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
