Premier Tax Free CEO: 12% growth in Europe in first four months of 2017
Premier Tax Free CEO Patrick Waldron who recently visited Athens revealed that tax free market has grown by 12% in Europe during the first four months of 2017 and an improving trend is being projected for Greece this year.
In the following exclusive interview by Tornos News, he states that over the next number of years, Greece will become more appealing for Chinese, Russian and Middle Eastern tourists as a safe, welcoming and diverse cultural experience. He also pledges to continue to offer a first class service to the Group’s merchant and hospitality partners and ensure that they have the best products and solutions to serve their tourists.
“We are seven years in the Greek market and we are now the leading player in the market and want to consolidate and build on this achievement, through innovation, service and responsiveness to our partners,” he underlines.
The full text of the interview follows:
1. What is the latest trend in the tax free market?
After a poor 2016 where the European market fell by 8-10%, the first four months of 2017 has started very strongly with estimated market growth of 12% in Europe. We are seeing continued growth in Chinese tourists and significant increases in shopping by US, Russian and Middle Eastern tourists because of the strength of the dollar and the rouble. We expect this growth to continue throughout the summer as the tourist booking numbers for Europe are very strong for this period.
In terms of countries, we are seeing a return to growth in France and Italy, with significant increases in Spain, Portugal and the Nordics and an improving trend projected for Eastern Europe, Greece and Cyprus. Germany remains subdued as does Belgium due to the continuing impact of terrorist attacks.
2. How is Brexit affecting these trends?
The immediate impact of the Brexit vote was a 10% fall in the value of Sterling. As a result, the UK market saw growth of 20-25% in the second half of 2016 versus a fall of c. 10% in the first half of 2016.
Without any change in the negotiations, the full impact if Brexit would mean that EU tourists would be eligible to recover VAT on purchases in the UK and UK tourists could recover VAT on purchases across the EU. Personally, I think it is likely that the UK and the EU will agree to exempt this in their discussions so we are not putting this into our plans.
3. What are the prospects for the Greek market?
I think the medium term prospects are very positive although the first Quarter of 2017 has seen a fall in the number of tourist arrivals. Over the next number of years, I believe that Greece will become more appealing for Chinese, Russian and Middle Eastern tourists as a safe, welcoming and diverse cultural experience. The recent lowering of the Tourist VAT Refund threshold from €120 to €50 – which Premier Tax Free took the lead on - is already resulting in a large increase in shopping spend and I think this will continue to make Greece a very attractive destination.
4. What are your impressions from your visit to Athens?
This is not my first visit to Greece but it is my first time visiting Athens. My initial impression is that it is more modern in feel and services that I expected with high quality hotels, restaurants and shopping experiences. But also there is a great sense of Greek history with the wonderful Acropolis dominating the skyline over the city. This combination of new and old is a great selling point and I will certainly be back again to explore the historical monuments in more detail.
5. What are your strategic plans for the future?
One of our main plans is expansion and we will enter many new markets for tax refunding and currency conversion. Today, Premier Tax Free operates in 34 markets and within three years I expect that this will increase to over 50 markets globally. In the short term, we will commence operations in Russia, Slovakia, Middle East, South Korea and China for tax free while in the last year, we opened operations in Finland, Malta and Poland.
For currency conversion, we will start new businesses in Chile, Peru, Costa Rica, Japan and Brazil.
Another key strategic plan is to improve the tax refund process for merchants and tourists by moving from paper based transactions to electronic and mobile transactions. The mobile phone will provide the future for tax refunding allowing tourists to register their details and expand the refund options to mobile wallets, loyalty cards or air miles as well as cash and credit cards. For merchants, we can provide tablet solutions on IPAD’s etc. which will make the process much easier for them as well.
We are also working with Governments and Customs department to provide digital solutions at airports so customers can use kiosks to validate their vouchers rather than having to wait in long queues. Today over one quarter of tourists don’t claim their VAT refunds – mainly because of queues – and we think we can reduce this to less than 5% with improved technology.
Finally, for Greece, we want to continue to offer a first class service to our merchant and hospitality partners and ensure that they have the best products and solutions to serve their tourists. We are seven years in the Greek market and we are now the leading player in the market and want to consolidate and build on this achievement, through innovation, service and responsiveness to our partners.
19/04 01:29
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
18/04 21:49
Greek Climate Change Minister signs memorandum for Attica fire protection zones
18/04 20:32
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
18/04 20:17
18/04 17:40
17/04 21:06
Thessaloniki Port: Performance growth for 2023 with record container throughput
17/04 20:57
Traffic regulations imposed in Athens for the 41st Peace Marathon on Sunday
17/04 20:52
17/04 18:15
Greek Foreign Minister addresses the 9th Our Ocean Conference in Athens
17/04 17:12
16/04 21:02
NHM hosts the Trial of Pericles at the Harris Theater in Chicago on April 17
16/04 20:17
Greece will invest $830 million to protect marine biodiversity
16/04 01:46
New York Greek Independence Parade honors 1821 and solemn Cyprus Anniversary
16/04 01:35
Olympic Games Paris 2024: Olympic Flame to be lit at Ancient Olympia in Greece
16/04 00:29
European Committee of Regions and UN release study on Rural Tourism
15/04 20:41
15/04 19:58
Minister: Greece is transforming into a hub for exporting quality agri-food products
15/04 18:51
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
13/04 00:13
UN Tourism and Croatia to launch Research Centre for Sustainable Tourism
12/04 00:03
2024 marks a critical year in the enduring strength of Greek-German relations
12/04 00:00
11/04 22:07
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
11/04 19:40
Hellenic Pride on display at rainy Chicago Greek Independence Day Parade
11/04 02:06
Delphi Economic Forum IX: Energy collaboration a 'key' in Greek-Bulgarian relations
11/04 01:58
UN Tourism launches investment guidelines for Albania sector
10/04 19:01
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
10/04 18:25
Greek city of Nafplion hosts Mediterranean Yacht Show for ninth year running
09/04 23:57
Greek PM on Tilos: Innovative projects for a cyclical economy are of key significance
09/04 23:55
UN Tourism members promote agenda for Europe as region leads global recovery
09/04 23:46
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
09/04 22:48
Stolen 7th-century BC oenochoe returned to Greece by Hanover museum, municipality
09/04 22:42
Greek civil servants confederation ADEDY to strike on May 21
09/04 21:55
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
08/04 23:48
08/04 23:41
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
08/04 21:53
Project Voria casino complex in Maroussi moving ahead after environmental report
08/04 21:36
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
08/04 19:22
Direct flight from Shanghai to Athens offers access to key tourism market for Greece
08/04 18:31
AI conference to attract distinguished speakers to Thessaloniki on April 25-27
04/04 23:28
City of San Jose marks March 25 with 16th Annual Greek Flag Raising Event
04/04 22:16
Urban plans published for seven townships in Thessaloniki and Attica of Greece
04/04 17:24
FinMin: The new EU economic and fiscal framework is good for Greece
04/04 15:30
Greek PM meets with the chiefs of the international pharmaceutical manufacturers
04/04 00:15
Deputy Minister for Macedonia-Thrace meets US Embassy Deputy Mission Chief
03/04 20:12
Syracuse AHEPA Chapter 37 marks March 25th Greek Independence Day
03/04 18:10
Greece's Delphi Economic Forum on April 10-13 to focus on 'The Great Transition'
03/04 16:42
Minister: Industrial production has returned to the pre-crisis levels in Greece
02/04 18:06
30/03 23:21
Eleni Gatzoyiannis scholarship offered to Greek students at Boston University
29/03 16:44
3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2
29/03 15:53
Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday
29/03 13:55
Greek Foreign Minister for Economic Diplomacy concludes visit to Montenegro
29/03 12:00
29/03 11:51
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
16/03 12:56
Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto
16/03 11:28
Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres
15/03 21:50
Greek Minister announces conference on defence ecosystem in Athens from Lithuania
15/03 13:45
PM: More than 80 hospitals and 156 health centres being upgraded in Greece
15/03 12:55
Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation
14/03 23:43
President of Hellenic Republic meets Prime Minister of Slovakia in Bratislava
14/03 22:58
American Express report highlights Global Travel Trends during 2024
14/03 22:52
Four hospitals in Attica Region already organizing afternoon surgical procedures
14/03 22:49
US Ambassador to Athens: More flights from the United States to Greece and Thessaloniki
14/03 22:43
Greek archaeologists discover ten ancient shipwrecks off Aegean island of Kasos
14/03 19:32
No new intubations for Covid-19 recorded in Greece for the first time
14/03 18:36
Extra road safety measures adopted for Greek pre-lent carnival and Clean Monday
14/03 14:48
14/03 12:54
Electric buses to be deployed on the streets of Athens and Thessaloniki by May
13/03 22:23
Greek capital of Athens among top-10 most beautiful cities for the second time
PM at Axia discussion: Greece offering great investment opportunities in 2023
ATHEX chief: Venture Capital for 'new generation' digital fintech solutions
Tri-city winter luncheon unites upstate New York Philoptochos chapters
Priceless antiquities returned to the people of Greece at New York Consulate
ELSTAT: Hospitality enterprises' turnover grows 28.6% in Greece during Q1
Bill lifting restrictions for Greeks voting from abroad greenlighted by majority vote
Greek supermarkets record rise in value and decline in volume of FMCG sales
Impressive statue of Hercules unearthed in Philippi of Northern Greece
UNWTO promotes people's role and MSMES as sector transformation agents
World Taste Atlas: Greek cuisine is the second best on the planet
Severe weather front to continue across Greece until Wednesday (video)
Deadline to file taxes is extended in Greece to July 31 by Finance Ministry
New publication: 'I am not Maria - I am Callas: Her real life and an eon of myths'
Hellenic Film Society USA presents Maria by Callas at MoMI in New York
Hellenic-American Cultural Foundation presents lecture with US University President
Greek Tourism Minister: Passenger location form to be abolished in Greece as of March 15
Volcano lights up in spectacular display of fireworks on Greek island of Santorini
National Polytechnic of Athens commemorates 49th uprising anniversary
Infrastructure works on Spinalonga island to assist visitors and protect the monument
Inspirational project promoting Hellenism and love for Greece globally (video)