Rio de Janeiro Galeão Airport - Commercial Due Diligence


About the brand

Galeao International Airport in Rio is Brazil’s second busiest airport, serving over 10 million passengers per year, and was the host airport for the Olympic Games 2016.

Rio Airport Terminal

The Challenge/Task

As part of the second wave of airport privatisation in Brazil, Odebrecht Transport commissioned Pragma to advise on the commercial opportunity and non-aeronautical revenue potential at Rio de Janeiro Galeão Airport. In a fast growing and lucrative commercial environment, supported by favourable duty free regulations, a detailed understanding of the commercial revenue potential at the airport was crucial for the investment team to develop a successful bid.


  • Detailed review of the passenger mix and user profile, based on primary consumer research in Brazil in the form of a quantitative survey, to determine the key customer segments, their spend behaviours and commercial potential
  • Reviewed the existing commercial facilities at the airport and the high street offer in downtown locations, in order to understand the market opportunity and quality of the retail offer in the context of global best practice
  • Evaluated the current commercial programme to determine areas for future improvements in commercial performance
  • Provided commercial space modelling and master planning input for the design teams to develop an optimal commercial plan for the bid process
  • Developed a bespoke commercial revenue model with associated forecasts for Duty Free, Retail and F&B incomes for the duration of the concession period, as input into the investment bid

The Result

The results of Pragma’s work provided the consortium team with valuable insight into the commercial revenue potential of the assets. Ultimately, the consortium team were successful in submitting a bid that secured the acquisition of Rio de Janeiro Galeão Airport, where they now control operations.