Airports are a fundamental source of transportation in any city. However, as the travel industry continues to face challenges due to pandemic restrictions, the decrease in travel activity also means a decrease in revenue. Aside from bookings for airline tickets, airports also rely heavily on other sources of revenue like restaurants, duty-free retailers and even airport parking.
With the holidays around the corner, air travel is still expected to be lower than usual during these next few months, which means all other revenue sources within airports will be impacted as well. In order to be proactive, it’s important for parking managers within airports to find new ways to recover lost revenue during this time. A great place to start is by monetizing the vacant space within their parking lots at a discounted rate.
Rental Car Companies
With travel numbers low, rental car companies are also facing a decline in business. That said, these companies are likely looking for cost-effective ways to store their fleet of vehicles until business starts to pick up again. By renting out parking spots in bulk and at a discounted price, airports can monetize their vacant lots by providing rental companies a safe and isolated space to park their cars. Being that many rental car companies already operate the majority of their business out of airports, these spots are convenient enough that when frequent travel resumes, they’ll have quick access to their inventory of vehicles.
If the lots within your airport are vacant right now, a great way to make use of this space is to rent it out to host farmers’ markets. It’s mutually exclusive for both airports and local farmers, and it’s also one of the safest ways to maintain social distancing while grocery shopping. With the holiday season approaching, this is a great opportunity to invite tree farmers to set up shop for a Christmas Tree market.
Transportation & Shipping Vehicles
With e-commerce companies experiencing a substantial increase over the course of the pandemic, transportation and shipping vehicles are hitting the roads more often. Despite leisure travel declining, there is higher-than-usual activity in air cargo in order to fulfill these online purchases. This is a win-win because airports can increase their revenue, while transportation and shipping companies have a place to conveniently and cost-effectively store their fleet of vehicles.
Car dealerships in urban areas and downtown locations rely heavily on their inventory to make sales. In order to successfully do this, they require an adequate amount of space to store and showcase their vehicles. As the urban landscape continues to grow, site constraints rise and land costs increase, car dealerships are at a loss for space, which directly impacts their opportunity to make sales. As a solution, airports can rent out their vacant parking garages to car dealerships who are in need of large spaces to store unsold vehicles and accommodate a growing customer base.
With no clear sign as to when travel activity will resume to regular levels, it’s important for airports and parking managers to think creatively and optimize their parking resources. By offering a discounted rate to car companies and service providers, airports can better support their revenue stream and navigate the remainder of the pandemic much more strategically.
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