Future of Retail

For Estée Lauder, airports are the new malls

Estee aLauder Counter at bloomingdales
An Estée Lauder cosmetics counter at Bloomingdale's. Photo: Mario Ruiz/The LIFE Images Collection via Getty Images

As dollars have grown scarce at many traditional retail outlets, cosmetics powerhouse Estée Lauder has found an interesting way to make its money. For the first time last year, it generated more revenue at airports globally than at U.S. department stores, data shows.

What's happening: The airport is becoming a booming shopping destination and Estée Lauder, home to brands like Clinique, MAC and Tom Ford Beauty, has been taking full advantage.

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Verishop

Former Snapchat Chief Strategy Officer Imran Khan is today launching Verishop, a digital marketplace for luxury goods, with more than 150 contemporary brands across multiple lifestyle categories.

Why it matters: Three decades into the internet era, there still isn't a major ecommerce destination for department store quality shopping online. This is especially true given Amazon has chosen to focus on basic goods instead of luxury.