Pure play global travel retailer
Our strategy is focused on delivering reliable customer experiences, strategic partnerships and a lean retail operating platform that delivers sustainable growth and lasting value for all our stakeholders.
“At WHSmith, our purpose is simple: to make every one of life’s journeys better.”
Interim Group Chief Executive
Strategic priorities
Our strategy is built around four clear priorities, space management, customer and commercial propositions, our advantaged operating model and delivering attractive ROCE, and is designed to drive sustainable growth and deliver long-term value. Together, these priorities ensure WHSmith remains agile, competitive, and well-positioned to capture new opportunities in the changing retail landscape.
Strategic enablers
Our strategic enablers provide the foundation for delivering WHSmith’s growth ambitions. We take a forensic approach to retail, using data and insight to optimise every aspect of our offer; develop innovative store formats that enhance the customer experience; run low-cost operations to protect margins; build high-performing teams that deliver excellence; and remain committed to driving sustainability across our business. Together, these enablers ensure we operate efficiently, adapt quickly, and create long-term value for all stakeholders.
Focus on space management
Innovative store format
Low cost operation
Strategic progress across our division
We continue to deliver strong progress across our key travel markets. In the UK, we're focused on making every one of our customers' journeys better and investing in our largest-ever store development programme, accelerating the rollout of our one-stop-shop strategy in airports, railway stations, and hospitals. In North America, our business is growing through a strong pipeline of stores, innovative formats, and strong partnerships with major travel hubs. Across the Rest of the World, we remain focused on building scale in high-potential markets, leveraging our brand strength and travel retail expertise to capture new opportunities.
The UK is the largest division within the Group and operates stores in a wide range of locations, including airports, the largest channel, as well as hospitals, railway stations and motorway service areas across the UK. Our strategy is to become a one-stop-shop for travel essentials across UK transport hubs, supporting customers on their journeys.
590 +
£ 834 m
As the world’s largest travel retail market, North America is our most exciting opportunity for growth. Today, WHSmith operates more than 360 stores across the market, offering passengers a wide range of product categories through innovative and convenient store experiences.
360 +
£ 413 m
We operate in a further 29 countries around the world and ensure our stores deliver outstanding customer service, trade successfully and deliver strong returns. With a small market share currently, the opportunities for growth are substantial and we’re excited about our future as a global travel retailer.
320 +
£ 306 m
Key market drivers
Passenger growth is the key driver of our market, with global volumes now exceeding pre-pandemic levels and forecast to grow steadily in the medium term with passenger number growth forecast at 2.5x by 2050. Record highs at major UK airports and rising traffic in North America, the world’s largest travel retail market, underline the link between passenger numbers and our revenue growth.
Long-term goal passenger growth
Global air passenger numbers are forecast to grow by 2.5x by 2050, driven by population increases and economic expansion. This sustained growth underpins demand for travel retail across all regions.
Investment in airport infrastructure
Airports worldwide are investing heavily in infrastructure and upgrading retail offerings, creating more prime space opportunities for retailers like WHSmith.
Recovery and expansion of passenger traffic
Passenger volumes have returned to 2019 levels post-COVID and are expected to continue rising, supporting higher footfall in WHSmith’s travel locations.
Governance of travel retailer performance
Consumer demand is shifting towards “one-stop-shop” propositions, where travellers can meet multiple needs—food, drinks, tech, health & beauty—in a single store. This trend plays directly into WHSmith’s multi-category Travel Essentials format.
Higher spend per passenger
There is strong potential to increase average transaction value through category expansion, range optimisation, and store design improvements — a core focus of WHSmith’s strategy.
Growth in domestic and regional travel markets
In the US, for example, ~80% of passenger traffic is domestic, offering frequent repeat purchase opportunities. Similar patterns in other large markets also benefit WHSmith.
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