WHSmith

WHSmith operates a concession-led retail model built around high-footfall travel environments. It secures and runs store locations in airports, stations, hospitals and related venues, curates assortments suited to on-the-go purchasing, and earns gross margin on direct consumer sales. It also extends this estate into an advertising asset by offering retail media placements to brand advertisers, particularly in North America, creating an additional monetisation layer over existing shopper traffic.

WHSmith is a UK-listed retail group whose core business is operating convenience, books, food, beverage and electronics stores in travel and other captive-footfall locations, especially airports, railway stations, hospitals and motorway service areas. Following the 2025 disposal of its High Street business and funkypigeon.com, the company is primarily positioned as an international travel retailer. It serves consumers directly through physical retail formats and brand banners including WHSmith and InMotion.

The company makes money mainly from retail margin on products sold in high-traffic locations where convenience and urgency support premium pricing. A secondary and newer revenue stream comes from monetising its North American store estate as a retail media network, selling in-store advertising access to brands seeking to reach travellers in physical travel environments.