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Summary
Barcelo, a global brand in the tourism industry, is utilizing artificial intelligence to inform its growth strategy. The company is focusing on Asia and Africa for expansion, as international tourism is slowly bouncing back from the disruption caused by the pandemic. Barcelo reported revenues of €5.7bn and net profit of €170.1m in 2022, exceeding pre-Covid levels. The group is following an 'oil stain' strategy where they reach a certain critical mass in one region before moving onto the next. The Middle East is the bright spot for tourism recovery, with international arrivals exceeding those of 2019 in the first quarter of 2023.
Q&As
What is Barcelo's growth strategy for the future?
Barcelo's growth strategy for the future is to focus on Asia and Africa, and to use artificial intelligence predictive models to foresee tourism flows.
How has Barcelo been able to successfully turn the page on the pandemic years?
Barcelo has successfully turned the page on the pandemic years by having strongholds in Europe and North America, and a strong presence in Latin America.
What is the 'oil stain' strategy that Barcelo follows?
The 'oil stain' strategy that Barcelo follows is to reach a certain critical mass in a place, and then move on to the next one.
How has international tourism been recovering since the pandemic?
International tourism has been slowly but surely bouncing back from the total disruption caused by the pandemic. In the first quarter of 2023, the gap between pre-Covid levels and current levels narrowed to 20.4%.
What is the FT Editorial Code of Practice?
The FT Editorial Code of Practice is a self-regulation regime under which fDi Intelligence and its journalism are subject to.
AI Comments
👍 This article provides an insightful look at how Barcelo has successfully turned the page on the pandemic years and is now setting in motion the next chapter of its growth story.
👎 The article fails to address the environmental impacts of Barcelo's expansion into new markets.
AI Discussion
Me: It's about Barcelo, a Spanish transport company that has become a global brand in the tourism industry, and how they are using artificial intelligence to predict future travel trends.
Friend: Interesting. What are the implications of the article?
Me: Well, firstly, it shows the power of private, family-owned businesses to succeed in the tourism industry. Secondly, it highlights the potential of artificial intelligence and data analysis to help anticipate consumer trends and make informed decisions for growth. Additionally, the article suggests that the tourism industry is slowly bouncing back from the pandemic, with the Middle East being the bright spot as governments in the region have taken a light-touch approach to lockdowns and travel restrictions. Lastly, it also highlights the potential of countries that are just getting started with the development of a tourist offer.
Action items
- Research other successful family businesses in the European entrepreneurial ecosystem to gain insights into their strategies.
- Develop an AI predictive model to forecast tourism flows in the next 10-20 years.
- Analyze the data to inform a growth strategy for entering new markets, such as the Gulf and South-East Asia.
Technical terms
- AI (Artificial Intelligence)
- AI is a type of computer technology that is designed to simulate human intelligence and behavior. It is used to create systems that can think, learn, and act like humans.
- fDi (Foreign Direct Investment)
- Foreign direct investment (FDI) is an investment made by a company or individual in one country into business interests located in another country. It is a direct and active form of investing, as opposed to portfolio investment, which is a passive form of investing.
- GIS (Geographic Information System)
- A geographic information system (GIS) is a computer system used to store, analyze, and display geographic data. It is used to create maps, analyze spatial relationships, and manage geographic data.