Hey, I'm Dan! I invest in startups at Madrona and write the DL, a weekly newsletter about tech in the Pacific Northwest

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Financials of Sea-Tac Businesses

Every business that wants to lease space at Sea-Tac Airport has to respond to a public RFP, and Sea-Tac also publishes the results of their audits online. It’s pretty fun to see the economics of an airport business and how these companies present themselves in an RFP.

The website doesn’t work very well (surprise), so the best way to find things is to just type the names of businesses directly into the search bar. But in case that’s too much work, here are a few highlights:

Dufry (the duty free stores)

  • In FY16, the three duty free stores at Sea-Tac generated ~$20M
  • All airport leases are based on a percentage of revenue - for the restaurants, they pay ~10% of their revenue to Sea-Tac as rent. But for Dufry, it’s 36% of revenue! Talk about value capture!

Floret (Cafe Flora)

  • Floret is forecasting ~$4.1M of revenue for 2019, and that should generate ~$300K in EBITDA

Piroshky Piroshky

  • Their tiny 350 sqft bakery in Pike Place did over $3.1M in annual sales in 2015 (wonder what it is now)
  • They have 80%+ gross margins and ~25% operating margins

MOD Pizza

  • The MOD Pizzas at Seattle Center and Issaquah have annual revenue of $1.5M+ and sell more than $10K of pizza on peak days
  • MOD expects a ~12% EBITDA margin per store at steady-state


  • Sales in 2017 were $6.9M, almost double 2014 sales of $3.7M
  • At the airport, Beecher’s is not allowed to charge prices that exceed “Street Prices,“ defined as "prices commonly recognized by the public”


  • The Starbucks Urban Market store at the airport expects to make $7-8M per year and generate $700-800K of EBITDA
  • Starbucks has the prettiest presentation (good template to pitch the airport on a new business!)

Club at SEA Airport Lounges

  • Wow - lounges are profit machines! In FY16, The Club at SEA brought in $2.2M of revenue and generated $1.6M of net income (73% margin). Better than SaaS!

Anthony’s Restaurant and Anthony’s Fish Bar

  • Gross revenue for FY19 was $20.1M! Location is so important - great to have that big spot in the middle of the airport

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