Russians Shop Less as Ruble Drop Hits Rolex-Selling Airports

European airports are suffering from a slump in retail sales that can deliver two-thirds of profit at major hubs as a sliding ruble curbs spending among Russians with a shopping budget four times that of the average traveler.

The Ukraine crisis and strength of the euro, pound and Swiss franc against emerging-market currencies has hit retail sales at hubs from London to Frankfurt, with the squeeze worst at airports in the two countries at the center of the conflict.