concession
/kənˈseʃən/ nounDefinition
› [C or U] something that you agree to give someone or allow them to do, especially in order to end an argument or disagreement: concession to sb As a concession to environmental groups, the energy giant agreed to scale down its coal plant expansion plans. demand/seek concessions The administration has demanded concessions from auto workers as part of the "viability plan" it is preparing.offer/make concessions We would be prepared to make concessions in order to reach an agreement. → See also concede
› [C] COMMERCE a small business that is allowed to sell goods, food, or services on property owned by someone else, for example, inside an airport or a large store: open/operate/run a concession The furniture and homeware retailer has recently opened its first concession within a garden centre. Fans were stocking up on hamburgers and hotdogs at the concession stand. airport/hotel/stadium concessions
› [C] COMMERCE official permission to carry out a particular type of business, or to own or do work on a particular piece of property or land, given by a government or company: The government plans to sell a 50-year concession to operate the southeastern rail line.award/grant a concession We are delighted to have been awarded the concession for the development of the airport. The mining company was granted a concession agreement to mine and market diamonds.
› [C] mainly UK a reduction for particular groups of people in the amount of money that has to be paid for something: give/offer concessions Many railways offer fare concessions for passengers with disabilities. Tax concessions will be made available to non-profit organizations.
› [C] FINANCE, STOCK MARKET the amount of money that an underwriter receives as payment when new shares are sold to the public for the first time: Investment bankers compensate members of the selling syndicate through payment of a selling concession, which is a type of sales commission.
(Definition of concession noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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