Traders said this was a fragmented market that had shown little continuity as a result.
Duty Free is a leader in a highly fragmented, but fast-growing market.
These companies, with less than 1,000 employees, represent a vast but fragmented market, spending nearly $300 billion a year worldwide.
All the while the small fragmented and illiquid market failed to emerge.
One reason for the company's success, he continued, is that it operates in a highly fragmented market.
Before his and other Web sites came along, "it's been a very fragmented market," he said.
Europe's problem is that we have a fragmented market because of historically differing security interests.
Otherwise, we will get bogged down in a fragmented market.
But that is a highly competitive and fragmented market.
That makes the large and fragmented market tough for providers to tap, but they are making efforts.