concessioncon·ces·sion /kənˈseʃən/ noun [countableC]1COMMERCE the right to carry out a particular business activity, given or sold to a company by a government or other public organizationBellSouth paid B$2.65 billion for the concession to operate cellular phones in São Paulo.
The company was granted a concession to build a 364 km stretch of the Warsaw-to-Berlin motorway.
2American EnglishAmECOMMERCE a small shop in a hotel, theatre, office building etc owned and managed by another businessSnack concession sales per person at cinemas have increased.
3an agreement or rule allowing someone to pay less money, tax etc than they would normally payAmerican Express offered a rate concession to Laura Ashley’s UK operations.
The tax concessions apply only after the savings account has been held for five years.
4American EnglishAmEFINANCE the amount paid to an UNDERWRITER when new shares or bonds are made available for the first timea public offering of 8 million common shares, priced at $16 a share through underwriters Morgan Stanley - selling concession is 61 cents