Definition of: concession

(kən·sesh′ən) noun
1. The act of conceding, or that which is conceded.
2. A subsidiary business, conducted by lease or by purchase of privilege, in office buildings, railroad stations, etc.: a coatroom concession.
3. A strip of land, as one adjoining a port, canal, etc., conceded to an alien government for its economic use, and in which self-government and extraterritorial rights are exercised. See synonyms under FAVOR. [<MF <L concessio, -onis <concedere CONCEDE]