Following a volley of turbulent financial woes, City Markets is reporting more closures in it fleet of food stores.
In a press statement issued late this evening a corporate executive wrote:
Bahamas Supermarkets Limited – the parent company of City Market, announces the closure of its Lyford Cay and Rosetta Street Stores effective August 2nd, 2011. The company undertook the decision to close after existing leases at both stores came to an end.
Additionally, the company was asked to vacate the Lyford Cay location after the landlords notified all tenants that they plan to demolish the site in late 2011 or early 2012 to coincide with the opening of AML Foods at the landlord’s new shopping center.
Regarding the Rosetta Street store sales continue to decline as the area becomes less residential and more commercialized. Meantime the company’s principles are actively engaged with the landlords at Rosetta Street with a view to establishing another format at that location.
The company’s statement was short of announcing more job losses at the foodstore.
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This FNm cabinet and their 100,000 Haitians roaming our Bahamaland will soon be the only folks with money in their pockets, if this foreigner loving FNM cabinet is relected for another term of government. These cabinet ministers sure ain’t huring for groceries.
It’s called business in order to curb cost they seem to be cutting the non productive stores, the lease alone probably was more than the annual income… Makes perfect sense. BTC is doing the same… Bottom line and competition is driving both process.
And to think they were on an expansionary quest recently.
Thank goodness they did not seal any of those deals. Who knows what would have happened to Abaco Markets or Robin Hood.
The truth of the matter is the idea to try to offer items that are not of a “popular brand” is what killed this store. The concept just can’t work in the Bahamas. If we can’t buy Kraft, Evercane Carnation, Kellogg’s or any of the other popular brands forget it.
I am a Bahamian living in another Caribbean with my family. Trust me grocery shopping is a pain in the butt because I cant find the brands that I grew up on and grew to trust.
This is not a failure for any political party. The lower brand concept just don’t appeal to the majority of Bahamians. Plain and simple.
wahappen people stop buying food now? it always amazes me when a major food store like city meat shuts down because all their stores are in prime locations but then again the owners probaly done make enough for couple lifetimes cause damm they bin in buisness from before peanut meet butter and how is it the chinese doors are still open is it because they ain asking for much!!!!!!
The closing of City Markets have nothing to do with the FNM or Political Parties. I feel that the FNM is doing an excellent job after the global recession. City Meat has increased its prices and it is difficult for the poor man to keep up with these high trends. The food prices has really escalated in these stores. Thank God the FNM was governing at this time and not the PLP. For sure, where there is no vision, the people would have surely perished.
Mickey you said it, not us.
BP
Everything Mark Finlayson and them touch turns to dusk was it not said that his father did not beleive in God. Well so goes the spritual life so goes the business.
if this country was booming and the crime was to a all time low the FNM would have been jumping out they draws taking the credit so y’all stop talking chit!!! ingrum lost. i will rather see a man eat chit than to talk chit. only two MP in the FNM work for they pay that’s banaster & minis. the rest of them ain’t wort dog chit.
Yes this is the FNM’s fault because they caused the global recession that effected the economy of every country in the World.
Name 2 significant infrastructural project that got underway (in terms of actual construction)or completed under the PLP.
People just blame to govt of the day when things are difficult. You honestly think the PLP would have this country in a significantly better position given the global economic situation? Based on their track record?
You said it we didn’t.
BP
SURE ITS THE FNM’S FAULT THAT PHIL’S EM OFFERING BETTER PRICES, SO PEOPLE SHOPPING THERE!!!
We need a major food store on Carmichael Road West. The chinese are making a killing out here, but their stores are not pleasant like the Bahamian major food stores. Phil’s is out here, but he does not have everything in retail sizes. I still go to him for some items like juice, and end up going to a major food store for the rest of my stuff. Every week I drive to Phils, then onto to Super Value Cable Beach for a good shopping experience.
I am surprised at Rosetta St closing. Super Value is still surviving in the same area. I know there deli makes a killing. I go there regularly and there is always shoppers.
I can’t help but think that this is somehow all the fnm’s fault.
HAHA, are the Finyalson’s some of the PLP business ‘genuises’ that Christie plans to take advice from to get the economy ‘going again’, LOL. Anyone knew it was silly for that crew to even buy City Markets , it was basically already dead, should have yet the Trini’s eat the looses but instead the PLP Finyalson family wanted to show they had olenty money and made a silly decesion, only person who benefit from that was that Fitzgrald boy in legal fees.
this place become a ghost town under the no good FNM.
this has nothing to do with the FNM this is just a bunch of bahamains that don’t have a clue about the grocery business and is running it into the ground(take a look at the CEO)they have no intentions of renovating the deli’s, they don’t even have ac in the stores and the coolers are not working, i hope the rest of the employees fine another job ASAP.
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