City Markets responds to closures rumours

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Statement by General Manager of City Markets:

I hasten to assure the Bahamian community that despite the rumors that abound the demise of City Markets is not imminent.

  • The company just like many others enterprises, locally and internationally, is having to fight through hardships created by the meltdown of world economies and the impact upon all business sectors in the Bahamas”.
  • In addition to the difficulties caused by a poor economy, the company suffered a series of serious maintenance problems with refrigeration in a number of stores.  I am now pleased to say that the problems have been corrected and we are back to normal.  Further, to restore customer confidence in our business we are about to embark upon an impressive promotional campaign”.
  • On the question of the status of jobs for our employees We have no immediate plans for reducing the workforce however; as we continue to manage and control our operating costs, some employees may be affected.
  • On another note the company has been forced to face another daunting problem and that is one related to “shrink” of inventory.  We know that ‘shrink’ should be in the range of 2% or lower, but our ‘shrink’ size is about 6% of sales.  The cost to the company is substantial.
  • We have instituted much stricter inventory and financial controls and are hopeful that this financial drain will be substantially reduced. Additionally, we have put in place an incentive programme for our employees which has been well received.

Derek Winford CEO

City Markets

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5 COMMENTS

  1. **** ********in the Bahamas is a poor substitute for grocery shopping. It has relegated itself to the status of a convenience store. They have no inventory, to speak of, and it is a complete waste of time to attempt to get any goods from this place. Most of the food items in the freezer section are not stored at the proper temperature, causing freezer burn and premature thawing. They utilize laughable tactics like moving items to the front of the shelves, for the appearance of fullness. Mr. **** ******, we can see that there’s nothing behind the front rows. WHY ARE YOU OPENED 24 HOURS? If you did not have inventory to sell at 9:00 am, you certainly will not have inventory to sell at 3:00 am. STOP THE MADNESS! Please send those tired workers home and retire those cash registers. There’s no money coming in anyway. ****** ***** is the place to go. I implore all potential consumers to go to Super Value to shop because it is a real grocery store and the Honesty Patrol is there. What more can you ask for. ***** ********, I look forward to your closure. On a final note, I had the best gut-busting laugh in a long time, when I over heard someone saying that **** ****** had bought out ********. I replied to a friend, that’s impossible, they can’t stock their own shelves, I know it is not possible for them to buy another store. If they had funds to purchase a store, I think they would put inventory on their own shelves to sell. Mr. **** *******, do your customers a favor and send them to Super Value.

  2. Im in freeport lucaya, daily the seahorse store is out of items like, bleach, tomatoe paste, milk, butter, WATER etc. something is for sure not right. the shopping carts at all their store are the worst of the worst. even cuba and haiti have better carts. if they are not closing the other stores on the island here is glad they are not stocking shelfs anymore

  3. Is maintenance not carried out on a regular basis?… how does most of the refigeration equipment break-down at the same time at various stores?… sounds like City Market need to be suing the company that supplies these equipment because it would seem that they are faulty and such break-down is costing them revenues and market share by causing regular customers to loose confidence in them.
    On another note, they say that they are employing stricter inventory controls… can someone explain something to me: does stricter inventory controls = less inventory? because for some reason I always thought that less inventory (all other things remaining constant)= less profitable.

  4. Evertything that Mr. Winford(CEO) has said is a lie.All the vendors has cut off supplies to City Market because of money issues, some weeks they are unable to make their payroll. The employees has been losing their jobs everyday since he took office and the ones that are left want out before its to late.This company is selling out one by one starting with the eight mile rock store in Freeport to Sawyers Market leaving more employees unemployed.

    • thank you tiffany B for saying what we all thinking winford is a liar and his public statements are an insult to every bahamian we should not forget that he as a trinidadian believe we all stupid and gullable we already know he is a failed CEO only fit to sell photocopiers and very soon his character will be exposed sadly when he goes back to his country of origin he will leave behind a broken failed company and countless misery and yes he will lie and bully every day until he leaves in disgrace and shame

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