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