Posted by: Editor on Sep 18, 2006 – 10:20 AM
newsandinfo The recent sale of the Royal Oasis Golf and Country Club Resort signals good news not only for the Grand Bahama economy, but also for the 40 businesses still operating in the neighbouring International Bazaar.
Chris Paine, vice president of the International Bazaar Owners Association (IBOA), said that despite the downturn in the local economy since the 2004 and 2005 hurricanes, more than half of the businesses in the Bazaar decided to keep their doors open.
“Frankly, I think all those still in business should be congratulated for their perseverance and tenacity,” added Paine.
Out of the 85 stores operating prior to the hurricanes, there are five restaurants open and about 35 stores offering a wide variety of merchandise.
Many people believe that the bazaar is virtually shut down, but that simply is not true, said Paine.
Noting that it has been a difficult time for the owners and all businesses at the International Bazaar, Paine said that the “knock on effect” of losing that captive market to the property had made a significant impact.
“However, there are still 40 businesses open and operating on a daily basis,” he said, adding that many store owners took the view that the Royal Oasis would eventually be sold and business opportunities would present themselves once again.
“This now seems to be a reality with the purchase of the property by World Investment Holdings, so we expect a lot of renewed interest in the International Bazaar once the renovation work gets under way next door,” he added.
The bazaar continues to be largely supported by local trade, and Paine said it has “always been popular and convenient for so many people to shop here.”
Meanwhile, a number of stores that have remained closed have made arrangements with their landlords to pay a reduced rent in order to retain their space and keep their store fixtures and fittings in place.
“This has been a convenient option for some businesses,” said Paine, who owns City Real Estate Ltd., the largest bazaar landlord.
However, he noted, the agreement does not guarantee automatic tenancy to those who are delinquent with any such arrangement.
“I anticipate a number of new businesses wanting to get established before the hotel reopens its doors,” predicted Paine. “But like everyone else we are waiting for the sale to be concluded, and I imagine that as soon as they are done … I would hope that the new owners would meet with the bazaar owners.”
Paine said the IBOA has had an indication from the new owners that they would meet.
“I would imagine that if they were going to spend that kind of money for the hotel, they would want their neighbours, the bazaar, to be of an equal standard.”
No discussions have been arranged as yet, but Paine is certain the owners would want to meet with executives of IBOA.
The Royal Oasis houses 965 rooms and 98 timeshare units, which accounted for more than a one-third of Grand Bahama’s overall hotel room inventory.
World Investments Holdings (WIH) signed a contract with Lehman Brothers, the financiers of the Royal Oasis, to purchase the property some three weeks ago.
Source: The Feeport News