In spite of concerns expressed by local retailers, the Ministry of Finance of Barbados has upheld its recent decision to grant a franchise to PriceSmart. PriceSmart is a leading high volume (membership type) retail outlet, which has expanded aggressively in the Americas in recent years. The new store, which is franchised under PriceSmart Delaware, will be located at Green Hill, St. Michael.
PriceSmart will offer a product mix similar to its other overseas stores, including appliances, food, furnishings, and household goods. Some local merchants expressed concern that they will not be able to compete with such a major shopping warehouse, yet no formal petition to stop the project has been filed.
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The application for a Barbados franchise was submitted to the corresponding authorities in February of this year. In accordance with the local Franchise Registration and Control Act, notices of the franchise request were published in the local press from 22 through 30 March. Any objections to granting the franchise were to be submitted in writing by 14 April. Since no objections were received, the appropriate license was granted. An announcement is expected soon regarding the construction start date for the PriceSmart store.
SOURCE: includes information from the article “Government defends decision to approve franchise”, The Broad Street Journal (27 september, 2000).
