MONEY Nov/Dec '11 - ISSUE 10

BUSINESS | LIFESTYLE | DESIGN

THE COMMERCE ISSUE Issue 10 November/December 2011

WOMEN RETAILERS

LUXURY MARKETS

MARLENE PULLICINO ON UTILITIES

JASON AZZOPARDI ON SMALL BUSINESS

LEVEL 0, BAYSTREET, ST. JULIANS, MALTA, T + 356 2372 0712 307, FERRERIA PALACE, REPUBLIC STREET, VALLETTA, MALTA, T + 356 2123 3877

Welcome Ever since we discarded bartering and assigned monetary value to products and services, buying and selling has been the basis of any strong economy.

In this issue of Money, we focus on retail in the current economic climate.

In an interview with Vanessa Macdonald, Parliamentary Secretary Jason Azzopardi says that the small business sector is growing in confidence – this shows in the growing number of SMEs and self-employed as well as the fact that value-added in Malta is much larger than the EU average.

What is also helping businesses is the Malta Chamber of Commerce’s role in assisting businesses with trade abroad – Vice President Stefano Mallia tells Veronica Stivala how the Chamber of Commerce studies the impact of new legislation on business both on a national and EU level.

Yet for Labour Party spokesperson for utilities Marlene Pullicino, one factor that is hindering retail is the rising cost of utilities, which has a negative effect on profit margins.

Money also goes on the frontline of retail and interviews four successful retailers.

For Reuben Buttigieg, President of the Malta Institute of Management, cash flow is the lifeblood of any business, including retail – this is why SMEs need greater access to micro finance if we want to have the economic boost we are all aspiring for.

In this issue of Money, we also interview Ernst & Young’s Emerging Entrepreneur of the Year 2011, TW Steel CEO Jordy Cobelens, discuss potential luxury markets in Malta, do an indepth country profile on Istanbul, and prepare for a festive, and delicious, Christmas.

Read on and enjoy.

Contents 8 The little things that matter Parliamentary Secretary Jason Azzopardi tells Vanessa Macdonald how the small business sector is growing in confidence.

12 Down to business The Malta Chamber of Commerce has many vital roles to play. Veronica Stivala speaks to the Chamber Vice President Stefano Mallia.

17 Power shopper

are a living proof that maybe, women are better at retail.

37 In good health No other Maltese company servicing the medical and life sciences sector has greater expertise as we do, says Simon Cusens, Technoline CEO.

41 Watch this man TW Steel CEO Jordy Cobelens keeps the time on innovation, affordable luxury and being bold.

45 Luxe redux

Marlene Pullicino tells Money how the utilities issue is having a negative effect on retail business.

Malta is a luxury brand waiting to happen. So what’s the missing ingredient?

Luxury goods, says Sean Patrick Sullivan.

23 Going extra on small

48 When will West meet East?

SMEs need greater access to finance, says Reuben Buttigieg.

Europe can no longer ignore Turkey and Istanbul, says Vanessa Macdonald.

27 Sale away

50 All work and play

Sales should present added value to your customers, says Chris Mifsud.

Money gets all wired up to the latest technology.

30 The queens of retail

53 Come in, we’re open

Money meets four women who

Retail stores should invest in

6 - Money / Issue 10

the skills of local designers and architects, Gergana Ivanova tells Kris Micallef.

64 A Christmas cracker Zammeats butcher’s shop and delicatessen get you into the spirit of Christmas.

67 Here’s to you, Mrs Robinson Crusoe Earlier this year, Mona Farrugia did the unimaginable and travelled on her own to the Maldives and stayed there for a whole 10 days.

71 Dreaming of a sweet Christmas Mona Farrugia from Angelica shares her recipe for the café’s decadent chocolate salted caramel tart.

72 Mighty cheese The White Sheep’s siblings, Tania Attard and Sarah Borg, give us the low-down on an altogether different breed of cheese – the farmhouse type.

74 Let’s talk shop Amit Raab browses some online retail options.

Editor Anthony P. Bernard Email: anthony@moneymag.me Consulting Editor Stanley Borg Email: stanley@moneymag.me Design Porridge | www.weareporridge.com Email: hello@weareporridge.com Printing Progress Press Distribution Mailbox Direct Marketing Group Hand delivered to businesses in Malta, all 5 Star Hotels including their business centres, executive lounges and rooms (where allowed), Maltese Embassies abroad (UK, Rome, Brussels, Moscow and Libya), some Government institutions and all ministries.

For information regarding promotion and advertising call Tel: 00 356 2134 2155, 2131 4719 Email: hello@moneymag.me

Money is published by BE Communications Ltd, 37, Amery Street, Sliema, SLM 1702 All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope.

The editor is not responsible for material submitted for consideration.

April 1819. François Constantin takes responsibility for the worldwide business expansion of Vacheron Constantin. During a business trip to Italy, this visionary man coined the phrase which would become the company motto in a letter addressed to the manufacture: « …do better if possible, and that is always possible …».

True to this motto and to the spirit that forged its history, Vacheron Constantin still remains committed to pushing the boundaries of watchmaking in order to provide its clients with the highest standards of technology, aesthetics and nish.

Patrimony Contemporaine Hallmark of Geneva, Pink gold case, Hand-wound mechanical movement

www.vacheron - constantin.com

Réf. 81180/000R-9159

Interview

The little things that matter Parliamentary Secretary Jason Azzopardi tells Vanessa Macdonald how the small business sector is growing in confidence. Photos by Christian Sant Fournier

T

hey say that there are lies, damned lies, and statistics. The saying certainly seems to apply when it comes to the SME sector in Malta, where a recent report released by the European Commission identified many areas where the sector was lagging behind other countries in the EU – while other indicators show a vibrant and confident sector.

The Commission report said damningly that, “Malta does not look like the perfect breeding ground for entrepreneurs.” But the very same report noted that entrepreneurs strike out on their own because they want to – it is opportunity driven and not because they have to or because there was no alternative.

Parliamentary Secretary Jason Azzopardi, whose portfolio includes SMEs, believes that this is an important indicator of the sector’s confidence.

“It takes courage. Entrepreneurship means taking a risk but you would not take that risk unless you really believed that it would pay off,” he says.

So is the sector doing well, or isn’t it?

Don’t expect a straight answer from a politician – after all, there are those pesky statistics that keep getting in the way.

8 - Money / Issue 10

“I would not be able answer in a black or white manner. You have to see this in a context and not in a vacuum.

The number of SMEs and the number of self-employed in the country in the last years has actually increased and kept on increasing. The number of VAT registrations and new trade licences has been going up every year. In fact, the only two years when these fell were in 1997 and 1998. This was when the government of the day – although I do not want to be political – in 1996 had promised a new lease of life for private sector. In spite of the fact that oil was $12 a barrel and not close to $85 as it is today, the number of self-employed decreased for the first time since 1987.

“If there was ever a time when the numbers should have gone down, it should have been in the past 12 months.

In spite of the perfect storm in the financial sector, with countries to the east and west on their knees, the number of SMEs did not decrease but stayed stable. In fact statistics show that employment in the last 12 months has gone up by 6,000 net.”

This has to be seen in the context of the recent SME Performance Review, which suggests that Europe is facing a jobless recovery with a net loss of 823,000 SME jobs in the EU in 2010.

Dr Azzopardi believes it is all a matter of whether you see the glass as being half empty or half full. For example, the Commission report says that Cyprus and Luxembourg chalked up an impressive growth rate of 20 per cent or more between 2003 and 2010, while the number of SMEs in Malta stayed the same.

“Everything is relative and you have to see the growth in the context of where they started from,” he says.

“Of course, I say with a sense of humility that there is much more that we can do.

I will never say there is nothing more to do. But when we compare the situation of SMEs in Malta with that in neighbouring countries, where the number of SMEs and self-employed fell, here in Malta at least they remained stable.”

One contributing factor is clearly access to credit, a fact which does not emerge positively from the Commission report. A few weeks ago a Eurostat study placed Malta’s SMEs as having the second best access, after Finland.

Two years ago, government launched a scheme called Microinvest aimed at micro-enterprises (which employ fewer than nine people) which entitles them to a tax credit of 40 per cent in Malta or 60 per cent in Gozo. Through it, 770

Vanessa Macdonald is a freelance journalist in her spare time, covering a wide range of lifestyle and economic issues.

enterprises invested close to €16 million and created 340 jobs.

In addition, the Microcredit scheme (known in the EU as Jeremie), administered by Bank of Valletta and launched last spring, will support €52 million of investment. By August, the bank reported that 90 applications had been approved, representing investments of €15 million, with another 300 in the pipeline – meaning that the full amount would be taken up within two years, rather than the four to five years originally projected. The take-up is the best of any country in the scheme, according to the European Investment Fund.

Even regular bank lending is less fraught. For example, in Bulgaria, 36 per cent of applications were turned down in 2010, while Malta has the second lowest rate – just two per cent.

Dr Azzopardi also points out that the Commission report acknowledges that value-added in Malta is by far much larger than the EU average.

“Why? Because we are much more efficient. There is no other explanation.

Government can take the credit for some of this as it is reducing bureaucracy – and is taking many measures to help rather than to hinder, such as cutting red tape.”

The number of VAT registrations and new trade licences has been going up every year.

Money / Issue 10 - 9

Interview

By next year, the administrative burden will be cut considerably, in line with the EU targets, thanks to the work of the Better Regulation Unit (which falls within the remit of his colleague Dr Chris Said). More changes emerge from the recent Small Business Act, which introduces the concept of an SME impact assessment. A unit is being set up which will carry out this assessment on any legislation – main or subsidiary – which has an impact on SMEs, and government departments will have to show what alternatives were considered.

For example, one aspect that the government needs more information on is the need for SME parks. A number of privately-owned ones are in the pipeline, in Ghaxaq, Telgha t’Alla w Ommu, Gharghur and Ta’ Maggi in Zabbar, with the latter being 60 per cent occupied.

The Small Business Act also introduces a ‘stand-still’ period of eight weeks from the time legislation is enacted to the time it comes into force. Dr Azzopardi believes that this is very important, even though the legislation will have been assessed by the unit, and even though it would probably have been scrutinised by various constituted bodies.

“There is demand. The experience at Ta’ Maggi was very positive, with a mix of activities represented from film production to panel beating, and from sprayers to the manufacture of yacht fittings by a company set up by a former Drydocks worker who now employs six people, which is already clamouring for more space as it cannot cope with orders.”

“We listened to what SMEs were saying –that it was not possible for them to be able to come into line with new legislation so quickly. I would prefer to err on the side of caution. I am more comfortable being criticised for being too soft with them than the other way round,” he admits.

A scientific study being conducted by the Sociology Department at the University of Malta will run over 18 months until December 2012, with a postgraduate researcher putting together a comprehensive picture of the sector – this will help the government to formulate policies according to the needs that emerge.

“Initially I had explored the possibility with MEPA of finding more sites but the advice I was given was to take it a step at a time and to see what the response is.

It does not make sense to create a glut,” he says.

The government also has an eye on the future generation of entrepreneurs.

His secretariat has just helped to relocate the Young Enterprise offices to Tigne, while Entrepreneurship in Education was launched last year with a budget of €100,000, which was used to run a national competition aimed at secondary colleges.

DOING BUSINESS Percentage of SMEs Malta: 99.9% EU: 99.8% Micro Malta: 95.8%

EU: 92.1%

SME employment Malta: 77.4% EU: 66.9% Value-added Malta: 73.4%

EU 58.4%

There are 35,000 SMEs in Malta, employing a total of 88,000 workers.

“If we help our students to love the spirit of entrepreneurship, it will be a sound way for the future,” he concluded.

SMEs in Malta create around €3 billion worth of value-added.

Half empty or half full? At the end of the day, it’s one and the same thing.

SMEs in Malta employ an average of 2.5 people, much less than the EU average of 4.3.

The man comes around for him is Narciso Rodriguez’s first perfume for men. This mysterious fragrance is both surprising and seductive and embodies the eternally masculine. Egyptian musk, Narciso Rodriguez’s favourite scent, is the heart of the olfactory inspiration for the men’s fragrance. for him is a fougere accord whose heart of musk is enriched by three vibrations – floral aromatic, textured woods and sensual amber. for him is a masculine signature, contemporary, elegant and sensual. Available in 50ml and 100ml. Exclusively represented by C+M Marketing Ltd.

10 - Money / Issue 10

SME

6% of adults have started a business or are in the process of doing so (EU: 12%).

63% of entrepreneurs set up their own business because they want to – not because there is no alternative (EU 55%).

61% of public contracts were given to SMEs in Malta (EU 38%).

(Source: European Commission SBA Fact Sheet 2010/2011).

Interview

If we don’t manage to get our companies out of Malta to trade with our counterparts at least in the EU, then we’ll be missing out on a lot.

12 - Money / Issue 10

Down to business From protecting its members during the financial crisis to helping with trade abroad and assisting businesses re-start in Libya, The Malta Chamber of Commerce has many vital roles to play. Veronica Stivala speaks to the Chamber Vice President Stefano Mallia. Photos by Christian Sant Fournier.

I

t was Aristotle Onassis who once said that, “The secret of business is to know something that nobody else knows.” Taking a leaf out of the Greek magnate’s book, the Malta Chamber of Commerce strives to keep itself and its members one step ahead in the proverbial rat race.

With the EU churning out new legislation faster than you can say “Warren Buffet”, the average business person cannot keep updated enough in order to “know something that nobody else knows,” that is, to anticipate these new laws.

But the Malta Chamber of Commerce can.

“In order to influence legislation, you need to know what’s coming out before.

One of the practical services the chamber offers is that it tries to anticipate these laws,” explains chamber Vice President Stefano Mallia.

Together with the Malta Hotels and Restaurants Association, the chamber runs the Malta Business Bureau, an office in Brussels whose role is mainly to look at legislation, provide feedback to the MHRA and chamber, and to also lobby in the EU Parliament.

So when a new legislation is coming out, the chamber looks at it, sometimes carries out impact assessments, and then informs its members about it and its possible impacts.

The chamber also makes it a point to have its say on new laws and to let the Government know about the potential impact of legislation on its members.

And the buck doesn’t stop there – the chamber takes the initiative of going directly to the EU Commission and Parliament in order to voice its opinion on said laws.

The chamber also keeps its members up to date through business information sessions about new legislation, which then help the business people come to terms with the effects these new laws will have on them.

One of the main aims of the chamber is to not only safeguard business interests but also to promote them equally. To ensure this, there is an equal number of members from each section – that is, retailers, importers, distributors and wholesalers, manufacturers, and services – sitting on the council.

Mallia explains how one of the biggest challenges the chamber has had is that since Malta joined the EU, it was difficult to get the SMEs out of the country. There are more businesses which don’t export, than those which do.

“In our books, one of the biggest advantages is that we form part of a single market. Now if we don’t manage to get our companies out of Malta to trade with our counterparts at least in the EU, then we’ll be missing out on a lot,” Mallia points out.

Money / Issue 10 - 13

Interview

we can integrate more. In reality the economies are very interdependent – for example, although Greece is not the biggest country in the EU, it’s creating shockwaves across the globe.

Taking this interdependence to heart, Mallia explains that Malta needs to play an active part in decision-making.

“We have to be vigilant that proposals do not affect us negatively, but we also have to be pro-active and propose things that do not put us at a disadvantage.”

Indeed, the chamber is taking an active role in trying to influence the policymakers on proposals such as airport transport tax.

“For a country like Malta, which is isolated and which depends on flights to travel abroad, (introducing such a tax) is going to put us at a disadvantage. It will make us more expensive for tourists. We are opposing this,” explains Mallia.

Speaking about the recent crisis in Libya, Mallia explains how the chamber helped its members who have business interests in the country.

During the crisis they had to leave everything behind them, including investments worth millions.

“At the height of the crisis we were in close contact with the government, providing details of our members who have interests there. We even provided lists of what kind of assets they left behind,” he points out.

In the light of this, the chamber does its utmost to create initiatives for local companies to go out and export. These include organising trade missions abroad for lawyers, tax planners, ICT workers, those in the car industry and so on.

What does Mallia think about Malta’s trading relations in the EU considering the worrying financial crisis?

Admitting that now is a very difficult time for Europe, Mallia says that Malta has no choice but to form part of this union in spite of all the difficulties. In his words, “If we had to be outside the EU, we would be totally out of a support structure.”

14 - Money / Issue 10

To be able to trade well with the EU, one needs to be inside the EU. The chamber reckons that if Malta had to be outside the EU, even in these difficult times, it would be very difficult to trade.

The vice president cautions that Malta needs to be careful in how it deals with this crisis by continuing to work within the regulations of the EU. “We shouldn’t be thinking of throwing away all the regulations because we’d end up like Greece,” he notes.

Rather than going the way of not respecting the rules, we need to see how

The idea is that once Libya settles down, information is readily available so investors can go back to their assets.

Excited that the situation is now on the mend, Mallia notes how there is a lot of interest from the chamber members about the new Libya.

“Our role will certainly be to get our members back there on the ground to restart businesses and start new ones as early as is possible,” he explains.

Because Malta is so close and has traditional ties with Libya, we should be there in the development of new business opportunities.

JAZZMASTER SEAVIEW AUTOMATIC SWISS MADE WWW.HAMILTONWATCH.COM Jos Debono Jewellers - 151 St.Lucia Street, Valletta Tel: 2124 4839 Pavillion Jewellers - 43 Republic Street, Valletta Tel: 2124 9222 Pavillion Jewellers - Independence Square, Victoria, Gozo Tel 2156 3219

Interview

Power shopper Despite statistics from the National Statistics Office showing retail is up in 2011 for both Q1 and Q2 over 2010, Labour Party spokesperson for utilities Marlene Pullicino tells Money how the utilities issue is having a negative effect on retail business.

Photos by Nick Scicluna

U

tility rates affect all sectors of the Maltese business scene.

“But in retail this is felt more because success is directly affected by what consumers can afford. Low turnover has a knock on effect on the retailer since stocking a wide range of goods or being able to employ staff then becomes difficult,” says Marlene Pullicino, Labour Party spokesperson for utilities.

“Of course, we cannot see it as just a price issue – performance and energy security are also key. The three issues are interlinked and a clear policy needs to be put in place and executed to address these issues.

Money / Issue 10 - 17

Interview

“The current government has allowed too many hiccups in the implementation of its policies. The situation at ARMS is especially worrying – consumers and businesses have no idea when their next bill is coming, and therefore cannot plan.”

Another promise which hasn’t been met is the installation of smart water meters.

“Smart meters allow consumers to manage their consumption better – there are no initiatives in place to promote saving energy or use energy more effectively. We have a limited resource with

18 - Money / Issue 10

both power stations having ridiculously low efficiency rates – consequently, demand and supply are often at a critical point. The uptake of the photovoltaic panel incentive shows the public is keen to be greener, but the whole thing was mishandled, resulting in excessive time delays for connections and rebates.

“I also cannot understand why Enemalta is not offering renewable energies,” says Pullicino. “We are not making the most of solar energy.

Malta has a lenient target in the EU’s 2020 programme of just 10 per cent, but we are still far from achieving this

target – this will result in further unnecessary fines.”

would investigate, improve or close down,” says Pullicino.

Pullicino highlights the Labour Party’s direction on utilities.

“In addition, the power outages suffered by homes and businesses are too frequent. The distribution network suffers losses every day and the grid itself needs to be updated and modernised.”

“We need to achieve energy security, promote energy efficiency, and strengthen our competitiveness.”

Currently, the Marsa power station runs at just 20 per cent efficiency, while Delimara is scheduled to close in 2015. Moreover, the new combined-cycle power station runs at 40 per cent and is reliant on heavy fuel oil.

“If your business ran at such efficiency levels, you

Using alternative energy sources will also give Malta more control.

“The cheapest energy is the energy we don’t use, the most secure energy is the energy we don’t need. Seeing how politically and economically volatile the world’s oil and gas markets are, we have to

Interview

look at the bigger picture and establish how we are going to be energy secure.

Other currencies and other governments decide prices and we have to live with them. We cannot afford the associated and uncontrollable rate hikes we face when the markets go into shock – we need to be less reliable on external sources.

“We also have the potential to sell power created from solar energy – while this would warrant an initial investment, the rewards we would reap are many. Other countries are investing in their future – Iceland, for instance, exports energy from its geothermal resources.

“We should also collaborate with other countries. We should take part in the rebuilding efforts in North Africa and be part of the process in terms of generating and sharing energy. Another link we should establish without further delays is the one with Sicily,” explains Pullicino.

“The reasons cited by the government to explain our dependency on gas are a misnomer. This is where

the value of an energy mix comes in.

“Having an energy mix is crucial to not being dependent on one source.

Our daily needs could be powered by alternative energy while, when natural resources don’t perform, we

the consumer – should have more energy efficient equipment in their homes, shops and businesses and understand that they have to pay a fair remuneration for what they use and indeed, generate in the case of solar energy. It’s not just a case of switching the lights off

water saving and water re-use devices.

“We need to reduce carbon emissions and clean up our local environment.

Investigating bio fuels and bio mass should be on the agenda and disposing of our waste in a sensible manner is critical.

“The power outages suffered by homes and businesses are too frequent. The distribution network suffers losses every day and the grid itself needs to be updated and modernised.” have the power stations. We also have the opportunity to supply energy. If a super-European grid were to be created, we could all share and reap the rewards of energy created by our differing climates.

or fixing a dripping tap – we have to factor energy efficiency into our buildings and transport. In the case of water, people should be encouraged to use their wells.

“For instance, a mix of solar and wind energy, and piped gas makes us more resilient to external forces. A pipeline would allow cleaner fuel with lower distribution costs and less complex logistics. The end user –

“Water is also a vulnerable utility. Not only does its production hog the power station’s output, but the high production cost also trickles down to the consumer. We should promote the use of secondary water and look to assist in the installation of

“The Labour Party is open to the adoption of newer technologies and has the right attitude to see that investing in clean energy will pay off.

“Energy efficiency is a hot political issue – however, we need to do more than just make it look nice on paper.

We must be decisive and not procrastinate on good policies which are doable in the given timeframe and flexible to adjust to the country’s changing needs.”

We are 1 The all-new BMW 1 Series was unveiled at a lavish launch party organised by BMW Malta and Muscats Motors. The new BMW 1 Series offers an enhanced product substance and is still the only rear-wheel-drive model in its class. It features state-of-the-art drive and chassis technology, increased interior space and innovative equipment options.

Another innovation is the BMW Sport Line and BMW Urban Line, two ranges of interior and exterior design features and equipment that provide exclusive personalisation opportunities. The new BMW 1 Series is the first and only car in its class to be optionally available with an eight-speed automatic gearbox. It also incorporates the BMW EfficientDynamics technology package as standard.

Throughout the launch, entertainment was provided by the German band 2inJoy and local artists Airport Impressions. Also present were BoConcept, iCentre and Tommy Hilfiger.

For more information visit www.bmw.com.mt or contact Muscats Motors on Tel: 2326 4581 or e-mail info@mml.mizzi.com.mt

20 - Money / Issue 10

partnership stores sliema · 48, tower road · the point shopping mall · level -1 · tigne valletta · 26, merchants street · tel: 2060 1075 email: info@espritmalta.com

Financial Services

Reuben Buttigieg is Managing Director Of Erremme Business Advisors and President of the Malta Institute of Management.

Going extra on small SMEs need greater access to finance. The answer, says Reuben Buttigieg, is micro finance.

T

he origins of commerce go back to the very beginning of communication in the history of mankind.

Eventually, following ages of bartering, there was the introduction of currencies.

This facilitated a wider exchange of goods and services.

The circulation of a standardised currency provides the major advantage to commerce of overcoming the lack of coincidence between wants, necessary for barter trading. For example, if a man who makes pots for a living needs a new house, he may wish to hire someone to build it for him. However, he cannot pay the builder with the many pots that he would need to balance with him the value of the service in the building of his house, because the builder would not need so many pots.

Currency solved such problems by allowing society

as a whole to assign values and thus to collect goods and services effectively and to store them for later use, or to split them among several providers.

Cash flow is the lifeblood of any business. Indeed, in this day and age, the lack of sufficient monetary currency is becoming an indicator of the state of certain economies. In certain cases, it has also triggered a return to bartering. Many analysts consider such a circumstance as an indication of the sustainability or otherwise of a business.

When many businesses revert to bartering at the same time in a particular economy, that economy risks stagnation. In fact, over the crisis period, we have seen many businesses risking bankruptcy due to insolvency.

The lack of adequate cash circulation in many circumstances could lead to stagnation and the lack

of opportunity for growth.

Many small businesses, particularly micro enterprises, face similar scenarios especially with regards to access to finance when cash is needed for projects and working capital.

This lack of access to finance is a dilemma that SMEs face in various countries of the world. This is even more so when it comes to trading of goods and services in smaller amounts.

The availability of micro finance is still far from meeting the demand there is for it. We have seen micro finance institutions flourishing in various countries, all with a recoverability rate of more than 90 per cent. This is indeed an important statistic as many consider micro financing as some sort of risky business. The experience of institutions such as Grameen Bank certainly tells a great story.

In the current wave of change in the Mediterranean, there is an urgent need for micro finance if the region wants to have the economic boost it is aspiring for, particularly in view of the so called Arab Spring. Skills and ideas will not turn into commercial activities if the necessary finance is not available. Indeed, various organisations, particularly financial institutions, are looking into the feasibility of providing such financing options.

Awareness is picking up.

During the Mediterranean Islamic Finance conference held in Malta in October, for example, it was announced that some organisations are working on the development of a micro finance fund which shall be launched in Malta.

The fund aims at acting as a conduit of finance towards micro finance institutions – in turn, these will provide the required finance to micro businesses.

Money / Issue 10 - 23

Financial Services

“In the current wave of change in the Mediterranean, there is an urgent need for micro finance.”

One, of course, has to move ahead intelligently. Certain past experiences suggest that one needs to ensure that the investment appetite to put cash into such organisations may not always have been at the expected levels. This is particularly so when such initiatives are promoted by large financial institutions.

Some large institutions complain that although they did kick off initiatives, the industry does not seem to have shown the expected interest to take the projects forward. On the local side, various SME organisations have been begging for such initiatives for a number of years with a clear call on government to assist.

Government would do well to create the necessary incentives to encourage such initiatives. However, such a programme should not be managed by the government itself.

The European Union has taken some initiatives which, however, did not necessarily lead to the desired results.

One of the reasons for this is that such initiatives may have

been managed by large financial institutions that have other interests and administered the programmes in a similar way as they manage normal commercial financing.

Meanwhile, directives such as Basel II may be defeating the whole scope. Some of these issues were identified in the Own Initiative Paper presented to the European Commission by the European Economic and Social Committee. The paper, by rapporteur Ms Anna Maria Darmanin, offers a number of recommendations to the European Commission.

Yet the Commission does not seem to be acting upon these recommendations with the necessary urgency that they require.

In such a scenario, it seems that a good way forward would be that the small investors get together and help the small businesses themselves. It would be very interesting if initiatives in this context emerge, whereby instruments are created for the collection of funds from a big number of people (rather than from a closed circuit of large organisations) to assist micro enterprises and hence stimulate micro business and commercial activity in regions in need.

Yes Boss The international fashion group represented locally by VF Group of Companies has opened the first Hugo Boss mono brand store in Malta, located in Ross Street, St Julian’s. The store aesthetic features a perfectly balanced combination of materials – stained oak and high gloss lacquered finish, textile elements, diversified wall colours and expansive stone flooring, creating a warm elegance and an atmosphere rich in complementary looks. “Hugo Boss is a brand we profoundly believe in and the exclusive representation of it is both a highlight and major landmark in our company’s history,” said Michelle Farrugia, Retail Managing Director.

The store is sure to be another successful ambassador of VF Group’s exclusive fashion, which includes other timeless brands such as MEXX, French Connection, Calvin Klein Jeans and Samsonite. For more information visit www.vfgmalta.com

24 - Money / Issue 10

Chris Mifsud is a director of a marketing communications agency and holds an MBA from SDA Bocconi, Milan.

Marketing

SALE

Sale away

Behind the marketing smokescreen, sales should also present added value to your customers, says Chris Mifsud.

P

erception is perhaps simultaneously the weakest and most powerful concept in business since time and beyond. Because what it really means is the understanding or impression a subject builds about an item, event or situation, on the basis of visual or cognitive information that may or may not paint the true picture of that item, event or situation in its empirical form.

It sounds like the proverbial smokescreen, but the human brain is designed in such a way as to auto complete, if you will, the flat two dimensional picture it receives from the eye – the unconscious process is like a sensory fill-in-the-blanks that creates a 3D model of depth and texture.

But maybe it’s time to stop scratching at the door of quantum physics and move this to a more common platform.

The thing with perception is that we sometimes want to see the smokescreen and are not too interested in what lies behind it. A beautiful concept knows as Occam’s razor rationally sums up that we should generally assume the simpler outcome of what is presented to us rather than chase after the more detailed, complex theories that might be on offer. You get what you see then, right? True, but this is hardly the mantra of most sales or commercial tactics in today’s market place now is it?

We’re at the time of year when the great Christmas build-up takes place. We’re about to be courted by promises of greater value; warm fuzzy propositions that just ooze warmth and good intentions. Of course, the truth is that the festive season is what most commercial models would call a great platform to encourage traffic, interest and engagement in the guise of increased value or lower prices.

Now really, ask yourself. Why wouldn’t you offer great value or lower prices all year round? Why on earth would we time our hand-on-heart declaration of value and price reduction with an ancient pagan event that is today, by an uncanny coincidence, also called Christmas?

But no, you might counter, those days are over.

Discounts and special offers now happen all year round, right? In fact, to purposely disprove my theory, none are more renowned (particularly in the fashion sector) than the January sales. January. The hangover month. The nonChristmas period.

But really and truly, and neatly tying in with my theories on perception, the discount or sales promotion effect is not just an added value to the Christmas joy that is about to be spewed upon us. Most astute observers will notice that more often than not, sales promotions are a function of plain, simple, boring, inventory management. Manufacturers, distributors and retailers alike are every day handling stock to ensure that they are not carrying too much or too little. In times of plenty (of stock) most would make a calculated decision to reduce margins enough to have a plausible excuse to go to the market with a ‘discount’ tag. This, of course, will mean different things to different sectors. Clothing, with its infamously higher margins than, for example, food and beverage, will thus have the privileged position of carrying double digit percentage discount tabs.

However, the fundamental question to ask is if the audience is still receptive or accepting of our efforts to label anything which is tagged as a discount or promotion. The quick answer is, ‘Yes, but.’

Money / Issue 10 - 27

Marketing

But through a more skeptical eye than a few decades ago.

But the offer will be compared and dissected. But any phony offer will be discarded immediately and never forgiven.

So why this change? Why this maturing of the audience’s cognitive function?

Simple, really, and pretty much the answer to most of my communications rhetoric: information. More precisely, the electronic tome of data known as the internet. The internet is responsible for taking a knife to most of the smokescreens cunningly designed by my fellow marketers and giving the audience the power to see every brand’s sale, discount or promotion for what it really is, namely, genuine, bogus, or anything in between.

And this is a great positive leap towards marketing Zen. A move towards a more positive market system where the false is peeled away and the genuine is cherished and rewarded by a nice big spike in the Q4 profitability chart.

Alas, the internet itself does not imply that falsehoods are being allayed. Rather, the opposite, when a non-negligible share of information it carries is itself twisted away from fact. But the genuine data is there more than ever before, so brands, beware. Design your offers based on genuine added value, economic improvement or increased utility to your audience – just remember to ensure that what is behind the screen is living up to the expectation that you spent all your consultancy euros to build on.

In the spirit of auguring a fantastic season to all discount designers and bargain buyers on the island, may both sides of the market remember that there is a digital dimension to help you enjoy a profitable iChristmas.

More often than not, sales promotions are a function of plain, simple, boring, inventory management.

Because your home matters Homes of Quality has launched a new website with improved user functionality, new logo and slogan. HOQ is a specialised estate agency forming part of the Frank Salt Real Estate Group. Managed by Grahame Salt, the company was established in 2002 to offer a personal service to clients wishing to purchase or sell quality properties. The HOQ portfolio only features properties with a distinctive personality and one common characteristic – quality.

The new HOQ website was designed and developed by Think Design while the new HOQ logo was created by Concept Creations. The whole endeavor was projectmanaged by FENCI Consulting. For more information visit www.hoq.com.mt

28 - Money / Issue 10

Level 1, The Plaza, Sliema Office: +356 2133 1192 Shop: +356 2134 4646 Email: info@slammalta.com

Foreign Retail Exchange

The queens of retail Money meets four women who are a living proof that maybe, women are better at retail.

MONEY Are you born or do you become a businesswoman?

THERESA BARTOLO PARNIS

A bit of both I would say – circumstances don’t really help, so a bit of hardheadedness always helps you to succeed. I am sure many women have it in them and just don’t know it, or don’t have the opportunity to explore this side of themselves.

JACKIE URPANI I never really thought about it in that way. I just do what I love doing and I suppose that involves being a businesswoman.

M How did you first start your business and what encouraged you to expand?

TBP I had a great

opportunity at a relatively young age to co-manage a retail business with my present partner, Jackie. She always said that one day, we would have our own operation due to the fact that we were totally driven, lived and breathed retail, and had the same work ethic. She should have known that I am not the type to forget comments like

30 - Money / Issue 10

that and when the time was right, I reminded her of this and told her we had to get cracking. As for expansion, belief in the brand was the main driver. Although it is common practice to have stores in many locations in our tiny country, we expanded slowly and carefully, and only because demand for the brand is high.

Also, we only expanded after serious consideration of the

location, and deliberation about whether this was the right move.

JU Theresa said it all. And what fun it’s been.

M How has the retail experience changed in the past years?

TBP First of all, competition has increased while the web has obviously changed things

drastically. Store design is now more interesting too, always improving customer experience. Our brands put a huge emphasis on our window themes and displays.

Due to an established team and low staff turnover, it is possible for us, to a certain extent, to maintain direct contact with the customer, something which is often very difficult as a business grows.

Invest in your staff, give good incentives, pay properly and train.

Theresa Bartolo Parnis JU Competition has

definitely increased, which is a good thing – there was a time when there were only a few brands available, which meant that a frequent shopping trip to Italy or the UK was on the agenda for many shoppers. Now, however, with so many high street brands available, there’s no need to make that trip, and at the end of the day it’s good for our economy too.

M Following the economic crisis, has consumer confidence fully recovered?

TBP I wouldn’t say that it has recovered fully, but it is at times like these that one appreciates having a unique brand. That sounds like hype, but in reality if you are competing with other similar brands in the same price bracket selling similar clothes, it is a whole lot harder. In a price-conscious world, one could be tempted to sell out and compromise on quality and style, but that is the last thing we would want to do – both Monsoon and Accessorize have, if anything, worked to ensure their signature and quality guarantee remains. People do understand that you get what you pay for. Many times I’m told by a customer that she has a Monsoon dress that is 10 years old and still looks

fabulous. This is what retail is all about for me.

JU No, I don’t think so.

However, customers still want to shop to get that feel good factor. Perhaps, when they cannot afford to buy a whole new outfit, they buy a little something.

M What are the main

difficulties that retailers are currently experiencing?

TBP It’s a very saturated

market, and unfortunately here in Malta, many people try to copy a good idea instead of looking for a niche in the market. Moreover, people are being more careful with their money due to the economic situation and high living expenses.

JU As well as the economic

situation, the market is pretty saturated – we must not forget the size and population of our little island.

M Is the cost of utilities currently the main hurdle for retailers?

TBP It certainly doesn’t help.

Neither do the lack of parking facilities, and the amount of development that is going on in every corner of this tiny island. We retailers are constantly being asked to hang in there while development takes place, but nobody realises how onerous this can be.

JU Moreover, when we finally

TBP You first ensure your policies are fair and reasonable, and then you invest in your staff, give good incentives, pay properly and train. Instil a love for the brand and encourage team spirit.

JU Customers do, however, make some increasingly impossible demands sometimes, though of course these should always be handled professionally.

M Do you think that high street shops and shopping malls can coexist?

TBP I think people often

forget that we are a small country, not London or New York. For a place of this size, the amount of brands that exist for the space are substantial. Small shopping malls in places like Valletta, where retail space is in demand but very limited, fulfill a function. However, in my opinion, Malta is not ideal for big shopping malls, especially because we have great weather most of the year and are an outdoor society, so they are not really suited to our culture. Opening a shop identical to one you have 100 metres down the road with the same stock is only going to increase your staff and electricity costs and cannibalise sales from the already established store.

JU High street shops and shopping malls can coexist, but only if there are enough shoppers. Locally, I don’t think this is the case.

have beautiful roads or squares, some retailers might not be around to see it because of the effect that ‘progress’ has had on their business. Valletta is a case in point.

M Has online shopping chipped at your sales?

M Customer service is one of the issues that shoppers complain most about – how do you invest in good customer service?

TBP There is no way to gauge this, but I’m sure all retailers have been affected. We have female brands, and many women prefer to see, touch

and try on before they buy.

Still, traffic and parking problems make shopping online seem very convenient.

JU Accessorize is now available online to Maltese customers via our partnership with our principles in the UK. M What drives a successful franchise?

TBP A strong brand identity, a good work ethic, a hardworking team and a good relationship with the parent company.

JU You also need to believe in your brand and be passionate about what you’re doing.

M What are, for you, the essential qualities for success in retail?

TBP You need to maintain your standards, ensure you stand out from the crowd, and open shops when it is convenient for customers to shop. You also need good marketing and good locations.

JU You need to provide a wonderful shopping experience where customers never feel under pressure to buy.

High street shops and shopping malls can coexist, but only if there are enough shoppers.

Jackie Urpani Money / Issue 10 - 31

Foreign Retail Exchange

Michelle Farrugia, VF Group The third person is Frank Wagner, former Head of Visual Merchandising at MEXX, who instilled in me a passion for the art of visual merchandising and interior design. Frank has taught me the importance of discipline and professionalism in whatever I do.

M How did you first start your business and what encouraged you to expand?

MF A love for quality, fabrics and style is in the family DNA. My great grandmother used to sell textiles during World War II, while my grandfather was a master of tailoring through the early 1950s up until the late 1970s.

MONEY Are you born or do you become a businesswoman?

MICHELLE FARRUGIA One is

born a businessperson, but the way life shapes you allows you to develop your business sense further. Both intuitive qualities and those gained through experience are key to being a successful businessperson.

I was shown the way by three great men in my life. The first is my father, Vince Farrugia.

He passed on to me his love for the job; a passion which is important for success.

Through his example I have learnt that by loving what you do and investing in it makes you a true winner.

Above all my father has given me the opportunity to show my capabilities and I followed in his footsteps in realising my own dream as well as his.

The second person is Kris Venetis, CEO at BNS Group.

Kris unlocked my ambitions and I began to discover the importance of believing in myself and fighting for what I want to achieve.

32 - Money / Issue 10

It was my father who started it all 35 years ago. It started as a small manufacturing unit which today houses our head office in Floriana. Business back then evolved and the company was at the time producing high quality men’s trousers which were being exported to North Africa, Russia and East Germany.

The company continued to grow and eventually ventured into retail. Every summer, I would help out with all kinds of jobs from copying and re-copying the same contact book, costings, working out employee salaries, to shipping declarations. When I was 13, my father took me along to a fabrics fair in Germany – I was amazed at all the trends, colours, fabrics, threads and buttons.

At 19, I joined the company after opening the first MEXX store in Mosta, at a time when franchising was still at a very early stage. My career took off from there and I have been part of the evolution of VF Group. A lot has changed but our core values remain untouched.

I have made sure that the retail division continued to evolve but that we communicate our commitment to quality, style and attention to detail. This commitment is what has encouraged me to expand our business through other timeless brands like French Connection, Samsonite, Calvin Klein and Hugo Boss, all of which are very different from each other yet communicate this message of quality. We have come a long way, yet as Coco Chanel once remarked, “What excites me most is the thrill of the next project, the next idea [...] I know the best is yet to come.”

M How has the retail experience changed in the past years?

MF Over the past years, competition in retail has become even more fierce.

Development in technology has changed retail for good – we’re no longer just competing with other shops, but online as well.

Locally, we have witnessed a substantial increase in retail square metres, especially with the opening of The Point which brought to our country more internationally known brands. The local clientele has matured into very sophisticated and well-educated customers, partly because of the increase in choice, as well as the information that is now widely available in print and online.

For this reason, it has never been more important than now to invest in good quality.

M Following the economic crisis, has consumer confidence fully recovered?

MF We’re not out of the troubled waters yet. Of course, now is the time to be careful,

but you can never stop taking risks in this business – taking calculated risks is essential.

Recession is a purification process of the market.

Companies offering good value and product will excel in these difficult times. As VF Group, we have faith in the fact that the consumer, even in a time of recession, will continue to invest in quality.

M What are the main difficulties that retailers are currently experiencing?

MF The main difficulties are the significant increase in overhead costs which has effected retailers’ profitability across the board, and the fact that locally the supply is also greater than the demand of the product.

M Customer service is one of the issues that shoppers complain most about – how do you invest in good customer service?

MF We believe that it is very important to invest in human resources. In my division, we do this by investing a lot in performance management.

We provide all staff with the necessary training. To offer good customer service, the staff must be knowledgeable about fabrics, brand identity, product and styling.

Employees cannot perform without constantly being motivated and I think this is done by investing in a dynamic team and then by working together towards a common objective.

M What, for you, are the essential qualities for success in retail?

MF Foresight, location, brand strength, valuable personnel, discipline, innovation and consistency are key for success.

Foreign Retail Exchange

the right standard this is not possible. In our company, we invest and train staff continuously to offer the best service possible.

We also update our staff with information about new trends, techniques and fashion.

M Do you think that high street shops and shopping malls can coexist?

CP Surely – why not give the chance to trade on fair grounds? Again, shopping is an experience for consumers and it is entirely up to every individual to choose which they like best.

M Has online shopping chipped at your sales?

MONEY Are you born

or do you become a businesswoman?

CP Retail is in constant

CHRISTINE PACE Given the right environment, we are all born to be successful in life.

However, to truly succeed in business you need that little extra, you need that gut feeling and how to act on it – and that is something you are born with.

evolution. Changes, especially in fashion retail, occur all the time – more often than not, these are positive changes. We have seen customers become wiser and more conscious on how and what they shop. Local retailers are becoming more aware about the importance of giving quality customer service in retail.

M How did you first start your business and what encouraged you to expand?

M Following the economic crisis, has consumer confidence fully recovered?

CP I always attribute part of my success to my working origins in retail – I fell in love with this trade and took to it like the proverbial duck to water. I started my first business when I was 22 and simply couldn’t get enough.

CP The economic crisis is not over yet, and I personally feel that this will be around for some more time.

M What are the main difficulties that retailers are currently experiencing?

M How has the retail experience changed in the past years?

CP Running expense for retailers is a very big concern – while sales have seen a

34 - Money / Issue 10

downfall, costs, as in any other business, have increased. Also, franchises have gone through some hard times, and this obviously reflects on all partners.

M Is the cost of utilities currently the main hurdle for retailers?

CP If not the main cost, then it is surely up there on the list. For retailers to survive, the cost of utilities needs to be seen to. Locally, we cannot afford running costs.

CP Online shopping has chipped at sales not just for fashion retailers but for anything that can be found in high street shops.

Thankfully, this is not so bad as Malta is a very small market and one can easily get around to shop. Also the majority of consumers still love the shopping experience.

M What drives a successful franchise?

CP A strong mother company that will deliver products for different market needs.

M Customer service is one of the issues that shoppers complain most about – how do you invest in good customer service?

M What, for you, are the essential qualities for success in retail?

CP It is imperative to give first class customer service in retail – consumers do not expect and should not get anything less. Shopping is an experience and without

CP Hard work, discipline, commitment and good customer service. Also, make sure not to miss the boat – otherwise, your competitor will board before you.

This year it’s all about giving you more… …more value and more great prizes.

www.islandcaterers.com.mt/winawedding

Island Caterers

Win a €15,000 Dream Wedding Competition

THE SECOND EDITION

Absence makes the heart grow fonder… Island Caterers won’t be at the Weddings Fair this year because we are focusing on giving you more.

Our Win a Wedding competition last year was such a success that we’re doing it again! As well as one lucky couple winning an amazing €15,000 towards their dream wedding there’s also very generous 2nd and 3rd Prizes. We are also giving away a gift voucher to every couple that registers for the competition worth a maximum of €500 towards their wedding booked with Island Caterers*. Entry is completely free and we are looking for fun-loving couples who enjoy a challenge. Who’s up for it?

Who’s ready to say “I Do”? Register online at www.islandcaterers.com.mt/winawedding or find Island Caterers on Facebook.

Call us on 2375 1930 or contact us at weddings@islandcaterers.com.mt.

Health

In good health No other Maltese company servicing the medical and life sciences sector has a larger installed base, economies of scale advantages, proven track record and sound expertise as we do, says Simon Cusens, Technoline CEO.

MONEY What are the main highlights in Technoline’s three-decade history?

SIMON CUSENS Technoline was entrusted with National Healthcare and Life Science milestone projects. Also, the following spring to mind: the Cardiac Catheterisation Laboratory in the 1980s, providing most of the initial installed base for several private clinics and both main private hospitals in the early 1990s, including pioneering medical facilities, setting up of most of the Metrology equipment at the Malta National Laboratory in 1999, equipping a significant part of Mater Dei’s installations, supplying Malta’s major pharmaceutical manufacturing entities with analytical and scientific equipment and, more recently, being associated with groundbreaking medical implants as well as being awarded Malta’s new state-of-the-art Linear Accelerators contract – a quantum leap forwards in the treatment of cancer for the benefit of all Maltese.

M How has the local pharmaceutical and medical sector developed in the past years?

SC The pharmaceutical sector is a recent development, yet it dictates a demanding benchmark of service quality expectations. It is against this challenging environment that we measure our customer service objectives. If we can keep our pharma clients happy with response times often limited to minutes on a 24/7 basis, we can exceed expectations within the medical sector, where the demanding nature is less extreme. Still, we believe the medical sector will soon become as challenging.

M What opportunities does the Mediterranean and the new scenario in North Africa present to Technoline?

SC Malta’s small geography and limited sale possibilities has enabled its workforce to become multi-skilled on broader product or service lines. In Western Europe, this is not easy to come across as the tendency is for workers to specialise on limited lines of focus, because unit volumes permit this approach. This happens to the detriment of adopting multiple skills that a small island economy forces upon us. The

Maltese on the other hand, are highly educated, excel at IT services, speak good English and are flexible and adaptable.

They know how to flaunt their European credentials, which North African clients appreciate. It is this value adding skill that we seek to exploit.

M The recent change of scenario in Libya presents new business opportunities. Is Technoline ready for the Libyan market?

SC Back in 1978, our raison d’etre was indeed the Libyan market. We were solely a maintenance organisation, installing and repairing equipment sold by others. In 1981, we began to supply equipment ourselves within the Maltese and Libyan markets. Over the years, our business in Libya fluctuated with spells of good business or times of no business at all, but in Malta we went from strength to strength. Now, exciting opportunities present themselves as the North African region undergoes a dramatic change. The future for Technoline in this area beckons.

M What opportunities does your new e-shop present, both to Technoline and to your clients?

Money / Issue 10 - 37

Choose your Finance Plan from 0% Down Payment at 5.5% interest for up to 7 years *Calculated on 25% Down Payment at 5.5% interest for 7 years.

Part Exchange? No problem!

Gasan Automotive Centre, Mriehel Bypass, Mriehel BKR3000 Tel: 27788330 Fax: 27442007 email: automotive@gasan.com Gozo Garage, 5 Sir Luigi Camilleri Str, Victoria Gozo Tel: 21551866 / 21553734 Fax: 21556866 email: gozogarage@vjborg.com Website: www.gasan.com

Terms & Conditions apply.

Health

SC We are no longer limited by Malta’s geography nor by our opening hours. We can now take on any customer enquiry from any location in the world and at the client’s convenient time and choosing.

M What fuels Technoline’s corporate

social responsibility efforts?

SC Operating in what is effectively a

business that preserves or saves life, we have often found ourselves in situations where the business priority took second place to a more human dimension where, for instance, we realise we could also make a difference as to whether someone lives or dies. This inevitably rewards us with great personal satisfaction.

M In a heavily contested market like that in Malta, how do you see Technoline faring?

SC Technoline has seen many players come and go over the last 30 years. Some dabbled in medical or life science

supplies and services as part of other lines or unrelated services. Over the years, most have either fallen by the wayside or shifted into other ventures.

On the other hand, Technoline has invested heavily in training and after sales services and remained consistent, thus earning itself a reputation for reliability, experience and expertise. We believe that never has there been such a time that these values are more appreciated as they are today.

We respect our competitors. We watch their every move and learn from them, which in turn, keeps us from becoming complacent. This is the only way we can be sure that we retain a competitive edge.

No other Maltese company servicing the medical and life sciences sector today has a larger installed base, economies of scale advantages, proven track record and sound expertise as we do.

Not surprisingly, at these times of high expectations and market volatility, we are faring quite well.

M What lies in store for the Maltese market?

SC Technoline has recently re-modelled and restructured itself to position itself better during these times of trial but also times of great opportunity. We know that if we stop re-inventing ourselves, we will no longer lead. We invested in new staff and in areas that others have overlooked or taken for granted. We made important gains in markets we had lost and are currently presenting clients with opportunities they never knew they had.

We promise our clients exciting new products and services in the not too distant future that will keep our competitors on edge and that no one but Technoline, for a considerable period, may be in a position to offer.

CORPORATE GIFTS

AND HAMPERS THAT WILL LEAVE A DELICIOUS IMPRESSION We excel in food hampers that are sure to leave the very best impression on your clients, suppliers, colleagues and friends.

With an endless choice of only the finest quality foods and wines, finished off with our stunning gift presentation, we really do have your Christmas hampers and gift ideas covered!

Delivery service also available.

Discover what good food should really taste like.

405 Rue d’Argens, Gzira GZR1360. T. 2131 5222. www.thewhitesheep.eu

Money / Issue 10 - 39

BOV JEREMIE Financing Package for SMEs including Micro-Enterprises BOV is offering tailor-made solutions at advantageous terms.

Talk to us today.

Your success is our goal.

BOV 28096

2131 2020 I bov.com Issued by Bank of Valletta p.l.c.

58, Zachary Street Valletta VLT 1130 - Malta

JEREMIE refers to the Joint European Resources for Micro to Medium Enterprises Initiative.

Terms & Conditions apply.

Operational Programme I – Cohesion Policy 2007- 2013 Investing in Competitiveness for a Better Quality of Life “The financing provided hereunder benefits from support from an operational programme co-financed by the European Union Structural Funds pursuant to the “Joint European Resources for Micro to Medium Enterprises” initiative (JEREMIE)“ European Regional Development Fund (ERDF)

Investing in your future

Interview

Watch this man Having just won Ernst & Young’s Emerging Entrepreneur of the Year 2011 award, TW Steel CEO Jordy Cobelens keeps the time on innovation, affordable luxury and being bold.

MONEY Are you born or do you become an entrepreneur?

JORDY COBELENS I believe you’re born with it. But that’s not enough – you then have to be instinctive when an opportunity presents itself and follow through on that.

Most entrepreneurs are risk takers by default – they’re prepared to have a go at something that maybe others would be less inclined to do so.

Personally, I’ve always had an entrepreneurial spirit, I always wanted to work for myself and follow my passions. With TW Steel I’ve been able to do that.

M How does a company achieve and maintain growth in the current economic climate?

JC I think you have to be prepared to be aggressive and capitalise on opportunities.

For example, the current economic climate has allowed TW Steel, as a young ambitious brand, to pursue growth by moving into new territories at a time when more established brands are scaling back some of their enterprises.

Most entrepreneurs are risk takers by default – they’re prepared to have a go at something that maybe others would be less inclined to do so.

You have to remain relevant as well. We’re a productbased brand and if the product wasn’t appealing, it wouldn’t be selling. That said, we never sit back and think we’ve done all we need to. We constantly reevaluate our designs and models to ensure we’re offering the consumer simply our very best watches.

M How does it feel to win the Ernst & Young’s Emerging Entrepreneur of the Year 2011 award?

JC It’s an honour, given the standard of the other candidates in contention for the award. I was simply happy to be nominated but to go on and win is extremely pleasing – it’s an award that I readily share with everyone who has played their part in making TW Steel what it is today.

M What does innovation mean for TW Steel?

JC It means being prepared to be bold and ambitious. We were the first watch company to produce oversized watches that were truly appealing and affordable. We also concentrate solely on producing oversized watches so our business model is unique in comparison to other major watch brands. Similarly, we like to experiment and innovate with emerging techniques and technology on our models.

M What makes TW Steel Dutch, but at the same time a citizen of the world?

JC TW Steel started here in the Netherlands and our global HQ is based here, so our foundations and DNA are very Dutch. At the same time, we’re a truly global brand based not just on our distribution, which includes over 80 countries worldwide, but also very much in our mindset. We are both inspired and influenced by many contributing factors from around the world.

Money / Issue 10 - 41

Interview

M What makes TW Steel a success story?

JC People and product. We have some great people working with us around the world. Our partners share our passion and vision for TW Steel and they’ve done a fantastic job taking the product into the marketplace and ultimately onto the consumer’s wrists.

Our products are something truly special. We pride ourselves in offering affordable luxury. We’ve successfully blended contemporary design and Swiss quality build into an affordable but extremely stylish oversized timepiece. Our collections reflect a wide appeal and therefore I really believe there’s something for everyone in the TW Steel family. Just as we’re a bold brand, I think people like wearing a TW Steel watch for the statement it makes.

M What added value has your link with Formula One given you, and will you pursue this endorsement in the coming season?

JC Our association with the Lotus Renault GP team has undoubtedly helped give the brand even more global exposure. The size of audience Formula One attracts is unrivalled on an annual basis and we wanted to tap into this as part of our global marketing platform. It has proved to be very successful and we will be continuing our association with Lotus Renault GP through to the end of the 2012 season.

Access Point.... Making IT easy Having a full time IT Department at your disposal doesn’t have to be expensive!

Our Virtual IT Department package relieves the frustration of constant IT issues so that you can focus on your business rather than worry about your IT! If you are looking for a better standard of IT support contact us today. Our Virtual IT Department look forward to becoming YOUR IT Department. Call Access Point today on 21480365.

Suite 3, Epsilon Building, Triq C. Portanier, Santa Venera SVR1732 - MALTA E: info@accesspoint.com.mt T: (+356) 2148 0365 accesspoint.com.mt

42 - Money / Issue 10

“Yes George, but are we trusted?”

e.shop ve

r

if

if

ied

ied

e.info ve

r

Trust, or the lack of it, is a major barrier to consumers taking up eCommerce. With 68% of Maltese households having an internet connection and 51%* of Maltese shopping online, your ‘Trust Factor’ should feature high on your priority list. The eShop and eInfo trust-marks, launched by the Malta Communications Authority, are a step in the right direction. They are beneficial to your business and the process is easy – Get certified today!

Visit http://eshop.mca.org.mt for more information. * MCA Statistics

Valletta Waterfront, Pinto Wharf, Valletta FRN 1913

www.mca.org.mt

Luxury

Sean Patrick Sullivan is a Toronto- and Manhattan-based writer, director and producer specialising in luxury and lifestyle projects. Sullivan recently launched a new practice, Candid Creative Industries – its mission is to help clients upgrade their identities, experiences, conversations, and profitability.

Luxe redux Malta is a pan-Mediterranean luxury brand waiting (and waiting) to happen.

So what’s the missing ingredient? Luxury goods, says Sean Patrick Sullivan.

E

xecutives and entrepreneurs of Malta, may I be candid? I’ve never been to your deliriously winding coast, your stupendously dense grid, your provocatively rugged terrain. Yet, like most other North Americans of Maltese descent, I’ve always been fascinated by your (my?) country, its panMediterranean chic, the effortlessness with which it integrates its past triumphs and tragedies.

My fascination began with my mother’s vivid accounts of life in post-war Valletta.

Over coffee cups and kitchen tables throughout Astoria and Toronto – which constitute two of the world’s three major Maltese-emigrant enclaves – Malta was described as sultry, exotic, intense. For me, it took on the guise of a kaleidoscopic mosaic of competing identities and compelling traditions.

As an adult, admittedly influenced by my work on behalf of various global luxury brands, I assumed Maltese marketers – especially those in retail, tourism, and personal services – acknowledged their assets and positioned their brands accordingly, directly competing with those from ritzy, sun-kissed destinations like Monaco and Saint-Tropez.

Recently, while planning my first excursion to the shores of your antiquityrich archipelago, I was confronted by

the harsh reality. You don’t think of, nor do you brand yourselves, luxuriously enough. And, by “enough”, I mean, as all brand builders do, “to the extent you can get away with”. In other words, your humility and your failure to honour your intractable glamour is limiting your profitability.

Never one to refrain from expressing an outsider’s perspective, especially an unsolicited one, I immediately contacted the editors of this very magazine. My request – an opportunity to share some ideas for establishing your entire country as the world’s top luxury brand. For some odd reason, they complied. So here they are.

Step 1: Resist modernity Clearly, this is a nostalgic aspiration, especially when the Maltese government is campaigning for a knowledge-based economy by 2015. Considering your painfully obvious deficits – usable land, raw materials, a vital manufacturing sector – this is a highly logical approach to boosting commerce.

Unfortunately, this approach is so brutally logical that it has become typical of other emerging economies.

Even worse, many of these, such as India and Brazil, offer far greater economy of scale and therefore potentially lower prices on the open

market. Which begs the question – if you’re going to endure the hard work and growing pains of cultivating industries from scratch, wouldn’t you rather focus upon fields in which there’s less competition?

Is this to say there’s no hope for Maltese design firms, advertising agencies, financial-service providers, and other information-age staples? Of course not. Such businesses are necessary in every nation. But there are better, less risky, roads to riches.

Step 2: Embrace antiquity The Maltese Prime Minister may have his head in the cloud – as in cloud computing – but all one has to do is visit his opulent Auberge de Castille to identify Malta’s greatest resource of all – your distinctive treasure-chest quality, a direct consequence of entertaining, at one time or another, most of the western world’s great empires.

The idea here isn’t to market you a la the Vatican, a living and (barely) breathing museum and tribute to overthe-top Byzantine opulence. Rather, this is a reminder that luxury consumers will pay dearly for what they cannot enjoy anywhere else. Which means that you need to protect, preserve and promote.

Money / Issue 10 - 45

Luxury

Malta has failed to produce a single internationally renowned luxury brand.

A perfect example of this ethos in action can be found at Mdina’s five-star Xara Palace hotel. While strikingly contemporary in its suite of services, its price point hinges upon its lusciously preserved 17th-century grounds. A fundamentally impossible-to-reproduce experience, the Palace, strictly speaking, has no competition. According to Managing Director Justin Zammit Tabona, “Maltese luxury consumers, who are quite often not Maltese but rather visitors and investors from other, wealthy nations, are genuinely interested in the culture and heritage of our islands. They crave unique, special, memorable experiences – a certain ‘wow’ factor – and are not necessarily concerned about price.”

Zammit Tabona volunteers that most Maltese businesses, not just his, can benefit from this unlikely intersection of complexity.

“One of Malta’s greatest assets is its size and scale. No matter where consumers are, luxury services can be delivered quickly and efficiently. From a global perspective, there are precious few places where one can tour prehistoric temples in the morning, stroll through the palaces of a capital city in the afternoon, and indulge in cutting-edge gastronomic experiences, amid lovingly restored medieval architecture, in the evening.”

Step 3: Cultivate local luxuries In any exchange about commerce and luxury, it’s automatic to emphasise

46 - Money / Issue 10

the grand, regal, impossible to reproduce. Yet for such a conversation to be truly complete, one must also factor in the younger, fresher species of luxury – those goods and services that earn or acquire luxury status due to their artisanal quality, captivating mythology, exceptional mix of materials, ingredients, and influences.

For example, Colette offers a distinctively Parisian experience and can charge accordingly, even though its wares are in most (but not all) cases available elsewhere. Also, Korres, the Athens-based personal-care brand, wears its Greek identity (or, more specifically, its locally sourced ingredients) as a badge of honour and distinction.

By contrast, Malta has failed to produce a single internationally renowned luxury brand. In an era of crushing consumer fatigue, the sheer novelty of a high-end beauty, fashion, or cosmetic brand, emerging from a relatively obscure destination like Malta, has the potential to break through with stunning success.

Why hasn’t this happened yet?

Centuries of importing luxury goods from Italy reduces incentive. So does a national tendency toward modesty, practicality, and, quite frankly, provincialism.

To establish Malta as a global luxury brand, you’ll have to break through these limitations. And it may not take much to do so. For example, an ultraluxe skincare collection, formulated

in accordance with a Gozitan great grandmother’s dusty apothecary recipes, might get the ball rolling rather nicely. Imagine the global reach and instant appeal of such an introduction, the conversations that might happen on American television, in European magazines, at Japanese beauty counters.

Step 4: Raise the bar higher The greatest obstacle to cultivating a Maltese luxury market is that, aside from a handful of resort and yachting concerns, Maltese executives and entrepreneurs have little exposure to, nor appreciation for, luxury goods.

For example, I was shocked to learn that, no matter where one goes, throughout the Maltese islands, one cannot purchase Chanel. There are no retailers stocking Chanel jewellery, swimwear, sunglasses, or even shoes.

For a sexy, sunny, eurozone country such as yours, this is unacceptable and must be stopped immediately. How? Simple.

Ask your government to subsidise the transformation of Comino, already a popular destination for celebrities and filmmakers, into the world’s most remote, luxurious, and spectacular shopping destination. Chanel, Lanvin, Hermes, Armani, and Versace would all love to debut boutiques in such an exotic locale.

It could be like Dubai, except much smaller and – this is critical – far less vulgar. Which, according to Chanel, is the very definition of luxury.

Country Profile

When will West meet East?

Europe can no longer ignore Turkey and Istanbul, says Vanessa Macdonald.

Turkey’s trade and almost a quarter of its gross national product. Istanbul contributes 40 per cent of all taxes collected in Turkey – which is not surprising when you consider that, according to Forbes magazine, the city had 35 billionaires, ranking fourth in the world. Even by international standards, the city ranks fairly well, in 34th place by size of economy.

T

he time may come when the EU will be scratching its head and wondering whether it was such a good idea to give Turkey the cold shoulder. This is the 15th largest economy in the world (2008) with a GDP of $729 billion.

That’s an awful lot of spending power.

The country is the “T” in the acronym MIST, which was coined to describe the next tier of large emerging economies – Mexico, Indonesia, South Korea and Turkey – after the BRIC. And with a relatively stable government – the Economist Intelligence Unit forecasts that the Justice and Development Party (AKP) government led by prime minister Recep Tayyip Erdogan will remain in office until the next general election in 2015, and probably beyond – the country is clearly too big to be ignored.

But no discussion about Turkey can take place without looking at the role of Istanbul. The city is home to 13.3 million people, predominantly Muslim but with Christian, Catholic and Jew minorities. The city generates more than half of all

48 - Money / Issue 10

The Brookings Institute is in awe of Istanbul’s growth. It noted that its economy expanded by 5.5 per cent on a per-capita basis, and employment rose by a very healthy 7.3 per cent between 2009 and 2010.

And the city actually does better than the country. Its GDP per person (in million TL) is 2.750, compared with Turkey’s 1.837.

Where does its wealth come from? There is a certain amount of agriculture – the city’s surroundings produce cotton, fruit, olive oil, silk and tobacco, but there is also a solid industrial base employing 20 per cent of the country’s industrial labour, covering sectors like food processing, textile production, oil products, rubber, metal ware, leather, chemicals, pharmaceuticals, electronics, glass, machinery, automotive, transport vehicles, paper and paper products, and alcoholic drinks.

There is also a very vibrant services sector accounting for 60 per cent of the city’s economy, including its tourism, which is set to grow to 70 per cent.

There are over 26 million annual visitors in Turkey, putting it in seventh place in the world, ahead of Germany and Mexico. Of these, 7.5 million visit Istanbul, making it the second most visited destination in the country after Antalya. Germans are still the largest group (15 per cent) followed by the British (six per cent).

The Brookings Institute is in awe of Istanbul’s growth.

It noted that its economy expanded by 5.5 per cent on a per-capita basis, and employment rose by a very healthy 7.3 per cent between 2009 and 2010.

Vanessa Macdonald is a freelance journalist in her spare time, covering a wide range of lifestyle and economic issues.

In the media Turkey’s media is rather lively, with more than 300 TV stations and 1,000 private stations. Istanbul is the media capital, home to more than 40 national dailies and 30 provincial publications.

Istanbul in numbers Business 200,000 commercial facilities, 1,500 banks, 350,000 street vendors

Life 70,000 marriages and 40,000 deaths

Education 1,200 elementary schools, 900 high schools and 12 universities Part of this growth comes from Turkey’s banking sector, which attracted a lot of capital seeking a safer haven during the global turmoil. The government has also just launched the country’s first Islamic investment fund, paving the way to exploit the growing sharia finance sector.

The institute also attributed some of the city’s recovery to the fact that it had a very diversified set of trading partners – hardly a surprise given its location straddling Europe and Asia, a cultural as well as geographical phenomenon.

Culture Turks are also very active online users – around 35 million Turks are online and 22 million have a Facebook account.

The city – like the country – has its share of problems. It is the most populated city in Europe and it is not only its traffic that is clogged, but also its judicial system, one of the biggest concerns for EU member states considering Turkey’s bid for accession. Of course, the Cyprus question is still resisting any form of solution – meaning that some member states’ heels are dug in deeper than ever.

Government still exercises control on the media, especially when sensitive issues such as the military and Kurds are concerned.

Some sanctions have been lifted as part of the reforms to pave to way for EU entry.

Still, Istanbul is currently bidding to host the 2020 Summer Olympics, which would pump massive amounts into the economy – this could be the moment which prompts the EU to query the wisdom of dragging its feet.

However, under Article 301 of the penal code, it is still a crime to insult the Turkish nation.

70 cinemas, 45 theatres, 230 art galleries, 35 museums, 60 public libraries

Tourism More than 1,000 hotels, 4,500 restaurants, 50,000 cafes

Food More than 1,800 bakeries, 8,000 grocers

Religion 2,800 mosques, 120 churches, 15 synagogues

Money / Issue 10 - 49

Gadgets

All work and play Money gets all wired up to the latest technology.

Going unplugged When it comes to digital music, the Pioneer X-SMC3-K is an all rounder.

Fully compatible with most devices, the X-SMC3-K works with wireless networks and supports AirPlay and DLNA v1.5. This enables you to place the device anywhere you want and play directly from your computer or portable device. An optional AS-BT200 Bluetooth adaptor will also enable you to play and share playlists from four different iPhone, iPad or iPod Touch devices.

Lights your fire

Light charge

The Amazon Kindle Fire will not unseat the iPad from its throne, but it is a worthy, and cheaper, challenger. Small and light enough to hold in one hand, the Kindle Fire can access all the content offered by Amazon, including books, magazines, music and video streaming. The Kindle Fire’s more interesting features are the no cable synchronisation, free Amazon cloud storage and the fact that all the controls are touch-based. The only gripe is that the Kindle Fire has no camera or microphone, has Wi-Fi but no 3G.

We’ve all been there, done that and forgot to charge our mobile phone or tablet. And when we realise that we’re out of charge, there isn’t a dock or charger around. The Powerbook Messenger by Ful is a smart bag – smart because it’s quite stylish, but especially smart because it allows you to charge your tablet, iPod, smartphone and anything that is USB chargeable from it. The bag uses a removable battery to charge your devices – the battery can be charged via an AC cord which comes with the bag.

50 - Money / Issue 10

See the light Unlike conventional cameras, which only capture a single plane of light, the Lytro captures the entire light field thanks to its 11-mega-ray light-field. By instantly capturing all the light travelling in every direction and in every point of space, you can focus after taking a photo, not before. Also, the fact that the Lytro doesn’t need auto-focus means that you don’t have to worry about shutter delay – you just capture the perfect moment, right here, right now. The Lytro comes in two versions – both carry the same functions, but the 8GB model can hold 350 pictures, while the 16GB model can store up to 750 pictures.

Can you hear me?

The clue is all in the name – Supreme.

The Jabra Supreme is the ultimate Bluetooth headset. Compact, comfortable and with a very soft cushion for the ear, the Supreme carries excellent sound quality thanks to its active noise cancellation and wind noise reduction technology. The Supreme also features voice control and voice guidance, which are controlled from a button on the flipboom arm.

Hold it Joby, maker of the popular GorillaPod, has just released three new pods – GorillaPod Micro 250, GorillaPod Micro 800 and GorillaPod Hybrid. All three have the same qualities as the original GorillaPod – they have the trademark wrappable legs and are all stable, light and have the versatility of larger and heavier supports. The 250 and 800 models support weights of up to 250 and 800g respectively, while the Hybrid can support cameras weighing up to one kilogram.

Print it The Canon PIXMA MG5250 is an all-inone inkjet printer that will satisfy all your printing and scanning needs.

Apart from wireless printing jobs from your system, the sleek PIXMA also prints from CDs and DVDs through a disc carrier, which is at the front of the device. The PIXMA has three memory card slots, five ink cartridges and two paper feeds – an upright tray at the rear and a cassette at the front, both with a 150-sheet capacity. The 60mm colour control screen is clean and user friendly.

Money / Issue 10 - 51

Design

Come in, we’re open Retail stores should invest in the skills of local designers and architects to help them enhance the shopping experience, Gergana Ivanova tells Kris Micallef.

Photo by Kris Micallef

Kris Micallef is a junior architect and photographer.

KRIS MICALLEF What is your Maltese connection?

GERGANA IVANOVA My grandfather lived here and I visited him often. I got to know the Maltese people and the islands and grew to love them both. When I was asked to give a lecture and workshop at the first Malta Design Week, it gave me the opportunity to reconnect with the island. I was glad to see an enthusiastic response to the new generation of designers who are leaving their mark on the local scene.

KM What have been your career highlights as an interior architectural designer and visual merchandiser?

GI My career foundations began while

I was a student at Middlesex University.

When I graduated, I worked for a number of stores in London such as Nicole Farhi and Jigsaw. These experiences were an excellent training ground and opened doors to other opportunities for me.

Over the years, I have participated in many exhibitions and competitions.

In 1999, I won the British Airways competition for designing the interior of the Concorde. I also spent a month working with Conran Design Group – this

Gergana Ivanova is an interior designer holding a degree in interior architectural design from Middlesex University, London. Originally from Sofia, Bulgaria, she is currently based in London and works as a visual merchandiser at the John Lewis store in Oxford Street. proved to be one of the most interesting and profitable times of my career so far.

Four years ago, I won the competition to design the displays for John Lewis during London Fashion Week.

KM What skills does a visual merchandiser require?

GI As a visual merchandiser, I find I need a high level of skills in many areas.

I need to be aware of current fashion and design trends. I also try to take note of what people are wearing and anticipate future design needs to be ready to offer solutions that will meet the requirements and goals of our clients.

Signage also interests me because it gives me a chance to offer my technical skills from beginning to end – from initial concept to project completion. It also gives me an opportunity to work handson in the workshop, something I always enjoy and try to do whenever I can.

KM What does good visual merchandising mean to you?

GI Visual merchandising succeeds when you are able to grab people’s attention as they pass a display, either in the window or the interior of the store. You want them to be attracted to the items on

display, read the story you are trying to tell and, of course, purchase the items.

A good display will weave item and design, and appeal to either a specific age group or a class of merchandise, such as seasonal items.

Visual displays are not all mannequins.

It can also be a grouping of items to invite the shopper to come into the store and see more. At John Lewis, we have 22 windows and if you visit the store you will see that dynamic played out in our windows.

KM What are your views on the Maltese retail scene?

GI Visual merchandising is a new part of retail sales as an independent contribution – it has only been around since the 1980s. Because it is new, it is only beginning to be utilised in local stores on most high streets. Many of the local stores need to play catch up and employ designers and architects to create spaces that will draw people into the stores and provide a pleasant shopping experience. If the storeowners do that, I think they will be surprised at how it affects their bottom line. The risk of doing this will provide unexpected rewards for them.

Money / Issue 10 - 53

Design

Malta is a world-class tourist destination.

It would be a great boost to the local economy if it were a retail destination as well. It would certainly be worthwhile for the local retail owners to invest in the skills of the younger local designers and architects to bring this to pass and enhance the local retail shopping experience.

I love Malta, but it’s definitely not the place to go to for retail therapy. For example, the small shops in Valletta’s main street need a fresher look that appeals to today’s shoppers. On the other hand, I love the architecture, the food, the sea and the cliffs of the Maltese Islands.

I also think Malta’s first edition of Design Week was a great forward. It brought Detail of split-level in step the offices. together a good number Photo by Architecture Projectof young people who are interested in various aspects of design and have great innovative ideas –

54 - Money / Issue 10

these give Malta the opportunity to create something more exciting for those who live here and those visiting.

for your store. It must always be of good standard but aim for a better solution every time.

KM What advice would you give to local retail owners?

Moreover, you can’t allow the economic situation to let the shop and its visual merchandising down. Giving up on this will lead to customers giving up as well.

Competition directly entails visual merchandising and therefore, it is our responsibility to outshine other stores and appeal to the shopper.

GI Ideally the shop window should be modified every week with new items.

If nobody at the shop is skilled at doing this, it would be very beneficial to employ someone creative and skilled enough to maintain the shop window.

The visual merchandiser must also pay great attention to see which products are being sold and which aren’t. If the stock in the display is not working, then this should definitely be updated with different items. One must observe what the buyers want.

Consistency in design and promotion is also crucial to build a strong reputation

KM What is the most rewarding aspect of your profession?

GI: My job gives me great satisfaction, as it is a very creative profession. Every day is different, as I get to work on new displays. It’s always a new challenge and it never gets boring, especially when working with a great team of enthusiastic colleagues.

PROJECT DEVELOPED AT PUBLIC BROADCASTING STATION Our projects division brings together the stylish design, the technical comfort and the functionality of each project as the team draws onto the expertise of the manufacturers in realizing its customer’s needs.

Mdina Road, Qormi QRM 9011 T: 2277 3000 F: 2277 3121 E: info@dex.com.mt Opening Hours: 08.30 – 13.00 / 14.00 – 18.00

www.dex.com.mt

Fatal attraction

Photography: Kris Micallef, www.krismicallef.com / Styling: Carina Camilleri / Models: Macram at So Management and Melanie at Models.com.mt / Shot at Twenty Two, Portomaso

Macram wears French Connection three piece suit (without jacket) - €417.00, Mexx shirt - €42.95, BHS cap - €20.00, Carpisa bag - €79.90 Melanie wears Mexx jacket (p/o three piece suit) and French Connection shirt - €65.00 , Esprit trousers - €79.95, trilby, stylist’s own.

Macram wears Ralph Lauren shirt €155.00, bow tie and cummerband €105.00, Francesco Tolli trousers €80.36 all from De Forte, French Connection shoes €180.00; Melanie wears French Connection dress €213.00, shoes €128.00 and hair accessory €45.00

Macram wears Mexx jacket - €159.00, trousers - €89.95, Tommy Hilfiger shirt - €119.00, tie - €49.00, Slam V-neck - €89.50 Melanie wears French Connection dress - €191.00, hair accessory - €45.00

Esprit shirt - €39.95, tie - €29.95, BHS cardigan - €37.50, French Connection jeans - €77.00 Carpisa gloves - €35.90, Ecco folder €46.47, notebook - €19.90

Tommy Hilfiger trousers - €139.00, v-neck - €99.90, Mexx shirt - €49.95, Ecco folder - €59.90, Ecco brogues - €134.90

Esprit shirt - €49.95, Slam trousers - €80.50, Mexx tie - €27.95 Ecco laptop case - €164.90, brogues - €134.90

Esprit jacket - €229.50, trousers - €79.95, BHS shirt with tie - €30.00 Carpisa bag - €79.90, trilby, stylist’s own

A smart solution

Dress up and paint the town red. Photography: Tonio Lombardi / Stylist: Kira Drury

04 01

07 02

08

05

06

09

10

03

11

01. French Connection dress, €167.00 / 02. French Connection necklace, €26.00 / 03. Nine West heels, €99.00 04. Accessorize fascinator hat, €40.00 / 05. Artigli, Sliema shirt, €44.50 / 06. Max Mara leather skirt, €255 / 07. Carpisa bag, €19.90 08. Mexx leopard bracelet, €12.95 / 09. Esprit perfume, €20.95 / 10. Accessorize gloves, €14.90 / 11.Accessorize ring, €7.90 62 - Money / Issue 10

01

04

05 06

02

07

08

09 03

10

01. French Connection suit, €271.00 / 02. Tom Tailor shirt, €33.95 / 03. Ecco at King Shoe Shop shoes, € 159.90 04. BHS ties, €7.50 each / 05. Esprit tee’s, €19.95 each / 06. Mexx cufflinks, €27.95 / 07. Tommy Hilfiger watch, €199.00 08. BHS belt, €17.00 / 09. Esprit aftershave, €20.95 / 10. Mexx scarf, €25.95 Money / Issue 10 - 63

Food

A Christmas cracker Zammeats butcher’s shop and delicatessen at Arkadia Food Store, Portomaso get you into the spirit of Christmas with a perfect celebratory lunch. Recipes by Isaac Saliba. Photos by Christian Sant Fournier.

Bacon and Parmeggiano dip and tuna and mayo dip Both dips are available from Zammeats delicatessen at Arkadia Food Store, Portomaso.

Cold cuts platter French cooked ham Salami Napoli Salami Milano

San Daniele Smoked turkey Olives stuffed with pimentos

Swede and cardamom soup Serves 6 to 8

Honey glazed gammon You need 2kg smoked boneless gammon joint from Zammeats butcher’s shop at Arkadia Food Store, Portomaso 1 cinnamon stick 1tsp peppercorns 25 whole cloves for studding

For the honey glaze 200gr demerara sugar 25ml sherry vinegar 100ml Madeira wine 250gr honey

Method Score the fat all over in a criss-cross pattern, then stud cloves all over the ham.

To make the glaze, put the sugar, vinegar and Madeira in a pan and bring to boil. Add the honey, boil and remove from the heat.

Roast for 45mins at 160C, then pour over the glaze and return to the oven for another 35 mins at 195C, basting. Remove from the oven and rest for 15 mins before carving.

64 - Money / Issue 10

You need 3 tbsp olive oil, plus extra to drizzle 1 large onion, finely chopped 2 celery sticks, finely chopped Few sprigs of thyme 30gr unsalted butter, diced Sea salt and freshly ground black pepper 6-8 cardamom pods 2 swedes, peeled and diced 2tbsp honey 1.5-2ltr hot chicken stock 150ml cream Grating of nutmeg Method Heat the olive oil in a large pan and cook the onion and celery for 2 mins. Add the thyme, a few knobs of butter and season. Crush the cardamom pods and add to the onions and celery. Sweat the onions for 5 mins until soft and translucent, but not browned.

Stir in the swede, drizzle with honey and cover the pan. Cook over medium heat for 20-30 mins, stirring occasionally until the swede has softened and caramelised.

Pour in enough hot chicken stock to cover the vegetables and simmer for a few mins. Stir in the cream and adjust the seasoning.

Liquidise the soup in batches until smooth, adding a few knobs of butter for a velvety finish. Pass the soup through a fine sieve.

Reheat the soup and adjust the consistency, adding more cream to thicken or more hot stock to thin it down. Season and serve with a drizzle of olive oil and a grating of nutmeg.

Roast potatoes You need 1.5kg new potatoes 3 cloves of garlic, finely chopped 3tbsp fresh rosemary, chopped 100ml goose fat, from Zammeats butcher’s shop at Arkadia Food Store, Portomaso Finely chopped parsley for garnish

Roast turkey with a truffled herb butter, citrus breadcrumbs and winter vegetables Serves 6 to 8 You need 1 x 5kg turkey from Zammeats butcher’s shop at Arkadia Food Store, Portomaso 1 large onion, peeled and halved 1 orange, halved 1 head garlic, halved 2 bay leaves 2 sprigs thyme 250gr butter ½ bunch flat leaf parsley, chopped 2 sprigs thyme, chopped ½ bunch tarragon, chopped 1 black truffle Method Pre-heat the oven to 220C. Allow your butter to soften to room temperature.

Open up the cavity of the bird and stuff with half the onion, half the orange and half the garlic. Season and repeat.

Finally stuff in two bay leaves and the thyme. Season inside the bird well and tuck the legs under the neck skin to secure – tie if necessary.

Chop the parsley, thyme and tarragon and mix into the softened butter. Slice the truffle and chop before adding to the herb butter.

Season well. With your hand, gently feel your way between the skin on the breast of the bird and the meat. Open the space so you can fill it with the butter. Repeat with the skin on the legs – from the lower side of the breast feel your way under the skin and out towards the leg, loosen the gap.

Method Preheat the oven to 220C. Peel the potatoes and cut into large chunks. Parboil in boiling salted water for 5 mins. Drain and toss in the pan to roughen the edges. Put a generous amount of goose fat in a roasting tin and put in oven, until smoking. Take the tin out, add the potatoes with the rosemary and garlic, and baste.

Put the tin back in the oven and cook for 1 hour until the roast potatoes are golden and crunchy. Turn them over from time to time to make sure they colour on all sides.

Fill a piping bag with the butter and gently pipe into the opened spaces under the skin. From the outside of the skin, gently massage the butter around the meat so it is evenly covered.

Place the turkey breast side up on a baking tray, season and drizzle with olive oil.

Bake in the oven at 220C for 10 to 15 mins to get a crisp golden start to the skin.

Reduce the temperature to 180C and cook for approximately 30 mins per kg, basting occasionally.

To test that your turkey is cooked, skewer the thickest part of the leg and check that the juices are running clear.

Remove from the oven, cover with tinfoil and rest for at least 20 mins.

The Zammeats cheese platter Comte Valancay Roquefort

Brillant-Savarin with truffles Bouche de chevre Grapes to compliment

All cheeses available from the Zammeats deli, Arkadia Food Store, Portomaso.

Money / Issue 10 - 65

In business class

Mona Farrugia edits and writes for food, travel and review website www. planetmona.com

Here’s to you, Mrs Robinson Crusoe Earlier this year, Mona Farrugia did the unimaginable and travelled on her own to the crystal clear blue waters of the Maldives and stayed there for a whole 10 days. Alone. Again.

And very naturally. Photos by Mona Farrugia.

E

arlier this year, the Financial Times’ How to Spend It published an extensive article by travelista Maria Shollenbarger on solo travel.

You can, these days, go anywhere on your own, from safaris and cities to cruises – the world is your St Jacques. Nonetheless, there was one place where Ms Shollenbarger’s consulting travel experts drew the line at – the Maldives.

The crystal clear turquoise waters, the thousands of islands dotted like pearls on a blue velvet ocean, and the lush vegetation seem to be perfect for couples, families and groups of friends but not, it seems, for just little old me.

Yet, having been once with my mother and twice with my husband, I knew that when the time came for me to have a real, undisturbed break, the only place to go was to this World Heritage Site in the Indian Ocean.

My greatest fear, in fact, was not being there, but actually getting there. I am a jittery flyer so I knew that I would need some serious pampering to make the distance. I flew Emirates because the staff really cares – I even managed to sleep a little. The plane was, as expected, packed with upper middle-class families and starry-eyed couples. Apart from the usual bunch of businessmen in suits, I was the only passenger flying solo.

I asked Coco Palm, a new resort discovery for me, for somewhere quiet to stay as I had no intention of making friends. True to their word, they allocated me the furthest villa available – number 14 in the Over Water selection.

There was enough space to swing an entire pride of lions – in fact, everything came in a pair (basins, showers, loungers, huge double bed) and I could actually swim in the beautiful infinity pool which, for once, lived up to its name.

The staff was discreet and helpful, the service top notch.

I am positive some thought my solo existence was a tad odd and on my first day I felt a little bit like a fish out of the never-ending expanse of water – but that vanished with the first splashing sound of a pod of dolphins right outside the villa. Within a few hours I had shed Europe, airports and life as we normally live it with its responsibilities and stress, and jumped joyfully into the sea.

Every day I swam, read (10 books in total, as I had promised myself, like a multivitamin), blogged a little, and messaged my husband but only because we felt like it.

Of course, I am lucky because I have great support from my husband who does not think that my going away on my own is odd. Many times, those who do so may have other intentions – mine were, like the infinity of water surrounding me, pure.

It is never silent in the Maldives, although the pictures may give this impression. I woke up and went to sleep to the lapping of water under my villa.

Boats chug along within visual distance, the fish make themselves heard and periodically a seaplane will whizz by. For two whole days it rained non stop and I felt like I would be washed away, literally, with the poolwater. I was fearful, but I was never lonely.

On one occasion, the General Manager of Coco Palm asked me to dinner. This is not, in hotel speak, some kind of romantic proposition.

GMs spend their entire lives taking guests out to lunch and supper. But on this occasion, it felt as if he was trying to help me out in some way, just in case I had got lonely. The reality was that by the third day, I had started to resent human beings and their presence. When I could be bothered to go to breakfast, where other people would

Money / Issue 10 - 67

In business class

be, their chat became a huge intrusion. My iPod became my best friend.

Because there is so little to do on the islands, the resorts make it a point to engage their guests. I was lucky to be able to cook with Michelin-star chef Gilles Charpy, learn how to make sushi with Chef Bo, go on snorkeling trips and on one occasion they even took me out to a ‘romantic’ island for a ‘day out’, which was, as you can imagine, slightly bizarre. I drew the line at the ‘Romantic Dinner on the Sand Dune’. Nonetheless, when a group of Brits and Germans dropped by and invaded my space, I was hopelessly resentful. I wanted them to go away and I could not wait to get back to the privacy of my villa.

After 10 days – interminable if you are with somebody you do not get on with – I was ready to return.

My face glowed and not just from the sunbathing.

My body felt like it was sizzling with joy from the very depths of my soul. I felt – clichéd though it sounds – completely reborn.

68 - Money / Issue 10

The Maldives, whenever I go, alone or not, give me my life back. No wonder those who visit find themselves returning, over and over again. With others, and sometimes not.

If you are with your loved one Try Soneva Fushi, which is extremely walkable (some islands may be too big, some too small) and has some spectacularly good restaurants. I loved the open air cinema – watching Cinema Paradiso under the stars, lying on loungers and crunching popcorn was fabulous. There is also a stupendous star observatory with its NASA-level telescope. Created by a couple – Sonny and Eva – the resort has beautiful villas, masses of privacy and the rooms come with enough private beach according to the amount of people each villa takes.

If you are on family time At Kanuhura, the sea is low and reachable from all the villas, creating your own huge personal pool where children can play to their heart’s content and still be absolutely safe. The childcare facilities are unparalleled for this area of the world and the award-winning General Manager Vladimir Scanu (who is also a Michelin star chef) comes fresh from making Sugar Beach in Mauritius one of the most beautifully child-friendly resorts in the world.

Why hassle!

We’ll deliver straight to your home, office or boat Call before 10 am for same day delivery • Min €35 spend

AL SPECEI R OFF d get 5

n s €100 a Spend L) soft drink .5 1 f ( o e s fre e pack or 3 fre l water Krista

St. Julians - The Mall, Park Towers • call 2137 8520 or stj@myparktowers.com Santa Venera - Psaila Street • call 2148 0807 or stv@myparktowers.com

Food

Dreaming of a sweet Christmas Mona Farrugia from Angelica, the chicest coffee shop and tea room in Valletta, shares her recipe for the café’s decadent chocolate salted caramel tart and rounds it up with a simple recipe for mulled wine. Photos by Brian Grech.

A

t Angelica, we take huge pride in our sweets. Before we unleash them on our customers, we test them intensively on our testers, our families and ourselves. True, there is no hardship in that, but sometimes they do say, “This could be better” or “The texture on this one is lovelier than the other one.” It took me two months to perfect the recipe for the chocolate and salted caramel tart but eventually, I knew I had a winner – the pastry remains crisp and at room temperature, when you break into the chocolate with a fork, the salted caramel just oozes out. It is a divine moment. This Christmas, we will also be serving drenched Christmas cake with chocolate in it. It is topped with glossy crystallized fruits which I joyfully travel to Paris to get.

So take the day off, put that apron on and get creating. If that is not a possibility, then pop by Angelica and get your tarts ready. You can always tell people you made them. In the spirit of Christmas, we promise we won’t tell.

Sweet Dough

Half fill tartlet cases with salted caramel and top with 1-2 teaspoons peanuts. Chill to set.

Cream the butter, sugar and salt in a bowl. Add the vanilla bean seeds and beat until the mix is fluffy. Add the egg and combine. Add the ground almonds and flour and mix until the mixture forms a dough. Place between two sheets of cling wrap, flatten and refrigerate for two hours.

For the chocolate ganache, pour the fresh cream into a saucepan and almost bring to the boil. Add the chocolate and stir until smooth. Add the butter and mix well. Fill the chilled tartlet cases with ganache and refrigerate for 20-30 minutes to set.

Method

Angelica’s chocolate and salted caramel tarts For the sweet dough, you need 90gr unsalted butter 50gr caster sugar 1 pinch salt 1 vanilla bean, seeds scrapped and bean discarded 1 egg 20gr ground flour 160gr plain flour For the salted caramel, you need 115gr caster sugar 45gr glucose 100gr fresh cream 7.5gr salt 20gr butter 1-2 tablespoons roasted and unsalted peanuts For the chocolate ganache, you need 80gr fresh cream 50gr dark chocolate, chopped 25gr milk chocolate, chopped 14gr butter Peanut nougatine, to decorate

Flour your workbench, lay the pastry on top and dust again with flour. Roll to a desired thickness and prick well with a fork. Cut rounds with a 12cm straight cookie cutter and lay into 10cm diameter tartlet cases. Gently press into tins to fit and trim edges. Refrigerate for one hour.

We decorate with pieces of peanut nougatine simply to show off (and because they taste lovely).

Bake at 160°C for approximately 20-25 minutes or until golden.

Bringing it together Place the sugar and glucose in a saucepan on a medium heat, shaking gently until the sugar dissolves. Simmer until the sugars become a light brown caramel. Deglaze with cream, add the salt and remove from the heat. Allow to cool slightly, then whisk in the butter until smooth and glossy.

Mulled wine with Chai Tea At Angelica, we stock Suki, who in the UK, only supply Michelin-starred restaurants.

The range, from Spiced Citrus with Whole Cardamom, Pepper and Dehydrated Oranges to the Early Grey

with Blue Flowers, is amazing.

We serve it in a precious manner, on a silver tray with the whole shebang: china teapot, china cups and a strainer so that our customers get to savour the moment. We also stock tea pyramids so that you can take home a little bit of Angelica.

Suki does Indian Spiced Chai, the traditional Indian mix, seriously, as it does everything else. It comes with a base of premium black leaf tea, cardamom, aniseed, cinnamon, ginger, cloves, chicory roots, and black pepper.

For around six people you need to place around six teaspoons of the Indian Spiced Chai in a pan with a whole bottle of good wine (we use a Malbec from Argentina as it is fruity and very smooth) and simmer for a few minutes. That’s it.

Food and travel writer Mona Farrugia edits www. planetmona.com and runs Angelica at 134, Archbishop Street, Valletta VLT 1444.

Tel: 2122 2777 or 7927 5727, www.angelicamalta.com

Money / Issue 10 - 71

Food

Mighty cheese Ending a meal with a bland piece of factory-made cheese leaves a bad taste in the mouth, just like drinking horrid wine with a glorious steak. The White Sheep’s siblings, Tania Attard and Sarah Borg, give us the low-down on an altogether different breed of cheese – the farmhouse type.

L

ike wine, one can talk endlessly about cheese – its texture, aroma and style. One can list countless cheeses, dating back centuries and generations, made in different weather and terrain conditions. As our affineur said, when we were discussing this piece, indeed one can write a PhD about cheese.

uniformity, and in most cases pre-packed and sealed it in plastic. The result is cheese that looks like plastic. Its taste is predictable as it is factory-made to taste that way. In fact, when you buy a block of cheddar from your supermarket it will, invariably, taste the same, predictable way.

But we wouldn’t want to bore you with minute details. Instead we’d like to simply urge you to explore different cheeses, and question their provenance.

This will give you a better understanding of why cheeses, even the same ones, taste different, and of why even the first morsel should take your taste buds back to the cheeses’ milk and the animal it was milked from.

Farmhouse cheese is a different breed altogether, starting with the animal and the terrain it grazes on, complemented with clean mountain air, to the milk used (unpasteurised in most cases), to its hand-made production process, to its affinage, and its final storage space at the cheesemongers’.

First, one must understand that, as with most other commodities, there are farmhouse or artisanal cheeses and industrial ones. Needless to say, the tastes and appearances are incomparable. Where farmhouse cheeses are alive and develop flavours with each day that passes, industrial ones are, simply put, industrial.

When supermarkets started dominating the food market, they demanded cheapness, uniformity and quick production for the masses, at the lowest prices. They did away with the character and flavour, with the ageing process of farmhouse cheeses and opted instead for block cheese, injected with preservatives in order to retain colour

72 - Money / Issue 10

The amount of care and attention put into every stage is what makes huge differences to the taste and texture.

Professional cheesemongers buy their cheeses at a young stage, preferring to develop and age the cheeses themselves.

This is the affinage process, and its excellence is deemed as important as the production process itself. A discerning maturer, or affineur, gives distinction to the cheese’s character and has the ability to turn the mundane into the extraordinary.

Through the different ageing stages, cheeses develop different flavours and textures. If it is not cared for properly during these stages, its development is tarnished. Take a young Stilton, for example. The younger it is, the sharper it is in taste and firmer in texture. As it

matures, it should develop more mellow, warm flavours and its texture should become creamier, richer. Somewhere along the line, something would have gone wrong if its taste becomes sharper or its texture is dry and flaky.

Once farmhouse cheeses get to your local deli, plenty of work goes into ensuring the quality of the cheese does not decline. First, the cheese needs to sit in the right environment, a fresh one with a good dose of humidity so that it doesn’t dry up and its flavour continues to develop. Cheeses are turned regularly so that the moisture inside remains evenly distributed. They are cleaned of natural moulds on a daily basis. In a nutshell, behind a good-looking cheese display at a reliable cheesemonger’s, much work, care and attention goes into keeping the cheeses tasting great. It is no wonder, then, that cheeses, even of the same name, differ so much in taste and price.

Buying cheese should be a pleasant experience in itself. You should always taste your cheese before you purchase – a good cheesemonger should, indeed, insist on this. They should help you put together a cheeseboard, encouraging you to try new cheeses, and even suggest wines and accompaniments that will enhance the flavour of the cheeses, without overpowering them. Once the cheese gets to your home, there are some rules to adhere to, but, thankfully, they are much simpler.

Types of cheese Fresh These are the babies of the cheese world. Rather than being pressed, they are left to drain under their own weight, and are ready to be sold within days. Fresh cheeses have a soft, spreadable paste with a simple and very clean taste.

Soft Soft cheeses are young ones, generally characterised by white bloomy rinds achieved by the addition of Penicillium in the milk at the beginning of the cheese-making process. The cheese is matured in a humid atmosphere, encouraging the growth of white Penicillium on the cheese’s exterior.

The enzymes from this mould ripen and soften the cheese from the outside in. Soft, white-mould cheeses often have a flat and thin shape, which helps this process. You would also find a good number of goat cheeses covered in vegetable ash as it provides the right platform for moulds to develop.

Semi-soft These are often characterised by a pungent smell which is usually not reflected in the taste, which is milder on the palate. Semi-soft cheeses include the washed-rind type. The rinds of young cheeses are washed with brine or an alcoholic solution as they mature, to encourage the growth of bacteria on the rind. This results in a sticky, orangey exterior, a semi-soft texture and a mellow, warm flavour.

Hard Hard cheeses are aged for months, in some cases even years, and longer than any other cheese types. They require a considerable amount of investment in money and time. It takes 300 litres of milk, for example, to produce 27 kilos of farmhouse cheddar. The firm

texture is obtained by the pressing of the cheese during the production process. There is a huge variety of hard cheeses and their character and taste is developed through different techniques: milk temperatures; methods of curd cutting; the size in which the curd is cut; the different methods of salting; and the various degrees of pressure applied during the pressing process.

Blue Blue cheese producers mix blue mould (Penicillium roqueforti or Penicillium glaucum) into the ripened milk, and then proceed with making the cheese in ways that allow this mould to grow – the cheese is not usually pressed much so that it retains moisture and an airy texture. The cheeses are turned – by hand in the case of farmhouse blues – as they mature, in a warm and moist atmosphere, so that the moisture spreads evenly. They are also pierced with long needles, allowing air to penetrate to the centre of the cheese.

Domestic fridges (and industrial ones, unless equipped with a humidifier) dry up the cheeses. Ideally, cheeses should be arranged on a tray, covered with a clean, damp tea-towel to retain moisture, and placed in the vegetable drawer of your fridge. Alternatively, where there’s lack of space, keep the cheese in the wax paper you bought it in, as this also retains the right amount of moisture within the cheese without it becoming smelly and soggy as it would if it were wrapped in cling film. Never keep your cheeses uncovered in the fridge alongside other ‘raw’ foods as they can easily get spoilt and tainted.

When serving, remember that cheese tastes best at room temperature – it should never be eaten straight out of the fridge. Bring the cheese to room temperature – about an hour before serving, depending on weather conditions – and keep covered with a clean, barely damp tea-towel until ready to serve. One type of cheese at its best is far more effective than four or five inferior-quality pieces.

A nice chunk of Stilton, or a handmade farmhouse Cheddar, served with an aged Port; a splendid Parmigiano Reggiano di Montagna served with cured wild boar sausage and subtle slices of prosciutto crudo; a smooth wedge of Brie de Meaux, or an unctuous, baked Vacherin Mont d’Or, served with dollops of cranberry jelly, fresh bread and some fine, oatcakes or natural crackers – they are all impressive and wonderful ways to round up an evening in great company.

At The White Sheep, Sarah and Tania choose cheeses that are made by only the best European cheese-makers, where quality is never sacrificed for profit and ease of production. They only sell hand-made, farmhouse cheeses, most of which are made with unpasteurised milk, but have included pasteurised milk ones where the cheese-maker has come up with equally fantastic results.

They encourage the tasting of the cheeses prior to purchasing. A cheeseboard and cheese-table service for dinners, parties and weddings is also available. Call on 21 315 222 to discuss your requirements.

The White Sheep is at 405 Rue D’Argens, Gzira, Malta. www.thewhitesheep.eu

Money / Issue 10 - 73

E-commerce

Let’s talk shop Amit Raab browses some online retail options.

Amit Raab is a marketing consultant working at the Duffy Agency in Malmo, Sweden.

creations such as the new and fun Rappingpaper.co.uk (wrapping paper combined with hip hop lyrics) and the much more established Zuriick.com.

Zuriick.com is a great example of Big Cartel in action – their site is quite blog-like but still aesthetic with great integration with social media.

charges the user for every transaction and aesthetically speaking, its website creations are not the most attractive products.

The opportunity of opening your own online store has never been so easy, and your grandma’s jam never so easy to market, whichever platform you choose. If you want to give

S

o your grandma makes the best strawberry jam in town. No, actually in the world. Nobody’s jam has that consistency, juicy flavour and vibrant colour. Moreover, it’s 100 per cent organic. You want to share this jam with the world – every punter who’s ever tried your grandma’s jam has said they want 10 cases.

There was a time when sharing this delicacy meant you had to rent a store, buy furniture, hire employees, and train them to be enthusiastic about jam. Not to mention engraving a picture of your dear relative on a hanging wooden sign for the door. Well, no more.

None of us are strangers to the internet (no, not even grandma), and now there are more options than ever to open up shop and sell your own goods online, no matter what industry you’re in. Of course, if you’re an arms dealer, I would reconsider your options.

There are more than a few platforms which offer anyone the ability to create their own store online. The most popular and well-rounded options are Big Cartel, Shopify, Big Commerce, Volusion and Venddor. Each service comes with its own features, with prices ranging from $10 to $700 a month. Some of these services only charge for the platform and hosting while others charge the user for each individual transaction. They also provide the user with a host of extra features to help them promote their new store including eBay shop windows, social media tools and mobile phone compatibility.

These platforms are all worth considering if you’re looking to set up your own little enterprise online, and your grandma’s jam may sell equally as good on all.

However my favorite platform is easily Big Cartel, mainly because I’m a design freak and a sucker for oversimplification.

Big Cartel’s sites are very easy on the eyes and intuitive to use and they are one of the platforms which only charge for hosting and not per transaction – this is very useful if your business booms. Big Cartel’s platform brings to life some beautiful 74 - Money / Issue 10

Of course, if you want to sell you own goods on the internet and not build your own site through these DIY platforms you can always resort to one of the more traditional online methods.

Amazon’s used + new feature has long been used by private store owners to promote their goods through one of the most powerful online retailers.

If that is still not low key enough for the operation you have in mind, you can simply set up an eBay account and flog your grandma’s famous condiments from there.

However there is no Maltese eBay, so your customers may be more international than you expect.

Another interesting alternative is Store Envy which advertises itself as the social online shop solution.

It offers users a free store setup along with social media integration as well as a Facebook app plug-in of your store. However Store Envy

you products a professional shop window in today’s online market, you should probably go with one of the DIY platforms such as Big Cartel. If the margin on your product is half decent you should generate yourself a healthy profit in no time, or in the case of the jam, at least make back the monthly fee, and give the world a tasty preserve the likes of which they have never tried. *The jams and elderly relatives mentioned in this article are totally fictional.

Any resemblance to condiments and individuals in real life is fully unintentional and coincidental.

Christmas Offers What we distribute Flyers Magazines Product Samples Event Notifications Special Offers Coupons Monthly Publications Directories Newspapers Brochures Weekly Publications Promotional Items Door Hangers

: We specialise in

As long as an item can fit through the letterbox, there is no limit to the creativity of the clients’ leaflet, sample or magazine. And even if it can’t fit through the letterbox, Mailbox will find the solution! Using a variety of delivery techniques, we ensure that the target segment effectively receives our client’s promotional material.

Call us for a free tailor made quotation and benefit from our discounted offers

tribution Door to Door Dis iness Business to Bus Distribution mpling D2D Product Sa ution Directory Distrib rinting Production and P es Fullfilment Servic g Mobile Marketin

The Door-to-Door Distribution Company Mailbox Building 113, Constitution Street, Mosta MST 9056, MALTA Tel: (+356) 2142 2561 / 2741 2561 Email: info@mailboxservicesgroup.com www.mailboxdistrubution.com