$8.2m GB Concrete ‘makes some moves’ through block launch
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FLEDGING Grand Bahama concrete plant is aiming to “make some moves” following the December launch of its final phase following a total $8.2m capital investment.
Glennett Fowler, principal of Heroic Concrete and Concrete Products, told Tribune Business that it plans to “ramp up in the New Year” after its blockmaking business - with a 1,000 per day production capacity - came online the week before last.
Revealing that an extra ten staff have been hired for the block manufacturing segment, taking its workforce to 21 and expanding Heroic’s total staff to 41, she voiced optimism that the company will “be a significant player in the market in the next 24-36 months” as it seeks to supply Carnival’s $600m Celebration Key cruise port and other investment projects targeted at Grand Bahama.
Heroic’s business model focused on having both the concrete block and readymix concrete operations running side-by together, and Ms Fowler told this newspaper that while there have been delays in launching the former this has worked to the company’s benefit as it has been able “to get the capacity we need” to support both Grand Bahama developments and distribution of its products to other Bahamian islands. And, with Gold Rock Corporation having previously closed its concrete block-making
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SUPER Value is “not getting our hopes too high” for Christmas sales that are typically up to 10 percent higher than “normal” shopping periods, its president has disclosed.
Debra Symonette told Tribune Business that the 13-store supermarket chain is adopting a realistic attitude towards one of the year’s busiest shopping periods given the cost of living and inflationary pressures still impacting consumer spending ahead of what is expected to be a “challenging” 2025.
While the prices for hams, turkeys and other Christmas staples “remain pretty stable” compared to last year, she warned that The Bahamas will be unable to completely avoid the disruption and price increases that will result if Donald Trump makes good on his threat to impose and hike tariffs on Chinese and other imports once he returns to the US presidency on January 20.
Asserting that “we have to be prepared” for the uncertainty and
• Typically sees up to 10% bump in holiday
• Trump tariffs make for ‘challenging’ 2025
• Non-US sourcing under 10% of supplies
shocks that may result, Ms Symonette told this newspaper that while Super Value is “building” its non-US sourcing and supply chains these account for “no more than 10 percent” of its imported products.
This highlights The Bahamas’ vulnerability, as an import-dependent nation that annually brings in more than $3bn of physical goods from the US, to the threatened Trump tariffs. Ms Symonette, though, said non-US
suppliers are “reaching out” to Super Value constantly in an effort to build trade relationships and, providing shipping costs and other factors are “feasible”, it will explore these routes if goods are cheaper.
Tempering expectations for the upcoming Christmas holiday season, Ms Symonette told Tribune Business:
“We’re trying to remain optimistic and hope we have good Christmas sales, but we are aware some people are trying are trying to recover from the tough economy. We’re not getting our hopes too high.
“We’re looking forward to getting as much as we can get. We do see a significant increase in sales at Christmas; I would say probably a 5-10 percent increase over the normal shopping days. We’re hoping they would at least be the same [as last year] even if there is no increase.
“We’re just keeping our fingers crossed that sales do not decrease this Christmas time. We’ll be glad if they remain the same but are still optimistic that customers will be in the festive mood and buy more.”
BPL pledges ‘post mortem’ on 24-hour Eleuthera woe
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMAS Power & Light (BPL) last night promised frustrated Eleuthera residents and businesses that it will conduct a “post mortem” after several communities on the island lost electricity supply for over 24 hours.
Arnette Ingraham, the state-owned energy supplier’s spokesperson, apologised for the lengthy weekend outage in an Eleuthera BPL What’s App forum and pledged it will seek “a better solution” after the Glass Window Bridge’s weatherenforced closure meant
no BPL trucks were present - or could cross - into the island’s north to effect essential repairs.
Teams from both New Providence and Harbour Island were yesterday dispatched to mainland Eleuthera to deal with power restoration efforts after communities such as the Current lost energy supply for 27 consecutive hours, while sections of Whale Point were not far behind at 22 hours based on postings in the What’s App chat. Asked why BPL did not leave one of its bucket trucks on the Glass Window Bridge’s northern side, knowing that bad weather
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
HOTEL workers are eagerly anticipating the “biggest ever increase in gratuity” payments taking full effect in the New Year, a union chief has revealed, as he urged members to “deliver value for money”.
Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business that workers at Atlantis and other hotels that are part of the Bahamas Hotel and Restaurant Employers Association (BHREA) bargaining group have had to
wait for all pre-industrial agreement visitor bookings to “exit the system” before the gratuity element is fully implemented.
“All the emoluments and increases have gone
GLENNETT FOWLER
DARRIN WOODS
AML FOODS PAYING $2.5M FOR ELEUTHERA ACQUISITION
By NEIL HARTNELL
AML Foods is paying a total $2.5m to acquire a Governor’s Harbour food store in a move that will facilitate its expansion into Eleuthera, its latest financial statements have disclosed.
The BISX-listed food retail and franchise group, unveiling its figures for the half-year and three months to end-October 2024, said it has agreed to pay $1.975m to purchase the operations of Burrows One Stop Shop Grocery Store and a further $525,000 for the land and building from which it operates. A $250,000 deposit, representing 10 percent
of the combined purchase price, has already been paid into escrow prior to closing “During the quarter, the company entered into an asset purchase agreement to acquire the assets of Burrows One Stop Shop Grocery Store located at Queen’s Highway, Governor’s Harbour, Eleuthera, in the amount $1.975m,” AML
Foods told shareholders in its just-released financials. “Simultaneously, the company also entered into a land purchase agreement to purchase the land and building of Burrows One Stop Shop Grocery Store for $525,000. The completion of both transactions is subject to due diligence and the final price may be adjusted based on closing procedures.”
Gavin Watchorn, AML Foods president and chief executive, could not be reached for comment but, in a message to investors, said the deal has yet to close and hinted that this might now happen in 2025. “We are excited to enter the Eleuthera market in the new year and are looking forward to finalising the purchase of Burrows One Stop Grocery Store in Governor’s Harbour,” he added.
“Once the sale is finalised, the store will undergo a complete renovation and reopen as Eleuthera Markets.” The impending acquisition is following a similar template to that employed by AML Foods when it moved into
Exuma through the previous purchase of Exuma Markets. It has focused on entering high-growth Family Island markets by buying existing, well-established businesses that align with its neighbourhood store model.
Meanwhile, AML Foods showed an improved halfyear and second quarter 2025 performance. Profits for the six months to end-October 2024 jumped from a minimal $143,000 during the comparative period for 2023 to $1.557m, while the loss for the final three months of that period was cut by more than two-thirds - reducing from $547,000 to $146,000.
“Sales for the period were $43.9m, an increase of $0.9m or 2 percent compared to the same quarter last year. The company recorded a net loss of $0.1m compared to a net loss of $0.5m for the same quarter last year,” Mr Watchorn said.
“Sales for the period in certain stores were impacted by a slower than usual tourist season in comparison to recent years. We also continued to be affected by
inflation within our expense base. However, our continuing improvements in shrink and margin management are helping to offset these expense pressures and increases.
“Historically, the second quarter has been our weakest period, but we are encouraged by the progress we have made that positions us to deliver improved operating results. As we move into our stronger quarters, the peak tourist season and the holidays, our team is well prepared and looking forward to a successful year’s end.”
And, looking beyond the financials and operations, Mr Watchorn added: “On November 1 we celebrated the opening of Cost Right Nassau in its new location on the East West Highway, and initial sales have been promising. The opening of the store marks the end of our store remodel programme.
“During the quarter we also launched our new online food service portal, Chef Direct, in Exuma, Abaco and Eleuthera. Chef Direct has been well received by our customers and will launch in New Providence and Grand Bahama in early 2025.”
NEWLY-OPENED $12M PI EATERY CREATES 200 JOBS
By ANNELIA NIXON Tribune Business
THE Deputy Prime Minister has hailed the “exponential impact” from a newly-opened $12m Paradise Island restaurant investment that is set to create around 200 full-time jobs for Bahamians.
Chester Cooper, also minister for tourism, investments and aviation, said Carnivale Bahamas will generate “spin-off opportunities” and a “boost” to tourism with the Latin fusion restaurant forming one of the central attractions at the redeveloped Hurricane Hole location that has been renamed as Paradise Landing.
“I think if you look at the investment in the project itself, $10m to $12m into the economy of The Bahamas, using Bahamian contractors, perhaps hiring hundreds of workers during the construction phase, now hiring an additional 200, there are also spin-off opportunities and possibilities, not to mention new tax revenues, a general boost to Paradise Island and the tourism product,” Mr Cooper said.
“So I think, overall, the impact will be more than just the numbers that we reference. I think it’s going to be exponential over a period of time.” The venue is the Chicago-themed and based restaurant’s first foreign venture and Carnivale’s co-owner, Bill Marovitz, said it can provide a “learning experience” and training ground for potential Bahamian entrepreneurs.
“We’ll have young people working in the kitchen and they’re gaining experience,” he added. “Some day they may be able to open their own restaurant, they may be able to be a chef at another restaurant. So it’s all a learning experience for people to get an idea of how to run a business like this, a bar, a restaurant, and to welcome people.”
Mr Marovitz praised the co-operation with CGT
Contractors and Developers, the Bahamian contractor that built Carnivale since ground was broken for the project in 2023.
“I’m not going to tell you there weren’t issues, Mr Marovitz said. “Of course there are issues. There are always issues. But, you know, if you’re aggressive and you have the right attitude, you work to overcome those issues and nobody gets their way 100 percent of the time. You work to overcome those issues.”
Mr Marovitz said Carnivale is looking to expand to Miami “maybe within a year”. He added that The Bahamas was a great first option because of its
out-of-country location due to its proximity to Miami, the environment and “fabulous” people. Adding to the restaurant’s Bahamian influence, the menu will feature local cuisine. The private room also features a dedication to the late Sir Sidney Poitier and is named after him. The restaurant opening coincides with the final phase of Hurricane Hole’s redevelopment, which is focusing on the commercial side with retail, offices and restaurants, including Carnivale Bahamas, and a supermarket.
Khaalis Rolle, president of of Sterling Advisory Services, an affiliate of developer Sterling Global
obviously we will probably look at about 200 to 250 construction workers. And then, when it’s done, I think it will level off at around 200,” Mr Rolle said, adding that the development will have a “substantial” impact on the Bahamian economy.
“But we see just beyond the numbers. The fact that we are creating a destination on Paradise Island that gives people an alternative to just the enclosed facilities, you know, like Ocean Club, Atlantis. You know, you can just walk in, get your groceries, go to the liquor store,” he added.
“You need to go to the clinic, there’s a clinic. You need to go to the pharmacy, there’s a pharmacy. If you need to go to a wellness centre, there’s a wellness centre. So the economic impact just generally is significant in terms of quality of life and lifestyle, which is the best way I think I can describe it.”
Mr Rolle said that “the only thing left for us to do is the residential”. He added:
“So when we said we’re going to break ground, we broke ground. When we said we’re going to have a grand opening, we had our grand opening. So this is a development that the Government can look at and be proud that the developers did exactly what they said they were going to do.”
Mr Marovitz added: “I couldn’t think of a better place for the first Carnivale location outside the United States. The people are fabulous here, the environment is wonderful, the location is terrific. We want people to come in the door and be happy and entertained from the moment they walk in the door to the moment they leave. Great food, great service, great ambiance.”
Financial, said this was part of the original vision to create “a downtown Paradise Island”. When completed, Paradise Landing will have involved a $250m investment “directly and indirectly”, providing 500 to 600 jobs.
“Once the residential component gets started,
“Well, you know, we’re looking forward to doing the next phase, but the next phase will depend on our interaction with government. The next phase, we haven’t pulled the trigger on. We’re still discussing with government some areas of development and then, once we finalise that, then we will pull the trigger on the next phase.
“This is one of the very few developments that has a Bahamas-based developer as well as a Bahamian developer. And we’ve met every commitment we’ve made to the Government on type of investment, level of investment and schedule for delivery.
“This weekend was a great opportunity to introduce the essence of the Carnivale concept to The Bahamas,” said co-owner Jerry Cataldo. “Carnivale Bahamas represents an evolution of our original Chicago location, integrating the best of Bahamian culture and cuisine with the signature color, energy and fun that has made the beloved a beloved institution for nearly two decades. We could not be happier about the turnout of local dignitaries and the public’s reaction to our exciting new location.”
Carnivale Bahamas general manager, William McKechnie, said: “Carnivale Bahamas is not just a dining destination; it’s an immersive experience. Patrons can expect to enjoy everything from flavourful twists on Latin and Bahamian dishes to fresh local seafood, all served in an atmosphere of music, dance and celebration.”
Exuma becomes Bahamas’ first Icon
EXUMA has unveiled its own destination branding through an ‘Icon Sign’ that employs a sail boat to depict the island and its 365 cays as The Bahamas’ sailing capital.
The reveal occurred on Friday, December 13, during a ceremony on Queen’s Highway across from the Moss Town settlement at a site overlooking the ocean.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, and who is also Exuma’s MP, said his ministry has embraced a concept called ‘Archipelago Art’ that appeals to the ecological, artistic, cultural, local, national and global tourist industries. These Icon Signs, featuring sculptures and interactive artworks, will be strategically built and placed on The Bahamas’ most inhabited islands.
“God has blessed The Bahamas in general, and God has truly blessed Exuma, in particular,” Mr
Cooper added. “This chain of 365 islands is home to some of the most secluded footprint-free beaches, and some of the most beautiful waters God has ever painted on Earth’s canvas. This represents a moment that signifies Exuma, that lets people show that they visited the most beautiful island on earth.”
Colourful letters in all capital, and which spell out ‘EXUMA’, are grounded on a platform and characterised by a sailboat to represent an island regarded as the sailing capital of The Bahamas. The location was chosen due to its proximity to Exuma International Airport, and its natural environment. The sign can also be enjoyed when it lights up at night.
Mr Cooper, meanwhile, recalled that during Astronaut Scott Kelly’s mission he looked down on Exuma and exclaimed that it “is the most beautiful place from space”. He added that the
tourism experience centres around three basic components: The people visitors meet, their experiences and the things they see.
“And when people have a memorable experience, they want to document it with an iconic picture to memorialise the visit,” he said. “And this is what this represents, a moment that signifies
The incumbent operates safely and efficiently armored and unarmored U.S. Government-owned or leased motor vehicles to transport passengers and/or cargo. Works as messenger as directed. Interested candidates are required to possess the following minimum skills and qualifications:
• Education: Completion of Primary education is required.
• Experience: At least three years of professional driving experience is required.
• Language: Good working knowledge ofEnglish; speaking, reading & writing. This may be tested.
■ Skills & Abilities: Valid Bahamian driver's license is required. Driving may be tested.
The complete Vacancy Announcement and application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://erajobs. state gov/do s-era/bhs/vacancysearc h/searchVacancies hms/ Applications are accepted only via the website above
Opening Period: Friday, December 13 - Monday, December 30, 2024.
Due to the high volume of applications, unsuccessful candidates will not be contacted.
Exuma, that lets people show they visited the most beautiful islands on earth.”
The Archipelago Art Icon Signs, strategically placed around this nation, will meet globally recognised standards to elevate The Bahamas as a top destination for the art world.
The Ministry of Tourism, Investments and Aviation is seeking to secure spots on Cat Island, Eleuthera, Grand Bahama, Bimini, Harbour Island and other islands to erect more Icon Signs. They will serve as a focal point for the islands and their visitors.
The signs will be designed, constructed, installed, maintained and managed by Bahamians. The Exuma Icon sign was constructed by Jamaal Rolle, ambassador-at-large of cultural affairs, who is also known as the ‘Celebrity Artist’.
CHESTER COOPER, minister of tourism, investments and aviation, unveiled a new Icon Sign – EXUMA – in Moss Town on Friday, December 13. Photos:Lindsay Thompson/BIS
CALVIN JAMES, executive director, Partnership Initiative for Sustainable Land Management (PISLM); Toeolesulusulu Cedric Schuster, minister for natural resources and environment and minister for Samoa Tourism Authority; Andreea Meza
Bahamas taking ‘bold steps’ over climate change battles
A CABINET minister has pledged that The Bahamas is taking “bold steps as a regional leader” to protect both its land and maritime resources from the “devastating impacts” of climate change.
Vaughn Miller, minister for the environment and natural resources, told the United Nations Convention to Combat Desertification’s (UNCCD) COP16 conference that The Bahamas’ “vulnerability to climate change and land degradation has never been more apparent”.
He highlighted a quote from an author, which stated: “We abuse land because we regard it as a commodity belonging to us. When we see land as a community to which we belong, we may begin to use it with love and respect.” This sentiment, the minister added, captures the urgent need for transformative action to protect The Bahamas’ fragile ecosystems and secure its future.
He said: “As a low-lying nation in the Atlantic Hurricane Belt, The Bahamas is acutely susceptible to the devastating impacts of climate change. Rising sea levels, coastal erosion and saline intrusion threaten freshwater resources and degrade agricultural land. These challenges not only diminish food security but also place economic and social stress on coastal agricultural communities.
“Marine resources, vital to the nation’s economy and culture, are being degraded, while increasing import bills exacerbate
national vulnerabilities. Yet The Bahamas has emerged as a regional leader, taking bold steps to address these threats.”
Mr Miller said that, in just a decade, The Bahamas has made significant improvements towards sustainable land management and climate resilience. These include environmental legislation, featuring policies thatnow regulate land development and promote environmental protection; a plastics ban on single-use plastics, including bags and styrofoam containers.
He also cited marine conservation, with marine protected areas (MPAs) having more than doubled,
safeguarding crucial wetlands and ecosystems, plus forestry and biodiversity featuring new protected forests, with the list of protected tree species having quadrupled. The Bahamas has also launched propagation and composting facilities to promote regenerative, climate-smart agriculture.
“As The Bahamas continues to champion sustainable practices, it sends a clear message that our land is not merely a commodity but a vital community that must be protected with love and respect,” Mr Miller said. COP 16 was held from December 2-13 in Riyadh, Saudi Arabia.
Murillo, deputy executive secretary, United Nations Convention to Combat Desertification (UNCCD); and Adrian R. Forde, minister of environment and beautification, green and blue economy, Barbados.
L-R: Vaughn P. Miller, minister of the environment and natural resources, alongside Abdu Gasem Alsharif, director-general of general environment conventions and climate change directorate, ministry of environment, water and agriculture, Saudi Arabia
THE OPENING ceremony for UNCCD Conference of the Parties 16 (COP16) at Riyadh, Saudi Arabia.
Super Value ‘not getting hopes too high’ for Xmas
While acknowledging the continued pressure on household budgets and disposable income, even though the pace of inflation has eased, Ms Symonette said the cost of key Christmas foods remains in line with 2003.
“Hams and turkeys are pretty much the same,” she said. “I think one of the turkey brands went down slightly. They remain pretty stable. We’re also offering a half turkey. I think we did a bit of it last year. If customers want half a turkey they can also get those in the stores. We know a lot of people are on a budget, so we’re trying to accommodate them by offering things like that.
“I think consumers will be happy that there are no significant price increases. They’ll either see something the same or a little less, but I can’t think of
anything higher than it would have been last year, so they can come on in and spend what they’ve got with us.”
However, pricing pressures may soon re-emerge and intensify with Mr Trump promising to make good on threats to impose tariffs as high as 60 percent on Chinese-made imports, many of which transit the US before coming to The Bahamas. As an importdependent economy, which sources virtually all it consumes from overseas, this nation is especially vulnerable to so-called ‘trade wars’ and taxes that raise commodity prices.
“It will probably be a challenging year,” Ms Symonette told this newspaper of 2025. “We’re going through some changes in the US economy. We don’t know exactly what he’s [Trump] going to do, and how much that’s going to affect us. But, considering
the volume we get out of the US, whatever he does will affect us in some way.
“I guess that’s where sourcing new supply avenues comes into play. Certainly we have to be prepared. We can only wait and see, but we are preparing in terms of looking at possible avenues we could look at it if it becomes necessary. We won’t be able to avoid it totally, but it would be good to have alternatives for certain items.
“It all hinges on the economy and what the new US president will do, what he will put in place and how it affects us. All we can do is wait and see, and adjust accordingly.” Ms Symonette said no more than 10 percent of Super Value’s current inventory is presently sourced from outside the US, but added that the Trump tariff proposals could increase this amount significantly depending on
what is implemented and how.
“I must say that there are people reaching out to us all the time,” she added. “It’s just a matter of checking them out. It’s various markets; Brazil, China. We don’t just take on any product that come our way. We have to make sure we get quality, make sure they can ship to us, make sure that the shipping is going to be feasible as we don’t want to end up with ridiculous freight costs.
“As long as everything is feasible we would look into getting products from those sources if they turn out to be cheaper. It’s just a matter of reaching out to the shipping companies and making adjustments with the vendor to see who can work out the best prices for getting products here. Certain products it would not be sensible to ship from far, like the perishable
HOTEL WORKERS BRACING FOR ‘BIGGEST EVER GRATUITY RISE’
into effect,” he explained.
“We’re still waiting for the full effect of the gratuity to come into effect. Persons booking prior to the signing of the industrial agreement in March, once those persons are out of the system we will see the full effect.”
The previous lower gratuity sum will have been included in visitor packages prior to the new industrial agreement’s signing between the BHCAWU and a hotel group that, besides Atlantis, also included the Ocean Club
Four Seasons, Lyford Cay Club and Town Hotel. With those pre-agreement bookings now dwindling, more staff are enjoying the $1 gratuity rise. “By now the beginning of the winter season, most of those persons are out of the system,” Mr Woods said. “Anyone left, they’ll [the hotels] have to point them out to us. That in itself should cause an increase in their take home going into the New Year.
“The room attendants got an extra $1 on their gratuity to be shared with the housekeepers and common
pool. That’s significant. That’s the largest increase we’ve ever got from gratuities for the industry. For sure we should be there by now, and the New Year for sure.”
Mr Woods, though, was quick to remind hotel workers that they must live up to their side of the industrial agreement bargain. “Our mantra is that service needs to be elevated again to take care of the guests, the repeat and the new ones, so the latter become repeat tourists and we deliver value for money at the end of the day,” he added.
products. It would be more like canned goods. “We’re trying to reach out to some of those sources, and we have increased our supply from them. We’re picky, of course. We don’t just accept anything.” Asked how much product Super Value currently sources from non-US supply chains, Ms Symonette replied: “I wouldn’t say it’s that significant yet. We’re building it. I wouldn’t say it’s more than 10 percent, if that. “But the more challenges we meet, the more we are encouraged to seek other avenues. The Chamber of Commerce pushes it as well, and has international groups here all the time who let us go and see what they can offer. As long as the information is readily available regarding the actual product, how we can get them and ship them and all that, it’s something that
said of BHCAWU members and staff generally.
“We fought hard to get it [the industrial agreement], and want them to show they greatly appreciate them by the value of the service level they give to the guests. Everything looks great and we are really grateful. Like anything we’ve been at it, we’ve fought, we were successful in what we got and continue to say thank you to the employers.
“They could have made it difficult, more difficult than it was, but we were able to come to a common medium. That’s what happens when you respect people, and try to get the best for them in the moment but take into account the long-term effect also.”
Mr Woods said hotel worker hours, earnings and employment prospects appear typically strong ahead of the Christmas and New Year festivities when resorts typically run at or close to full occupancies. “They are doing pretty good by all accounts,” he
“I know things are picking up. The numbers are still pretty good and employees are still working a full week and are able to pick up extra shifts in that vein. Things are looking pretty good for them on that front. They are battening down and preparing for Christmas.”
Acknowledging that the traditional SeptemberOctober fall drop-off was more pronounced in 2024 than in prior years, Mr Woods added: “Last year they would have pretty much worked through September, October and November.
“This year they worked reduced days, some restaurants closed and some persons were rotated in and out. All in all, even though it was slow we made it through. Yeah, it might have slowed, but I don’t think it’s the slowest I’ve ever seen it.”
The union president said he had taken note of recent comments by Audrey Oswell, the Atlantis president and chief executive,
can probably work and be beneficial for us.”
Asserting that Super Value does its best to avoid, or at least delay, passing major supplier increases on to Bahamian consumers, Ms Symonette added: “If we see one supplier going up we’ll shop around and see if we can get a better price so we don’t have to pass any big increases on to consumers. We have to be competitive.
“Sometimes if we get an increase we don’t pass it on immediately; we wait and see if there are any changes. Only if there’s something drastic do we pass it on. We shop around, and sometimes even go outside the US. I wouldn’t say we do that a whole lot, but we also try to get other brands. We encourage customers not to stick to name brands: Test the others. Some of them are just as good and are a lot cheaper.”
who said present occupancies and forward bookings - while still strong - were lower than prior year comparatives. Mr Woods said he felt she may have been referring to targets, or projections, set for the Paradise Island mega resort but he added that the numbers she gave were not unusual.
“I hear the concerns but I don’t know if I’m overly concerned about it,” he said. “It’s probably that they had certain expectations that didn’t materialise, and we know that any time there’s a US presidential election people don’t travel like that. They wait and see what’s going on, and if you look at the US market since the election everything is pretty much up.
“The Trump factor is in there. I think the outlook is good. Mr Trump made some statements on the campaign trail as it relates to immigration, the border and tariffs. I’ve been watching that. We’ve just got to watch it. The Bahamas is not a major player in that world, but whatever happens there will trickle down and impact us.”
$8.2M GB CONCRETE ‘MAKES SOME MOVES’ THROUGH BLOCK LAUNCH
FROM
business following a wellpublicised fight with the Grand Bahama Port Authority (GBPA) and its affiliates several years ago, she asserted that Heroic’s emergence will fill the market void that was left and help reduce foreign exchange outflows by providing a replacement domestic production source.
“Everything is up and running,” Ms Fowler told Tribune Business. “This is a significant achievement because we have not been able to have blocks on the island of Grand Bahama for quite some time now, and having the plant coming fully online will really support a lot of projects and eliminate the need to import blocks.
“I think it’s a significant economic boost to the island. We’ve had to employ additional staff to meet production capacity. For this phase we have engaged an additional ten persons and expect to ramp up in the New Year with some projects we have on the island
and distribute to other islands.” Ms Fowler said Heroic has partnered with a “key distributor”, who she did not identify, to manage the supply of its concrete blocks and other products to customers in other islands. She added that distribution relationships have already been “confirmed” with firms based in New Providence, Abaco, Eleuthera and Exuma, thus ensuring all major islands with significant economic development are covered.
“With the blocks just coming online last week from the plant, we have seen significant purchase orders (POs) for large quantities,” Ms Fowler told this newspaper. “We’ll be supporting those over the next several weeks into the New Year....
“There’s been some challenges along the way, but we’ve been very good at pivoting and ensuring we stay ahead of the market and demand. We have the capacity to ramp up at any time, and block capacity remains at 1,000 per day so we have been able to overcome some of the challenges we faced,
whether it was construction delays or inclement weather. That impacts sales given the nature of our product.”
Ms Fowler and Heroic had previously told Tribune Business that they aimed to begin concrete block production on May 1, having launched the readymix operation in March/ April this year. “We feel the market has responded to us quite well, and with consistency and on-time delivery we should continue to get our market share,” she added.
“I think we had a very modest projection, I would say, on getting into the market in Freeport. Freeport is in need of major development and, hopefully, as we get into the New Year we will start to see that only increase. We anticipate a very strong 2025.
“I believe that, in 2025, if Grand Bahama realises all the projects coming on stream we’ll be able to get a portion of market share against the competition in the market. I believe it will open up opportunities for everyone. Our business was built on both operations
running simultaneously, so we expect to be in a good position to meet market demand.
Ms Fowler confirmed that Heroic, which has received financial investment and support from the likes of RF Bank & Trust and B2 Investment Holdings, a Bahamian family office headed by Cable Bahamas chief, Franklyn Butler, has “injected about $8.2m” into its business operations todate. The company employs some 41 persons, split evenly between the block-making and ready-mix operations.
“I think for me it’s all about training and development now,” she told Tribune Business, “and making sure customer satisfaction remains high. As a new entity we have to make sure we offer quality. We’re above board with that, and are laboratory certified and American Concrete Institute certified.
“We have a group that will be going over for further training in the US in January so we can maintain the standard and compete not only in-country but at an international level. Even
BPL PLEDGES ‘POST MORTEM’ ON 24-HOUR ELEUTHERA WOE
was coming and likely to force its closure, Ms Ingraham replied: “This was the plan, especially for this weather event. However, we were inundated with outages in the south yesterday.”
This implied that all BPL’s repair trucks were caught on one side of the bridge when it was closed.
“I can assure you that we will conduct a post mortem on this particular situation to ensure we have a better solution to accommodate our customers in the north and south,” Ms Ingraham added.
“On behalf of the team we apologise, and we can assure you that we are using all available resources to course correct and restore services to our customers, especially for those who have been out for over 24 hours. We understand the frustration and are truly sorry.” The weekend’s electricity woes revived all too-fresh memories of the frequent BPL outages and blackouts that plagued Eleuthera throughout this year. One resident, speaking on condition of anonymity, told Tribune Business yesterday: “I’m about ready to get the hell out of Eleuthera. I
have had no power since last night and I have had no water all day. On top of it all, my generator developed problems this morning. I’m not a happy camper.”
They added that whenever BPL restores electricity supply it is “dirty power” because of the constant dips and spikes in voltage.
Members of Eleuthera’s BPL What’s App chat group over the weekend constantly complained about the unstable energy supply whenever they did have it and voiced repeated fears that it would fry critical electrical equipment.
“Whenever the power comes on it’s dirty power,” the source added. “The voltage surges are just ridiculous. I’m almost ready to get the hell out of Eleuthera. People trying to get out of here have to go through North Eleuthera and, with the bridge out, it’s very difficult.
“People aren’t supposed to live like this in this century. This just shows you this is aging infrastructure. It needs replacement; not a band-aid, replacement. It’s a very corrosive environment that we live in and this infrastructure doesn’t go on for ever.
“Successive governments have just ignored it. They
KELOWNA INVESTMENT LIMITED
Registration Number: 9526C (In Voluntary Liquidation)
NOTICE OF DISSOLUTION
Notice is hereby given pursuant to section 138 (4) of The International Business Companies Act, 2000, that the above Company commenced dissolution procedures on the 12th day of December, 2024 and that Craig A. (Toney) Gomez of The Deanery, 28 Cumberland Street, P. 0. Box N-1991, Nassau, Bahamas has been appointed the Liquidator thereof.
Notice is also hereby given that the creditors of the above-named Company are required within 10 days of the date of this notice to send their names and addresses and particulars of their debts or claims to Craig A. (Tony) Gomez the Liquidator of the Company, and or in default thereof they will be excluded from the benefit of any distribution before such debts are approved.
Craig A. (Tony) Gomez Liquidator
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) FITPART SAGITTA FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
[the Government] love receiving all the VAT from property sales up here. They should reinvest some of that back into this island’s infrastructure. I’m not a happy camper, and our tourists, they are leaving in droves. They’ve had enough. This is like camping now, and my days of camping are over.”
Members of the Eleuthera BPL What’s App chat shared similar sentiments. “We just hit 25 hours in Current,” one resident posted. To which Miles Lieberman replied: “You have us by five hours. Any update please for Whale Point? Approaching 20 hours off.”
Arnette Young posted: “Might as well close Eleuthera for the season. This is just ridiculous.”
One resident, displaying grim humour, added: “Will the last person to leave Eleuthera lease throw the switch off as they leave?”
To which Ms Young replied: “LOL (laugh out loud) They probably be off already.”
BPL, in its initial advisory to Eleuthera residents and businesses yesterday morning, said: “Please be advised that our team is currently addressing several weatherrelated power issues this morning. As of 7.15am, supply has been restored
from Hatchet Bay to the Rainbow Bay areas.
“The team is now patrolling the areas between Rainbow Bay and Governor’s Harbour Airport. Once their assessment is complete, power supply will be restored in that area. The team will then continue moving south with patrols until the entire Hatchet Bay south feeder is restored.
“Additionally, another team is mobilising to repair a damaged pole in the Governor’s Harbour area near Lord Baron’s. At this time, we cannot provide an estimated restoration time due to ongoing weather conditions, which continue to impact our efforts. We ask for your patience as our team works to restore power and will continue to provide updates as the field team shares new information.”
Realising more help was required, BPL announced yesterday afternoon: “In the past 24 hours, high winds have been responsible for outages across Eleuthera, particularly in North Eleuthera.
“Once the winds subsided, our crews were able to restore service to several communities, but this exercise was hampered once the winds increased. Presently, we are aware of outages in
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) FITPART REAL VALUE INVESTMENT FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) SLOT TOTAL RETURN FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
though we had to bring persons in for training we have a Bahamian staff complement that’s been training and learning at the level we need so we can support those contracts that come in from the international market.
“I think the timing is right. While we’ve had some delays it was to our benefit to a certain degree as we got the capacity we needed for the projects that are coming to Grand Bahama and it allowed us to take a look at distribution,” Ms Fowler continued.
“I don’t want to speak too early but I do believe that in the next 24-36 months we should be a significant player in the market. I think we’ve had a good market response. I think we have an opportunity to increase our market capacity by ensuring people know we are here. There’s still a lot of marketing opportunities we need to take advantage of because our team is working aggressively.
“I am pleased with where we are showing up. I’m looking forward, now we have both plants working as
the following areas: South Shore, South Palmetto Point, Current, Upper and Lower Bogue, and Whale Point.
“To assist with restoration, our crew from Harbour Island will ferry to the mainland within the next hour to expedite repairs. We must advise that should conditions worsen, this may delay repairs or result in temporary service interruptions in other areas. In those instances, as soon as it is safe, our teams will commence work,” BPL added.
“We sincerely apologise to our customers who are experiencing extended outages due to weather conditions. Multiple crews are working in North, Central and South Eleuthera to address area outages and restore supply as quickly as possible.”
Then, in a further update late on Sunday afternoon, BPL told its Eleuthera customers: “We are working on several solutions to restore services to our customers in North Eleuthera. Once conditions allow, our Eleuthera team will be in North Eleuthera (over the Glass Window Bridge) shortly after 5pm today. “To expedite repairs in North Eleuthera, we are also working to fly a team out of New Providence by 5pm. We will update you on these efforts by 5.30pm.”
After it was pointed out that
they should be, to be able to make some moves.” Ms Fowler said Heroic has also been focused on supplying Freeport’s residential and general contractors with their concrete needs as they strive to build more homes and ease a potential “housing crisis” as more investment projects progress.
Heroic’s launch coincides with potential real estate, resort and related infrastructure projects coming to fruition in Grand Bahama and elsewhere in The Bahamas. On the former, there is Carnival’s $600m Celebration Key project; Weller Development’s $250m Six Senses resort; the potential Royal Caribbean/ ITM project at Freeport Harbour; and, maybe, the Grand Lucayan and Grand Bahama International Airport.
If all goes to plan, there will be a significant demand for concrete and related products on Grand Bahama alone. Western Atlantic University’s School of Medicine expansion is also poised to move forward, while Doctor’s Hospital’s new Freeport medical facility has progressed, and there are plans for a new public hospital for Grand Bahama.
Current had been without power for 30 hours, and Whale Point 26 hours, BPL added: “We have a team from New Providence and our on-island team who will be on the ground shortly.
“Our on-island team has successfully crossed the Glass Window Bridge, and services are being restored. So far, supply has been restored to customers in Current. Our New Providence team is expected on the island within the hour to continue restoration work.”
One Eleuthera resident replied: “Finally, a press release after 26 hours. We know it isn’t your fault. Sometime you aren’t aware of the issue when it first happens. The truth is the issue was reported from before the Bridge closed and the crew could have came cross and been back before the bridge closed.
“Better yet, leave a truck on this side of the bridge. I understand it is weatherrelated mostly because the transmission lines need to be replaced. Thanks for the release but question why is the crew from Harbour Island just now coming across. Couldn’t they have come sooner, or the crew from central could have come through Gregory Town by ferry. So many questions and not enough answers.”
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) FITPART NEXT GENERATION IC FUND is in voluntary dissolution under the provisions of section No 38 (14)of the Investment Condominium Act, 2014.
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) FITPART STELLAR FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
US agencies should use advanced technology to identify mysterious drones, Schumer says
By BIANCA VÁZQUEZ TONESS and DAVE COLLINS Associated Press
AFTER weeks of fear and bewilderment about the drones buzzing over parts of New York and New Jersey, elected officials are urging action to identify and stop the mysterious flights.
"There's a lot of us who are pretty frustrated right now," Rep. Jim Himes, D-Conn., the top Democrat on the House Intelligence Committee, said on "Fox News Sunday." "'We don't know' is not a good enough answer," he said.
National security officials have said the drones don't appear to be a sign of foreign interference or a public safety threat. But because they can't say with certainty who is responsible for the sudden swarms of drones over parts of New Jersey, New York and other eastern parts of the U.S. — or how they can be stopped — has led leaders of both political parties to demand better technology and powers to deal with the drones.
Sen. Chuck Schumer called Sunday for the U.S. Department of Homeland Security to deploy better drone-tracking technology to identify the drones and their operators.
"New Yorkers have tremendous questions about it," Schumer, the Senate Majority leader, told reporters about the drone sightings. "We are going to get the answers for them." The federal government did little to answer those questions in its own media briefings Sunday morning. "There's no question that people are seeing drones," U.S. Homeland Security Secretary Alejandro Mayorkas told ABC's George Stephanopoulos. "But I want to assure the American public that we are on it. We are working in close coordination with state and local authorities."
Some of the drones reported above parts of New York and New Jersey have turned out to be "manned aircraft that are commonly mistaken for drones," Mayorkas said. "We know of no foreign involvement with respect to the sightings in the Northeast. And we are vigilant in investigating this matter."
Last year, federal aviation rules began requiring certain drones to broadcast their remote identification, including the location of their operators. It's not clear whether that information has been used to determine who is behind the drones plaguing locations
over New York and New Jersey. Mayorkas' office didn't respond to questions about whether they've been able to identify drones using this capability.
Schumer wants the federal government to use a recently declassified radio wave technology in New York and New Jersey. The radio wave detector can be attached to a drone or airplane and can determine whether another flying object is a bird or a drone, read its electronic registration, and follow it back to its landing place. Schumer said state and local authorities do not have the authority to track drones.
On Sunday, New York Gov. Kathy Hochul said federal officials were sending a drone detection system to the state. "This system will support state and federal law enforcement in their investigations," Hochul said in a statement. The governor did not immediately provide additional details, including where the system will be deployed.
Dozens of mysterious nighttime flights started last month over parts of New Jersey, raising concerns among residents and officials. Part of the worry stems from the flying objects initially being spotted near the Picatinny Arsenal, a U.S. military research and manufacturing facility and over Presidentelect Donald Trump's golf course in Bedminster. Drones are legal in New Jersey for recreational and commercial use, but they are subject to local and Federal Aviation Administration regulations and flight restrictions. Operators must be FAA certified.
Drones are now being reported all along the northern East Coast, with suspicious sightings in Connecticut, Massachusetts, Pennsylvania and Virginia, according to news reports.
Some U.S. political leaders, including Trump, have called for much stronger action against these drones, including shooting them down.
Certain agencies within the Department of Homeland Security have the power to "incapacitate" drones, Mayorkas said Sunday. "But we need those authorities expanded," he said.
A bill before the U.S. Senate would enhance some federal agencies' authority and give new abilities to local and state agencies to track drones. It would also start a pilot program allowing states and local authorities to disrupt, disable or seize a drone without prior consent of the operator.
"What the drone issue points out are gaps in our agencies, gaps in our authorities between the Department of Homeland Security, local law enforcement, the Defense Department.," said Rep. Mike Waltz, R-Fla., Trump's pick to be his national security adviser, speaking on CBS' "Face the Nation" on Sunday. "Americans are finding it hard to believe we can't figure out where these are coming from.''
By MICHAEL R. SISAK
Associated Press
ABC News has agreed to pay $15 million toward Donald Trump's presidential library to settle a defamation lawsuit over anchor George Stephanopoulos' inaccurate on-air assertion that the presidentelect had been found civilly liable for raping writer E. Jean Carroll.
As part of the settlement made public Saturday, ABC News posted an editor's note to its website expressing regret over Stephanopoulos' statements during a March
10 segment on his "This Week" program. The network will also pay $1 million in legal fees to the law firm of Trump's attorney, Alejandro Brito. The settlement agreement describes ABC's presidential library payment as a "charitable contribution," with the money earmarked for a non-profit organization that is being established in connection with the yet-to-be built library. "We are pleased that the parties have reached an agreement to dismiss the lawsuit on the terms in the court filing," ABC
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) MANASLU INVESTMENT FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) FITPART DSF II FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
News spokesperson Jeannie Kedas said.
A Trump spokesperson declined comment.
The settlement agreement was signed Friday, the same day a Florida federal judge ordered Trump and Stephanopoulos to sit for separate depositions in the case next week. The settlement means that sworn testimony is no longer required.
The agreement bore Trump's bold, distinct signature and an electronic signature with the initials GRS in a space for Stephanopoulos' name. Debra OConnell, the president of ABC News Group and
Disney Entertainment Networks, also e-signed the agreement.
ABC News must transfer the $15 million for Trump's library to an escrow account that's being managed by Brito's law firm within 10 days, according to the agreement. The network must also pay Brito's legal fees within 10 days.
host repeatedly misstated the verdicts in Carroll's two civil lawsuits against Trump.
Former President Barack Obama's library in Chicago, for example, was estimated to cost $830 million as of 2021.
Trump sued ABC and Stephanopoulos in federal court in Miami days after the network aired the segment, in which the longtime "Good Morning America" anchor and "This Week"
While sizeable, ABC's contribution to Trump's presidential library will likely cover just a fraction of the cost.
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) PANORAMA FUND LDC is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
NOTICE
NOTICE IS HEREBY GIVEN as follow:(a) FITPART DYNAMIC ALLOCATION PROFESSIONAL FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
During a live "This Week" interview with Rep. Nancy Mace, R-S.C., Stephanopoulos wrongly claimed that Trump had been "found liable for rape" and "defaming the victim of that rape."
Neither verdict involved a finding of rape as defined under New York law. In the first of the lawsuits to go to trial, Trump was found liable last year of sexually abusing and defaming Carroll. A jury ordered him to pay her $5 million.
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) EXETER TOTAL RETURN FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
NOTICE
NOTICE IS HEREBY GIVEN as follow:-
(a) FITPART LIBERTY FUND LTD is in voluntary dissolution under the provisions of the (International Business Companies Act, 2000)
(b) The dissolution of the said company commenced on the 16th December, 2024 when the articles of dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Fitpart Fund Administration Services Ltd, The Bahamas Financial Center, Shirley & Charlotte Streets, P O Box CB-13515, Nassau Bahamas.
Dated this 16th day of December 2024.
Fitpart Fund Administration Services Limited Liquidator
THIS photo provided by Trisha Bushey shows the evening sky and points of light near in Lebanon Township, N.J., on Thursday, Dec. 5, 2024.
Photo:Trisha Bushey/AP
PRESIDENT-ELECT DONALD TRUMP, left, and Vice President-elect JD Vance attend the NCAA college football game between Army and Navy at Northwest Stadium in Landover, Md., Saturday, Dec. 14, 2024.
Photo:Stephanie Scarbrough/ AP
SMALL BUSINESSES SAY
CAUTIOUS SHOPPERS ARE
SEEKING ‘COZY’ AND ‘FESTIVE’ THIS HOLIDAY SEASON
By MAE ANDERSON AP Business Writer
After the busy Black Friday holiday weekend, Kristen Tarnol, owner of Emerald City Gifts in Studio City, California, is already asking her supplier to send more more fuzzy alpaca scarves and warm slippers that were best sellers over the weekend.
"Even though it's Los Angeles … I think people are looking for cozy items, really," she said.
With a late Thanksgiving, the holiday shopping season is five days shorter than last year, and owners of small retail shops say people have been quick to snap up holiday décor early, along with gifts for others and themselves. Cozy items like sweaters are popular so far. But there's little sense of the freewheeling spending that occurred during the pandemic.
Overall, The National Retail Federation predicts retail sales in November and December will rise between 2.5% and 3.5% compared with same period
a year ago. Online shopping is expected to grow too. Adobe Digital Insights, a division of software company Adobe, predicts an 8.4% increase online for the full season.
Comfort and 'whimsy'
Some owners say shopping has been erratic so far this holiday season. Nathan Waldon, who owns Nathan & Co., with two gift shops in Oakland, California, said he had his best Black Friday ever, with sales up 32%. But business slowed dramatically after that. He's hoping it picks up again soon.
"I still feel like I'm optimistic for the season," he said. "But it's definitely going to be one of those roller coaster seasons again."
He said comforting items are selling: Scarves, hats and gloves, humorous Christmas and Hanukkah cards and bright colors.
"People want that sense of whimsy, that sense of fun," he said. "A couple of seasons ago everything was sort of muted and earthy,
NOTICE is hereby given that JEFFERY ALEXANDER SCOTT of Marshall Road, Blue Hill Road South, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
and now everyone is craving happy colors."
One of his top sellers is a bright pink sweater with the word "Merry" written in big letters that sells for $120. But generally, shoppers are looking to spend less than half of that, he said.
"It could be they could buy the $25 item, but then they'll add on a little something extra," he said. "It seems to me that the sweet spot is between 40 and 50 bucks."
Bouncing back
Small businesses in some parts of the country are hoping holiday shopping helps them recover from extreme weather during the year. In Florida, Jennifer Johnson, owner of consignment shop True Fashionistas in Naples, Florida, had a slow summer season, partly because the area was hit by three hurricanes this year. She decided to increase her Black Friday weekend discount this year to draw in shoppers – offering a 25%-off deal rather than the 18% to 20% she normally offers.
It worked. The store had record sales days over the weekend. People snapped up festive Christmas outfits and Christmas décor. The Christmas décor, including ornaments, candles and other home decorations, is selling faster than last year, she said.
"Last year we were out of Christmas stuff like by the second week of December, and we're almost out of it now and it's only the first week of December," Johnson said.
As for clothing: "anything sequins, anything that has had bedazzling on it, anything that looks fine and festive is what they were buying," she said.
At her three Philadelphia-area Serendipity shops
NOTICE is hereby given that KENDICE KEVANEKA SIMON of Tyler Street, Chippingham, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
that sell clothing, accessories and home goods, owner Nicole Beltz also faced weather-related challenges in foot traffic over the year, including snow in the first quarter, a lot of rain in the second quarter and extreme heat in the third quarter.
An unpredictable economy and tough competition on pricing from bigger chains were also obstacles during the year.
During the Black Friday weekend, she offered 20% off for orders of $75 or more and 30% off orders of $150 and more. Last year she just offered discounts on select items, not blanket discounts.
"We gave out our biggest incentive ever for shoppers to come out with discounts and promos. I certainly think that that was necessary this year," she said. Beltz' customers gravitated toward prices either under $20 or around $100. At her shops, Philadelphia Eagles and Taylor Swift merchandise were the top sellers, including $14 socks and $99 sweaters.
"One is the impulse category, where if it's under $20, they'll buy it. No matter what," she said. "And then the second category would be for really people that are coming in looking for a gift. We're pushing the $100 sale. We try to keep
our best sellers, like those sweaters and those items that people are really grabbing for a nice holiday gift at $99, right under the $100 mark."
'Extra touch'
Not all small businesses can use discounts to drive business, since margins are often tight. Between Friends Boutique in Philadelphia is using events to drive holiday traffic instead. They held a "Sweater Explosion" event at 8 a.m. on Black Friday where they served hot apple cider and hot chocolate with marshmallows and promoted different styles of sweaters. Sweaters under $100 were big sellers, along with $25 reversible silk scarves that feature art from impressionists like Monet.
"Our customers appreciated that little extra touch of laughs during the holidays. Coming in and smelling the cinnamon in the air felt like the holidays have arrived," co-owner Claudia Averette said. Sales are up so far from last year, she added. They're also hosting a "Bourbon and Bow Tie" event on Dec. 20 to promote the fact that they carry men's accessories as well, like bow ties, socks and scarves.
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CLAUDIA AVERETTE, left, and her daughter, Atiya Smith pose for a photograph at their shop, Between Friends Boutique, Wednesday, Dec. 11, 2024, in Philadelphia.
Photo:Matt Slocum/AP
Wall Street ends mixed after a bumpy week
By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers
MAJOR stock indexes on Wall Street drifted to a mixed finish Friday, capping a rare bumpy week for the market.
The S&P 500 ended essentially flat, down less than 0.1%, after wavering between tiny gains and losses most of the day. The benchmark index posted a loss for the week, its first after three straight weekly gains.
The Dow Jones Industrial Average slipped 0.2%, while the Nasdaq composite rose 0.1%, ending just below the record high it set on Wednesday. There were more than twice as many decliners than gainers on the New York Stock Exchange.
Gains in technology stocks helped temper losses in communication services, financials and other sectors of the market.
Broadcom surged 24.4% for the biggest gain in the S&P 500 after the semiconductor company beat Wall Street's profit targets and gave a glowing forecast,
highlighting its artificial intelligence products. The company also raised its dividend.
The company's big gain helped cushion the market's broader fall. Pricey stock values for technology companies like Broadcom give the sector more weight in pushing the market higher or lower.
Artificial intelligence technology has been a focal point for the technology sector and the overall stock market over the last year. Tech companies, and Wall Street, expect demand for AI to continue driving growth for semiconductor and other technology companies.
Some tech stocks were a drag on the market. Nvidia fell 2.2%, Meta Platforms dropped 1.7% and Google parent Alphabet slid 1.1%. Among the market's other decliners were Airbnb, which fell 4.7% for the biggest loss in the S&P 500, and Charles Schwab, which closed 4% lower.
Furniture and housewares company RH, formerly known as Restoration Hardware, surged 17% after raising its forecast
for revenue growth for the year. All told, the S&P 500 lost 0.16 points to close at 6,051.09. The Dow dropped 86.06 points to 43,828.06.
The Nasdaq rose 23.88 points to 19,926.72.
Wall Street's rally stalled this week amid mixed economic reports and ahead of the Federal Reserve's last meeting of the year.
The central bank will meet next week and is widely expected to cut interest
rates for a third time since September.
Expectations of a series of rate cuts has driven the S&P 500 to 57 all-time highs so far this year.
The Fed has been lowering its benchmark interest rate following an aggressive rate hiking policy that was meant to tame inflation. It raised rates from near-zero in early 2022 to a two-decade high by the middle of 2023. Inflation eased under
pressure from higher interest rates, nearly to the central bank's 2% target.
The economy, including consumer spending and employment, held strong despite the squeeze from inflation and high borrowing costs. A slowing job market, though, has helped push a longawaited reversal of the Fed's policy. Inflation rates have been warming up slightly over the last few
months. A report on consumer prices this week showed an increase to 2.7% in November from 2.6% in October.
The Fed's preferred measure of inflation, the personal consumption expenditures index, will be released next week. Wall Street expects it to show a 2.5% rise in November, up from 2.3% in October.
The economy, though, remains solid heading into 2025 as consumers continue spending and employment remains healthy, said Gregory Daco, chief economist at EY.
"Still, the outlook is clouded by unusually high uncertainty surrounding regulatory, immigration, trade and tax policy," he said. Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.40% from 4.34% late Thursday. European markets slipped. Britain's FTSE 100 fell 0.1%.
MARINE FORECAST
SIGNS mark the intersection of Wall Street and Broadway in New York’s Financial District on Wednesday Dec.11, 2024.
