The president of the International Bazaar in Grand Bahama is calling the vacant Royal Oasis and Casino across the street "an unfortunate situation", with the fortunes of the market "joined at the hip" with the uncertain property.
Chris Paine, the president of the International Bazaar Owners Association, said the loss of the resort for the last seven years has left a void in terms of business.

"On the doorstep of the Bazaar we had a 2,000 guest hotel and 1,500 employees that went away," he told Guardian Business.

"It is very a very long time not to function. It's an unfortunate situation because the hotel was joined at the hip with the Bazaar."

Although direct investment in the International Bazaar is being sought, he felt the Royal Oasis and Casino hotel, which closed its doors in 2004 after Hurricanes Frances and Jeanne, is key to revitalizing the area and restoring the market to its former glory. To cope with the new reality, the Bazaar has continued to focus on domestic sales to survive, rather than focusing on tourism.

In fact, Paine estimated that 60 percent of the merchants now offer products and services geared to the local population. That compares with just 10 percent that did so a few years ago, he added. Merchants must continue to focus on developing business models that fit with the local population and not rely on tourists.

"Because of the fragile tourism business, we are trying to focus more on the local market," he told Guardian Business.

"The Bazaar is different from downtown and architecturally unique. It's an interesting place to visit."

That said, he pointed out that the development of new tourism products could stimulate the sale or reopening of the hotel across the street. The hotel is currently owned by Harcourt Developments, a company based in Dublin. Messages left with the company were not answered before press time. Another way the Bazaar has generated business is through license exemptions in collaboration with the Grand Bahama Port Authority.

With the exemption recently extended for another year, Paine anticipates more merchants to step up to the plate at the Bazaar and establish businesses. The approach has worked so far. According to the owner's association, the number of vendors has nearly doubled over the past year. Meanwhile, in preparation for the Christmas season, many of the merchants are rolling out function and special deals to entice shoppers.

"The businesses that have survived have embraced the local market," he explained.

"Grand Bahama is still having a difficult time economically, but we are eternal optimists."

Click here to read more at The Nassau Guardian