Sales might not be booming right now, but a top luxury retailer is poised to take over the Salvatore Ferragamo boutique shop at Atlantis before the high season.
Wayne Chee-A-Tow, the CEO of Hillside Investment Company Limited, said the Paradise Island resort is keen to fill an "eye sore" in the exclusive Crystal Court.
The Ferragamo store has been vacant for several months after the previous owner boarded up shop.
Chee-A-Tow, who owns a variety of luxury outlets such as Carlo Milano, Versace, Hublot and Chopard, told Guardian Business the move would mean an initial investment of approximately $1.5 million.
"We're probably going to take over Ferragamo at Atlantis. The store closed last year and Atlantis asked us to look at it and see if we can get it going," he said. "We're one of the few people on the island dealing in this high fashion and it's really important to fill those slots."
In other words, keeping the exclusive retail areas full and busy is essential when making a positive impression on tourists.
Chee-A-Tow said he signed on with Ferragamo last week to see if they can get "something going". The company is now placing orders and trying to get the logistics in place under a reasonable time frame so it doesn't miss the rush.
The Hillside Investment chief said the expensive items are not easy to sell and it requires a retailer with a great deal of experience in the business.
It would be the sixth retail outlet for the company and the second in the Crystal Court.
Chee-A-Tow told Guardian Business that sales have indeed been slow since the end of Christmas. Now is the time of year where orders are placed and the company prepares for President's Day and Valentine's Day, both of which usually spark strong sales.
The luxury retailer said the industry has proven challenging in these leaner economic times.
"Definitely the downturn has effected everyone across the board," he said. "The rich are still rich. It's always there and it doesn't impact those people quite as much. But you do have the kind of person who used to spend $50,000, and now they spend $20,000."
Ensuring that prime retail spots are full for March is all the more important to capitalize on sales, he said.
Last month, Hillside Investment company spent $500,000 to upgrade its Chopard boutique at the Royal Towers in Atlantis. Serious retailers, he said, have to invest more than ever to drive consumer traffic and keep things fresh.
Of the 120 Chopard boutiques in the world, Hillside Investment Company was one of the first to receive permission for the upgrade.
"We have to do something. The world can go anywhere. We have to have products that are consistent with places like New York or London to properly compete," Chee-A-Tow said.

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