New Solomon's receives 500 applications

Tue, May 15th 2012, 11:10 AM

The new Solomon's in the Seahorse Shopping Center has received in excess of 500 applications in anticipation of its summer opening.
AML Foods plans to hire around 60 Bahamians for the supermarket, which is taking over the building formerly occupied by City Market.

Gavin Watchorn, the CEO of AML Foods, said management has been hired, and the company will soon begin to sort through a mountain of resumes to select the remainder of the staff.
The news comes as Mark Finlayson, the president of Bahamas Supermarkets Limited (BSL), told Guardian Business that nobody has stepped up to acquire the Eight Mile Rock location. That means more than 100 employees are now looking for work, adding to Grand Bahama's already high unemployment rate.
The opening of Solomon's this summer could go a long way to filling some of these employment gaps.
"We are on track for a mid-June opening, or perhaps early July," according to Watchorn. "Equipment is rolling in and we've hired our management staff. We expect products to be flowing in around three or four weeks from now. We'll need to hire cashiers soon and give them some training."
The BISX-listed company, which signed the lease back in March, will spend nearly $4 million to overhaul the store.
Watchorn revealed that outfitting this location will require an investment in energy efficient products and techniques. While sales remain high, coming in at just shy of $100 million last year, operating costs and utilities are major challenges to profitability.
The company will invest a further $1 million this year in energy efficiency to help bring down utility costs.
"We are buying with energy efficiency in mind. The biggest culprit is refrigeration, followed by air conditioning and lighting," Wachorn told Guardian Business.
The new store is targeting up to $15 million in sales within 36 months.
According to recent financials, the company is projecting $125 million in total sales by 2014 despite utility costs rising 20 percent each year.
The new Solomon's in Freeport, the successful Solomon's Fresh Market in western New Providence, and the introduction of AML Food's first Carl's Jr franchise later this year should go a long way to achieving this goal.
"We have good sales with new businesses. We expect to add new revenue streams and new locations, and new products to boost sales," he explained. "As long as we keep managing controllable costs well and keep central costs low, then we'll continue to move in the direction we want to go."

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