AML Foods Limited, announced today that it has signed a sales agreement for the purchase of the portionof the Solomon’s complex that currently houses Solomon’s Super Center on the East West Highway. TheCompany intends to convert the current location into a Solomon’s neighborhood grocery format and CostRight Wholesale Club. The plan aligns with AML’s strategy of remodeling and upgrading its stores, whichbegan with the renovations to Solomon’s Lucaya in Grand Bahama and Exuma Markets in GeorgetownExuma.
The Solomon’s store will undergo a complete renovation, converting the store into a format like theCompany’s Solomon’s Yamacraw, Lucaya and soon to open Downtown Freeport stores, while the newCost Right location will mirror the Company’s Cost Right Freeport store. Work is expected to commenceon the project in May 2023 and take approximately 10 months to complete.
Customers will now begin to see changes at Solomon’s Super Center as the store prepares for thetransition of consolidating the general merchandise and clothing departments to the Cost Right store. Forthis purpose, inventory levels within these categories have been reduced at the location. Both locationswill remain open during construction.
In total $17m will be invested in the purchase, remodeling of Solomon’s and relocation of Cost Right. Forthe remodel and other upcoming projects, AML signed a new credit facility letter with RBC Royal Bank inAugust 2022 for additional financing of up to $20m. The new financing attracts an interest rate of primeless 0.65%. Furthermore, as a result of the purchase, the Company will reallocate two rental costs into anowned asset.
Gavin Watchorn, CEO & President at AML Foods said, “Continuously investing in our stores is importantto our business as our aim is to always offer the best grocery store standards and shopping experiencesfor Bahamians, residents and tourists alike”. Mr. Watchorn also noted that that upcoming 2023 scheduledprojects include upgrades to both Solomon’s Fresh Market stores and Cost Right Freeport.
AML Foods Limited, announced today that it has signed a sales agreement for the purchase of the portion
of the Solomon’s complex that currently houses Solomon’s Super Center on the East West Highway. The
Company intends to convert the current location into a Solomon’s neighborhood grocery format and Cost
Right Wholesale Club. The plan aligns with AML’s strategy of remodeling and upgrading its stores, which
began with the renovations to Solomon’s Lucaya in Grand Bahama and Exuma Markets in Georgetown
Exuma.
The Solomon’s store will undergo a complete renovation, converting the store into a format like the
Company’s Solomon’s Yamacraw, Lucaya and soon to open Downtown Freeport stores, while the new
Cost Right location will mirror the Company’s Cost Right Freeport store. Work is expected to commence
on the project in May 2023 and take approximately 10 months to complete.
Customers will now begin to see changes at Solomon’s Super Center as the store prepares for the
transition of consolidating the general merchandise and clothing departments to the Cost Right store. For
this purpose, inventory levels within these categories have been reduced at the location. Both locations
will remain open during construction.
In total $17m will be invested in the purchase, remodeling of Solomon’s and relocation of Cost Right. For
the remodel and other upcoming projects, AML signed a new credit facility letter with RBC Royal Bank in
August 2022 for additional financing of up to $20m. The new financing attracts an interest rate of prime
less 0.65%. Furthermore, as a result of the purchase, the Company will reallocate two rental costs into an
owned asset.
Gavin Watchorn, CEO & President at AML Foods said, “Continuously investing in our stores is important
to our business as our aim is to always offer the best grocery store standards and shopping experiences
for Bahamians, residents and tourists alike”. Mr. Watchorn also noted that that upcoming 2023 scheduled
projects include upgrades to both Solomon’s Fresh Market stores and Cost Right Freeport.
