City Market's Sea Grapes store is reporting sales this past weekend that reached 99 percent of levels achieved for the comparable weekend two years ago, signalling better times for the food store chain are around the corner, according to the company's vice president. Nikki Finlayson-Boeuf said she was pleased to see such robust sales so soon after reopening the location.
Meanwhile, Guardian Business can confirm that the South Beach location will open for business on Friday. "This weekend we were almost back on track with sales from [year-before-last]," Finlayson-Boeuf said. "We have our customer base back. They are very happy to see us open and telling us, as well as showing us."
The Sea Grapes store reopened on October 17th after closing for renovations to refrigeration and other infrastructure in mid-September. Finlayson-Boeuf said sales started to pick up noticeably there since Wednesday of last week, after word of the reopening may have reached customers.
The chain's South Beach location also closed temporarily for renovations at the same time as the Sea Grapes store. Both supermarkets were not expected to complete renovations until closer to year-end.
But yesterday, Finlayson-Boeuf revealed to Guardian Business that the South Beach store would reopen on Friday. The company had hoped for an earlier opening, but according to Finlayson-Boeuf, there were a few refrigeration problems that still had to be resolved there.
City Market shoppers will remember how bare store shelves were this time last year, prior to Trans-Island Traders taking the majority stake in the ailing chain. The company has since fought to recapture lost market share in the increasingly competitive local food-store business.
The Sea Grapes and South Beach stores will not be on the 24-hour format at the chain's Harbour Bay and Cable Beach locations. The two renovated locations will open from 7am to 11pm, according to Finlayson-Boeuf in an earlier interview.
Other retail initiatives for the chain include a makeover in stores to feature more vibrant colors and enhance the shopping experience for customers. The chain is also moving some cosmetics and toiletries into a centralized "pharmacy" near the front of the store, with a dedicated cashier, saying that added customer convenience was behind the move.
Regaining market share is important to the chain, which saw 2011 sales trail 2010 figures by 33 percent. According to management accounts available on the City Market website, Bahamas Supermarkets Limited (BSL) saw net sales for the period ended June 29, 2011 of $66.7 million - down form the fiscal year's $99.1 million. Gross profit for the period was $15.4 million but the company posted operating and administrative expenses of $30.6 million for an operating loss of $15.2 million.
Despite extraordinary income of $15.5 million, BSL posted a net loss of $1.1 million for the period. At June 29 BSL's balance sheet was valued at $11.7 million -- down from $15.1 million at June 30, 2010. Assets showed significant contraction in inventory ($2.4 million) and plant, property and equipment ($1.4 million) although cash at the period end was up $1 million to $1.1 million.
Liabilities shrunk 15 percent to $14.1 million, as a $1.7 million bank overdraft fell from the balance sheet. The accumulated shareholder deficit grew from $12.4 million to $13.5 million by the June 29, 2011 period end.
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