By Nagra Plunkett, Staff Reporter
PriceSmart country manager, Charlie Hyde (left), answers questions put to him on the Go-Jamaica chat-room, on Wednesday, May 14, at the offices of the Gleaner Company. The Gleaner's Althea Burrell, types his responses. - Junior Dowie/Staff Photographer
THE DEPRECIATION in the value of the dollar will not affect the feasibility of PriceSmart Jamaica, local manager, Charlie Hyde said on Wednesday.
"If we continue to follow the guidelines, there will be no issue in establishing a long-term relationship with the Jamaican people," he said.
"Our prices are at the lowest possible margin and they still allows us to be a viable business."
Mr. Hyde was answering questions in an interactive session on Go-Jamaica online. Most of the queries were related to the depreciation of the dollar and the benefits derived from providing low-cost goods in the Jamaican economy.
"Everybody wants value for money so if we continue to provide safe, clean and well-organised environment, we should be the most popular place in Jamaica," he stated.
SLIDING DOLLAR
He noted, however, that the sliding dollar would affect customers in the adjustments of their prices.
Mr. Hyde added that, "the budget has had no immediate effects on the business but I'm sure that all Jamaicans will be watching their wallets closer so that's why they need to shop with us. We give the best prices for your dollar."
He explained that Jamaica was chosen for business based on its strong appetite for American goods, population and its Gross National Product (GNP).
"You have to have enough people to support the sort of investments we have in our warehouses," said Mr. Hyde.
PriceSmart opened its Jamaican outlet in March at Red Hills Road, St. Andrew. He made it clear that the company has "good relations with the community" and that 60 of its 160 employees were from the area.
The store is situated on 50,000 square feet and offers a wide range of items including grocery items, fresh produce, tyres and household products. With a membership fee of US$20, Mr. Hyde mentioned that consumers are treated to better pricing, quality merchandising and service.
There are 33 PriceSmart locations operating in 11 countries.
Mr. Hyde said there are no immediate plans to open a second outlet in Jamaica, as would be dependent on "successes at the present location."
