Friday, November 20, 2009

Home National Sports Business Lifestyles Religion Arts & Culture Pulse Spice Editorial letters Opinion Foodie Sportscope Real Talks Weekend Report PDF's Classifieds Contact About Us Archive Weather

Robin Hood targets third store By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com: NASSAU is to get a third "Walmart of The Bahamas"-style store, as the president and owner of Robin Hood announces $14 million plans to create 200 jobs on the island over the next two years. Yesterday Sandy Schaefer told The Nassau Guardian how plans for his second store in the east of the island were progressing, with two locations currently under consideration, and that by this time next year that 50,000 sq. ft. shop would be up and running, employing around 100 workers, complemented by around 30,000 to 40,000 sq ft of retail space. And he revealed that he is now intending to open a third store, again 50,000 sq ft, again employing 100 workers, and with additional retail space, at a location in the northern side of the island - having already visited one possible location. Each store represents an investment of typically $7 million, Schaefer revealed. The retailer was talking as his business celebrated its 10th anniversary. From humble beginnings in 1999 from a 14,000 sq. ft. unit in Soldier Road, his Robin Hood store has grown, moving to its current 104,000 sq. ft. location in Harrold Road, now known as the Tonique Williams-Darling Highway - employing 225 workers. To celebrate his decade in business customers have the chance to win $10,000 in "Sherwood money" every day until the 25th of November to be spent in his store. Schaefer said: "We are firmly committed to opening our second store in the east, there are a couple of properties we are looking at and we are just making sure we get the right location for the right price. We expect to be breaking ground on that store next year. It will be slightly smaller than our current store but by this time next year it should be up and running. "We are also looking a third location on the northern side of the island. I believe we can run three locations without them cannibalizing each other. "Typically each store will cost $7 million, we'll be looking at up 50,000 sq ft for each location, with an extra 30,000 to 40,000 sq ft of retail space available for us to lease to other business, creating a business park." Schaefer said he expected construction on his third store to begin sometime early in 2011. Looking back on his 10 years of expansion Schaefer said the secret of his success had been "working harder and smarter" and cutting out local wholesalers. He said: "We buy direct from the States and we source products from Brazil such as fresh beef. The trick is source your goods yourself and be clever, if you buy at the right price you can begin to increase your volume, and that increases your buying power. Then eventually people start coming to you with deals. "We have been able to build shopper loyalty because we have striven to give them the best prices possible, that is the whole ethos of Robin Hood, who traditionally took from the rich and gave to the poor. "I think I have been seen as a 'fly in the ointment' by some because of our pricing structure, but I ask the question when there is no duty to be paid on things such as beef or vitamins then why do we see some prices two to three times that of the US?" Friday, November 20, 2009