Massy searches for new markets as Barbados profits dip

The Massy Group is seeking greater fortunes in countries like Guyana and Colombia as it acknowledges company profits are under threat in its main money earners, Barbados and Trinidad and Tobago.

At the end of Massy’s financial year on September 30, 2017, the two key markets registered slight declines, with revenue from Barbados’ operations falling from TT$2.97 billion (BDS $990 million) in 2016 to TT$2.90 billion (BDS $968 million) in 2017.

The Trinidad and Tobago-headquartered company (formally known as Neal & Massy) established its place as a corporate giant in Barbados in 2008 when it acquired Barbados Shipping & Trading, then the island’s largest conglomerate.

Robert Bermudez, the company’s chairman, made it clear Massy would push ahead despite the economic troubles in the twin-island republic and Barbados.

“To meet the challenges ahead, we must be bold, ambitious and decisive. We must think big and execute effectively. I remain confident in the group’s future and expect the group to rebound from the extraordinary circumstances in 2017. While the [Massy Group] must continue to manage the challenges of under-performing economies in Barbados and Trinidad and Tobago, it must also capitalize on the opportunities emerging in Guyana, Colombia and other territories in the region which are presenting attractive investment opportunities,” Bermudez told shareholders.

Chief Executive Officer Gervase Warner reinforced the chairman’s views, stressing that the economic challenges here and in Port of Spain, “coupled with three major hurricanes that hit the region in the 2017 financial year and the sale of Massy Communications, had a deleterious impact on the group’s financial results.

Gervase Warner and Robert Bermudez

“The diversification of the group and sound performance of many of its core business counterbalanced the external challenges and have kept the group strong.”

On the other hand, Warner said Massy was eyeing other jurisdictions to make up for risks existing in its two leading markets.

“Jamaica, Guyana and the Eastern Caribbean produced double digit growth,” he disclosed.

“Going forward the group will focus its acquisition and investment activities on its core industries in which it has competitive strengths . . . . Diversification to countries with larger and better performing economies will also be a priority for the group,” he added.

In fact, Warner revealed that among the risks facing Massy was the difficulty in obtaining United States currency in both of its main markets over the past two years.

In this regard, he told shareholders, it was only natural that the company would diversity its portfolio of businesses and locations in order to protect itself against foreign currency volatility.

“This will help to diffuse the impact to any potential currency devaluations in the future,” Warner said.

“On a tactical level, we have been working with suppliers and customers to ensure that we minimize our net foreign exchange exposures and that our imported inventory levels are rationalized to focus on those with the highest customer demand and profitability,” he assured.

55 Responses to Massy searches for new markets as Barbados profits dip

  1. Dale Black
    Dale Black January 4, 2018 at 11:25 pm

    Anybody been in these stores lately way too expensive in there shopping in there fah de rich middle and upper class and even dem now leaving and shopping at popular where yah dollar stretching more so not surprising dat dem loosing customer just saying

    Reply
    • Ashanti Padilla
      Ashanti Padilla January 5, 2018 at 2:20 am

      If you think they are expensive try shopping at Emerald City and Carlton

      Reply
      • jennifer January 5, 2018 at 8:11 am

        Three of the biggest prowlers. Even them workers go elsewhere.

        Reply
    • Frank Fowler
      Frank Fowler January 5, 2018 at 3:52 am

      Go to Jordan’s people.

      Reply
      • jennifer January 5, 2018 at 8:08 am

        ok

        Reply
    • Michael Goodman
      Michael Goodman January 5, 2018 at 8:00 am

      Popular is the best. Even the staff are polite and helpful.

      Reply
    • Aquarius Feb
      Aquarius Feb January 5, 2018 at 8:21 am

      Ashanti Padilla you know lol

      Reply
    • Gillian Skeete
      Gillian Skeete January 5, 2018 at 8:45 am

      But there are still people local pensioners shopping in there. I notice all those behind the glass counters are not well stocked at all hardly anything in them deli products old and hardly anything in there bakery is ok but some items look stale like they’ve been in there awhile the fish hardly any fresh fish looked sad also same ole same ole lots of prices missing on shelf goods very annoying not even a scanner so you can check yourself! Staff seem clueless when asked basic question I’ve only been to h
      Holetown one. Lots of overpriced items some fresh not so fresh mouldy and rotting over all it’s a big store and you have to really look for anything reasonable but it is possible with some items

      Reply
      • Donild Trimp January 6, 2018 at 7:00 pm

        @Gillian Skeete —
        Is it really that bad?

        From your account of things, looks like they will be out of business soon.

        Reply
    • Gillian Skeete
      Gillian Skeete January 5, 2018 at 8:48 am

      Frank Fowler they have improved quite a bit. Still need improvements on fresh produce though. If they could get their fresh produce improved with variety and quality that would profit them and customers would be happier too Staff are way nicer than a few years ago helpful polite like they care even if they don’t

      Reply
  2. jennifer January 4, 2018 at 11:49 pm

    It look like the only people who in business for a loss or a stitch up is them parliamentary house Negroes.

    Reply
  3. luther thorne January 4, 2018 at 11:57 pm

    Wrong approach by Massy
    Not Customer Friendly
    Not socially friend
    Karma
    Holetown is cosmically laid out wrong.
    There is a special mystism in the layout of Buildings. Holetown has the back to the front and the front to the back. It is wrong and feels so wrong. Missing the other businesses too.

    Reply
    • harry turnover January 5, 2018 at 7:54 am

      Luther Thorne…my thoughts EXACTLY when I visited that store for the first time yesterday.
      I parked my car by the gas station below and proceeded to the entrance and I got to the back FIRST along a lot of waste space on the left,turned a corner to get to the entrance..lord have mercy….wonder who is the Architect ?

      Reply
  4. archy perch January 5, 2018 at 2:17 am

    Greed Greed Greed. Only when necessary do I shop at your stores.

    Reply
  5. Roger January 5, 2018 at 3:45 am

    Massy will go down cause their only catering for the 10 to 15 % of people that own all the wealth and the few middle class that are trying to live like the Joneses.

    Reply
  6. luther thorne January 5, 2018 at 4:05 am

    Massy has a Trinidadian attitude.
    Check how the Trinis cricketers are operating.
    The Asian mental perspective dominates.
    Separatism. Self centred. . The way how they skin out the businesses from the Hotel location is ridiculous and not a word out of Bajans..There were her stylists, Health food shop, ;, Gym, Travel agency, Souvenir shops, Carson Small, Coffee Shops, CS all gone. It is about Massy.only. no sharing the space with anyone. Why there is no access from the side facing the Gas station and KFC. One should have been able to leave the Gas Station and walk straight from Gas station to Massy. The Car washers are all gone too. These men did a brisk trade.

    Reply
    • harry turnover January 5, 2018 at 8:09 am

      Again Luther you ARE a thinking person and one than follows cricket.
      ” check how the Trini cricketers are operating ” that is a TRUE statement
      My criticisims of Trini cricketers are well documented on ALL blogs that carry West Indies cricket over the years.
      Check out also the comments of the Trini bloggers on those sites too.
      Yes,they feel they have the right to criticise anybody…but the moment one criticises a Trini it is deem TRINI HATRED.

      Reply
  7. Tony Webster January 5, 2018 at 4:35 am

    CARICOME; CARIGO.

    Reply
  8. Veroniva Boyce
    Veroniva Boyce January 5, 2018 at 4:48 am

    Good.

    Reply
  9. Sophia Lewis
    Sophia Lewis January 5, 2018 at 5:02 am

    Saw this coming.

    Reply
  10. Sugar Dumplings
    Sugar Dumplings January 5, 2018 at 6:20 am

    I’m was surprise that in st. Lucia the things in their supermarket is so cheap but then I realised they don’t have any competition.

    Reply
  11. Seanstar Bradshaw
    Seanstar Bradshaw January 5, 2018 at 6:45 am

    How many jobs gonna be lost tho??

    Reply
  12. Luis Fuentes
    Luis Fuentes January 5, 2018 at 7:04 am

    It doesn’t take a degree in marketing to understand when you replace inventory with alternative cheaper brands and increase the profit margins on the popular offerings consumers will eventually look elsewhere. Since Massy has taken over most retail food operations, prices have increased drastically. It’s actually a science, unfortunately those in charge couldn’t give a rats ass.

    Reply
  13. Tarsilla Davis
    Tarsilla Davis January 5, 2018 at 7:04 am

    Saw this coming since Popular at Kendall Hill was opened!!!Massy way too expensive!!!

    Reply
    • Gillian Skeete
      Gillian Skeete January 5, 2018 at 8:50 am

      At Holetown one more staff hopping about there than customers

      Reply
  14. hcalndre January 5, 2018 at 7:30 am

    @ Luis Fuentes; Is Massy responsible for the NSRL., the 2% to 10% and the increase taxes on every item including bread.

    Reply
    • jennifer January 5, 2018 at 7:50 am

      NRSL??? Come on u know full well these f#*^er$ adding on more than them should too. This thing is about GREED and locust behavior.

      Reply
      • jennifer January 5, 2018 at 7:56 am

        Go to the other con artist in Six roads them got 400% mark ups. Then do a price comparison on same items Kendal hill.

        Reply
        • jennifer January 5, 2018 at 8:06 am

          This is why our supposed independent government should have pushed industry instead of pride in this people, keeping them at base mode/level. And all this MADE UP TRINIDADIAN word for the simple, says squat, LOOK good – same RH extortionist.

          Reply
  15. Tammy Taitt
    Tammy Taitt January 5, 2018 at 8:04 am

    Because people waking up from those ridiculous prices.

    Reply
  16. Paul Chestnut
    Paul Chestnut January 5, 2018 at 8:44 am

    People go into Business to make profit…if and when massy packs up…thousands of jobs will be lost…as soon as they pack up…you will see the rise and excuses from the cheaper stores why they have to raise they prices…

    Reply
  17. Beverley Headley
    Beverley Headley January 5, 2018 at 9:00 am

    From the first day Massy sign went up on those stores replacing Super Centre, I said it won’t be long, cuz Trinidadians don’t play that, if they not making the money they believe they should be making to keep their operations running, they shut shop and move on. They exit from Bdos will bring Bdos to its knees and it’s not a matter of if, it’s when, cuz it will happen.

    Reply
    • Felicia Corbin
      Felicia Corbin January 5, 2018 at 10:28 am

      With God in front we have survived worst and will continue to do so….. Massey stop selling so many things and they prices way higher than anyone else what do they expect.

      Reply
  18. Kim A. Jones
    Kim A. Jones January 5, 2018 at 9:15 am

    I go in there for the Kathy’s tamarind balls…. That is it.

    Reply
  19. jennifer January 5, 2018 at 9:35 am

    These people are EUROPEAN people who SET UP their businesses in these poorer/deprived areas as investors. They were just operating in T&T for a while just like cable and wireless operations here. Just like FLOW aka Columbus, Digicel group, light and power, hotels (most), Rubis etc. Notice where they are heading next. Guyana and Columbia. And I do not blame them one bit. When you mix bad attitudes, low productivity, no common goals with shortsightedness you got serious problems.

    Reply
    • jennifer January 5, 2018 at 9:41 am

      The lack of an IDENTITY in this majority is the ROOT of all the degenerate-ness that plague them.

      Reply
  20. Winnie Meade
    Winnie Meade January 5, 2018 at 10:19 am

    Do i care about anny job i care about the dam price my god thet take us for fool massy want to drop there price me i love jordon supermarket yes something gone up but you can shop bajan mus go to bajan supernarker them want to come and clean out barbados look at the price not my money boo i say bajan that shop at nassy only want to show off look some if the white people that come for a holiday shop at jordon

    Reply
  21. Sophia Lewis
    Sophia Lewis January 5, 2018 at 10:25 am

    That is why I sacrificed points with their Massy Loyalty Card. I knew they could move along and drop every Bajan job. I’m sure we are all aware of the astronomical level of Bajan job losses that would result. Can Bajans rebuild restructure return from allvtge blows we are confronting? Time to speak with those based at the Japanese Embassy and learn from the model of Japanese resilience and discipline. Signed: A Bajan who lived there and saw it firsthand. Not all assistance needs to be monetary.

    Reply
  22. Michael Turton
    Michael Turton January 5, 2018 at 11:37 am

    When you put the food retail industry in the hands of a foreign monopoly expect trouble.

    Reply
  23. Bob Emir - Williams
    Bob Emir - Williams January 5, 2018 at 11:44 am

    yall dnt know why..stupes !

    Reply
  24. Eleanor Maxine Harewood
    Eleanor Maxine Harewood January 5, 2018 at 12:05 pm

    guyana loll well i didn’t know that guyana had money in it , so y is all dem guyanese running to bim for den , bim top guyana , so let dem ga long

    Reply
  25. Jus me January 5, 2018 at 12:39 pm

    Jennifer.
    Yuh so ,on the ball.
    I surprise yuh miss SoLo en Blackrock.
    I ent yet seen lower prices NO place.
    6 roads like Golgotha dem.Crucify yuh!!

    Reply
  26. Helicopter(8P) January 5, 2018 at 3:13 pm

    In this New Barbados Today business goes on as usual a few instagams around the world and some one is willing to buy if locals can’t. We Barbadian society of today’s young energetic business people shy away from a lotta long talk. Just do it is their motto. The property can become a space avalable complex with many smaller businesses within. Always have a ‘B’ plan to execute.

    Reply
  27. milli watt January 5, 2018 at 3:40 pm

    go massa go …………go massa go push it……..go massa GO!! Interschool around the corner, thought I would (oopppsss I spell massy wrong)

    Reply
  28. Bajan patriot January 5, 2018 at 4:15 pm

    How did Barbados get so? Are this generation to blame for the way thing’s are? Look when a government stop barbarians from raising them own live stock for food that was the beginning of the disstuction self sufficiency in Barbados. Nearly all bajan home’s use to have animals and poultry for food plus Kitchen garden. The government are responsible for the disstuction of the bajan wsy of life. The young people of Barbados will never know what its like to have the supermarkets in your back yard. Barbados need a revolutionary leader to get us back on track.

    Reply
  29. milli watt January 5, 2018 at 5:01 pm

    @ Bajan…………..there is no need to try to educate the masses they are doing just fine. want them to keep spending and driving up that debt

    Reply
  30. Haskell Murray January 5, 2018 at 5:17 pm

    This articles has made a strong case without saying it that the English speaking Caribbean Must have a single currency of exchange so that businesses like Massey who operate in multiple jurisdictions would have stability in dealing with foreign exchange
    and it is time for the regional politicians to stop talking and put in place a customs union and since Caricom is modelled after the European Union create the Caricom or west indian dollar .

    Reply
    • Bajan patriot January 5, 2018 at 5:53 pm

      @Haskell. excellent idea. I have been saying that for year’s. We use to have the E.C currency back in the 60s and70s. How about a Caribbean central bank? With governors in each country? One currency will eliminate the exchange rates systems that’s in place now. As a group we all could have a stronger voice in negotiations with the world’s others banking systems. Would love to hear former central bank governors take on this idea.

      Reply
      • Belfast January 5, 2018 at 6:03 pm

        Barbados would be able to deposit millions of dollars into any Caribbean Central Bank, as long as the money printer in Church Village does not break down like the south coast pumps.

        Reply
  31. Belfast January 5, 2018 at 5:56 pm

    Money is the bottom line of Massy. Does anyone think that Massy has kept its sewer sogged Worthing branch open because of its commitments to its shoppers?
    Wealth overrides the question of Health

    Reply
  32. luther thorne January 6, 2018 at 11:14 pm

    Yes Harry
    I have observed the Trini Attitude and that is why their foolish music never made it on the WORLD stage .

    Some corrections to above commenf.

    Massy has a Trinidadian attitude.
    Check how the Trinis cricketers are operating.
    The Asian mental perspective dominates.
    Separatism. Self centred. . The way how they skin out the businesses from the HOLETOWNl location is ridiculous and not a word out of Bajans..There were HAIR stylists, Health food shop, ;, Gym, Travel agency, Souvenir shops, Carson Small, Coffee Shops, CS all gone. It is about Massy.only. no sharing the space with anyone. Why there is no access from the side facing the Gas station and KFC. One should have been able to leave the Gas Station and walk straight from Gas station to Massy. The Car washers are all gone too. These men did a brisk trade. Selfishness and GREED carry consequences. Massy’ s attitude will not cut 8t Barbadian Culture. We Different ! Let Bajanz be Bajans !
    Off Topic ! Whats all this thing about Cultural Ambassadors ? Lucky people all dem!

    Reply
  33. Alex Alleyne January 8, 2018 at 8:00 am

    WHO ARE THE “TRUE OWNERS” OF THAT JOINT AT KENDAL HILL?

    Reply
  34. Alex Alleyne January 8, 2018 at 8:01 am

    Same thing for the tile joint at Eagle Hall.

    Reply
  35. Kevin January 8, 2018 at 7:32 pm

    $968 million profit aint good enough? Chupse

    Reply

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