BEDC’s Retail Development Programme Graduation

Mr. Speaker, you would be aware that over the past several years, the retail sector in Bermuda has seen its share of challenges. In response to the trend of declining sales, the Bermuda Economic Development Corporation was tasked with developing a programme to help small business owner/ managers revive their business.

The Bermuda Economic Development Corporation undertook this task by first researching the local market. After soliciting Request For Proposals for research on Small Retail Business Sector in Bermuda, Deloitte Consulting was contracted to conduct this research during 2010.

The comprehensive research included feedback from focus groups and interviews with individual retail owners, Bermuda Economic Development Corporation board members, focus groups, the Chamber of Commerce and the Bermuda Department of Tourism.

The results of this feedback were then used to develop the pilot Retail Development Programme. The goal of the Retail Development Programme is to provide small retailers with educational opportunities to foster the growth and success of their businesses.

The primary objectives were to have the participants: Generate Sales & Profit Growth, Increase employment , Increase Networking opportunities, Advance best practices, Assist in access to financing.

Mr. Speaker, I am pleased to announce that yesterday I had the honour to present completion certificates to the first eight graduates of the nine week programme which concluded at the end of March 2012.

These participating retailers are now equipped with better business acumen, knowledge, skills and abilities to provide closer attention to service to gain a stronger, competitive position in the retail industry.

Mr. Speaker, Yesterday’s graduation speaker, Brown & Co. executive, Mrs. Nicole Warren’s remarks were well received as she provided key strategies for success charging these retailers to remain customer focused and oriented, current with the market trends and to embrace competition.

It was evident from listening to the remarks from the graduates at yesterday’s ceremony that over the nine week period of study they became re-energised and more committed to not only work in but also ON their business and were willing to adopt the Retail Development Programme’s mantra of “Dream Different. Think Different. Grow Different.”

Mr. Speaker, I wish to congratulate these retailers committed to making a difference:
1. Mr. Terence Douglas of Unlimited Supplies
2. Mrs. Sonia Paul-Smith of Temptations Café’ in St. Georges
3. Mr. Janson Cross of VIP Consulting & Promotions
4. Ms. Cindy Laws of Anslie’s Interior Décor
5. Mrs. Beverly Simmons of Cessi’s Boutique in Somerset
6. Miss Maya Furbert of Fatimaya Vintage Clothing
7. Mr. Terry Smith of Clara – Bows Clothing , North East Hamilton EEZ
8. Mr. Anthony Webb of Choices clothing store

In January 2012 these dedicated business owners became students and took the time to attend classes three times a week for three hours. Over a period of 9 weeks these students engaged in instruction and support that guided them through the daily operations of running a stable and efficient retail business.

Mr. Speaker the 12 module topics were :
1. Retail Strategy
2. Establishing the Correct Format
3. Branding & Promotion
4. Financial Control
5. Legal Matters
6. Creating the correct atmosphere
7. Human resource Management
8. Product Placement
9. Point of Sales Systems
10. Customer Service
11. Identifying Retail Challenges
12. Growing the Business

Mr. Speaker I also wish to acknowledge and commend the private sector volunteer instructors, Jamila Daniels of Impact Media, Kristi Grayston of Pulp & Circumstance, Kendaree Burgess of Mangrove Consultants, Jill Dill, Allister Williams, Freisenbruch-Meyer Insurance, Cordell Riley of Profiles, Johnathon White of ESC Lighting and the commercial attorneys from Trott & Duncan for their contributions to the programme; as they took time away from their own enterprises to assist the retailers with professional guidance and knowledge.

In addition, participants gained access to government departments to assist in answering questions to help prepare them with best practices for working with departments and managing employee and customer issues.

Students had presentations from representatives from the Office of the Tax Commissioner, Social Insurance, Consumer Affairs, Immigration, National Training Board, Transportation, Private Pension Commission, Health and Safety, Planning and HM Customs.

I also especially wish to acknowledge, Ms. Lucrecia Ming Assistant Director of BEDC , Mr. Amir X of GinO Productions who managed the programme and were integral in the successful development of the curriculum.

Mr. Speaker, These entrepreneurs have taken steps in bettering their businesses by enrolling in and successfully completing this course. They are to be congratulated and commended for their dedication to their businesses and to Bermuda’s economy.

As a result of having attended the Retail Development Programme they now have a greater opportunity to generate growth, increase customer service and networking opportunities, advance their business practices and ultimately grow wealth.

Mr. Speaker, The Bermuda Economic Development Corporation’s work and commitment to the provision of business and technical advisory services is extended in various ways through:

•  The free one on one counseling services at the Headquarter’s office at Sophia House on Church Street in Hamilton as well as through the Economic Development Officers who are situated in the three EEZs
•  The quarterly business related seminars
• And its first industry specific programme the Small Business Construction Incubator/ Hands Up Empowered which targets the construction and related trades

Mr. Speaker, Bermuda Economic Development Corporation known as BEDC now adds the Retail Development Programme to its menu of services provided to the local commercial sector to assist in the success of Bermuda’s economy. I congratulate once again the programme’s inaugural graduates.

Thank you.

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