Industry & Retail
From The Report: Trinidad & Tobago 2020
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Industry and retail, once the focus of diversification efforts, represent important possible revenue generators in their own right. Trinidad and Tobago is one of the larger exporters in the Caribbean region, with total exports for the year to September 2019 amounting to $24.7bn. In an effort to generate foreign exchange, companies are being pushed to increase exports. Significantly, the government also hopes to double manufacturing output between 2020 and 2025. The future for industry is therefore relatively bright despite a number of challenges. The retail sector has been impacted by the national economy’s recent period of slow growth, with consumer behaviour, including reduced consumption and evolving spending patterns, accounting for shortfalls in an otherwise promising sector. However, with new investments and growing penetration of large retailers in the region, the sector is in good health. This chapter contains interviews with Dominic Hadeed, Managing Director, Blue Waters; and Gervase Warner, President and Group CEO, Massy Holdings.

Articles from this Chapter

Overview

Bright future: Industry sees gains thanks to foreign direct investment and support mechanisms for high-potential segments
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Trinidad and Tobago’s economic output remains intertwined with energy revenue, despite the fact that the effects of the 2009 oil boom have long since declined. The country has emerged from its recessionary period following three consecutive quarters of growth, but, as Paula Gopee-Scoon, the minister of trade and industry, notes, between 2017 and 2019 there were difficulties experienced in every sector of the economy. Nevertheless, industry and retail, once the focus of diversification efforts,…

Interview

Moving with the times: Dominic Hadeed, Managing Director, Blue Waters, on the changing landscape of the retail industry
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Interview:Dominic Hadeed How has the recent uptick in economic activity affected the strategy of domestic producers? DOMINIC HADEED: The increase in economic activity in Trinidad and Tobago is not across the board, rather it is industry dependent, meaning some producers excel while others continue to struggle. As is the case worldwide, if retailers fail to keep up with changes in technology or changes in the nature of consumption – such as online capabilities taking hold – their businesses…

Overview

Outsized impact: Support for small and medium-sized enterprises increasingly recognised as key to sustainable growth
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Small and medium-sized enterprises (SMEs) drive global economic growth and employment, accounting for an average of 33% of GDP and 45% of the workforce in high-income countries, and over 60% of GDP and 70% of employment in developing economies. The rise of SMEs has been crucial to economic diversification and resilience, particularly in countries vulnerable to commodity price fluctuations. SMEs have also been at the crest of innovation, taking advantage of their smaller size and greater agility to respond more technological and commercial opportunities. However, SMEs still face obstacles, such as disproportionately high tax burdens, skills and…

Overview

Outsized impact: Support for small and medium-sized enterprises increasingly recognised as key to sustainable growth
OBG
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Small and medium-sized enterprises (SMEs) drive global economic growth and employment, accounting for an average of 33% of GDP and 45% of the workforce in high-income countries, and over 60% of GDP and 70% of employment in developing economies. The rise of SMEs has been crucial to economic diversification and resilience, particularly in countries vulnerable to commodity price fluctuations. SMEs have also been at the crest of innovation, taking advantage of their smaller size and greater agility to respond more technological and commercial opportunities. However, SMEs still face obstacles, such as disproportionately high tax burdens, skills and…

Overview

Evolving approach: Changing spending patterns and a competitive landscape push companies towards e-commerce and digitalisation
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Trinidad and Tobago’s retail sector has been impacted by the national economy’s recent period of slow growth, with consumer behaviour – including reduced consumption and evolving spending patterns – accounting for shortfalls in an otherwise promisings sector. State of Play The national government has been keen to highlight the importance of the retail sector both to the consumer and the economy, with data from the Central Statistics Office (CSO) showing that the sector contributed $12.2bn…

Interview

Course correction: Gervase Warner, President and Group CEO, Massy Holdings, on overcoming economic headwinds
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Interview:Gervase Warner What effect has government deficit spending had on the overall economy of the country? GERVASE WARNER: Deficit spending has not corrected the course of the economy as hoped. It did, however, postpone the pain, maintain the social fabric and keep the country together. Social, political and economic issues tend to converge, and all governments must find a way to manage the complexity of all three. The current government has focused on fiscal stabilisation and correcting…