By Clive Simpson, Gleaner WriterDESPITE INCREASED competition brought on by globalisation, the hardware and building sector is showing significant growth. Concurrently, housing construction is also increasing rapidly.
Most recent figures cited by Dr. Jean Dixon, Permanent Secretary in the Ministry of Commerce, Science and Technology, show that between July and September 2003, retail firms in the hardware and building sector had 8.3 per cent increase in sales, compared with the corresponding period in 2002.
Overall, the distributive sector saw a 1.8 per cent increase during the same period.
According to Dr. Dixon, with the positive performance of the construction and installation sector, indications are that the hardware trade will continue to grow, reflecting increased activities in both the residential and non-residential sub-sectors.
HOUSING SOLUTIONS
"This growth is expected to be strongly influenced by the number of housing solutions recently announced by the National Housing Trust and other public sector projects, as well as from the activities of private individuals, undertaking new construction, making additions and improvements to their homes," said Dr. Dixon.
She was delivering the keynote address at the official opening of Rapid & Sheffield's new 30,000 square foot store at Fairfield Shopping Centre in Montego Bay on Saturday.
She noted that Jamaicans were not satisfied to wait on their dream homes but were engaged in the concept of "building your mansion where you are" and were mostly using their own labour and financing.
Given the demand, a number of new players have entered the market, requiring companies like Rapid & Sheffield to be responsive to the needs of customers.
"With the removal of import barriers, Jamaicans now have the choice in their individual capacity to import the particular products that they want from anywhere in the world," she told the function.
MARKET COMPETITION
"Competition in the market will assure consumers of the best value for money."
Rapid & Sheffield operates 10 retail stores across the island. In 1998, the company forged an alliance with Do It Best Corporation of Indiana, widening its range of hardware and home improvement products and resulting in improvements in the areas of training, sales and marketing.
The new store brings to Jamaica the concept evidenced in establishments of its kind in Miami and New York, and according to Grace, Kennedy and Company's chief executive officer, Douglas Orane, "What we're really doing is to treat our own people with the respect that is due to them."
President of Do It Best, Robert Taylor, said his company had some 4,000 members across the United States, and that over 200 stores were now operating in 44 countries.
He lauded the store presentation by Rapid & Sheffield in Montego Bay, saying it was on par with other stores worldwide.
