By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Retail sales are “off terribly from expectations”, a leading merchant telling Tribune Business they were down “at least 10 per cent” from forecast.

Rupert Roberts, Super Value’s owner and president, summed up the Bahamian retail economy’s current condition in one word: “Terrible.”

“I think the economy’s slowed down further, gone off further in the last three months,” he told this newspaper. “That could be this VAT tax having frightened the consumer, making them tighten up on the budget.

“Our sales are off terribly from expectations, most of the merchants are saying that. It’s at least 10 per cent, and we can’t stand that in business.”

Mr Roberts added: “The consumers are having it tough. It just seems that such a high percentage have their electricity turned off, medical bills they can’t meet, bills they can’t meet. They’re maxed out with the banks, and don’t know where to turn. Number one, their food budget gets hit. They just don’t have it.”

The Super Value president said these negative developments were occurring just as signs emerged that the world and US economies were starting to get back on their feet, with the latter having emerged from its latest brush with fiscal meltdown.

Expressing hope that the Bahamas could eventually meet its energy needs via the supply of liquefied natural gas (LNG) from the US, MrRoberts said his three Quality Supermarkets stores represented an investment in the future.

The three locations – Cable Beach, South Beach and Seagrapes Shopping Centre – which were acquired from the former rival City Markets chain for $3.5 million, have been hit by the downturn in consumer spending just like everyone else.

“They’re coming on good,” Mr Roberts said of his second supermarket brand’s stores, “but just like we thought, there wasn’t enough business for them.

“We took them on in hope for the future. When the economy starts to rebound, we’d have stores and floor space to take care of our customers. That is still the goal, and if there’s no furthe mitigation in the economy, we’re going to battle on until it turns around.”

Emphasising that there were no plans for staff cutbacks at either Super Value or Quality Supermarkets, Mr Roberts also expressed hope that the $2.6 billion Cable Beach redevelopment, and the 5,000-plus full-time jobs it is likely to create, would stimulate the Bahamian economy.

“Baha Mar’s opening in one year should be a great help, and hopefully the US economy will improve and Americans will start to go back to their normal mode of travel,” the Super Value president said.