AML Foods has pledged that Cost Right members will enjoy lower prices following the Nassau store’s $12m relocation from the Town Centre Mall to its new East-West Highway home.

Renea Bastian, its vice-president of marketing and communications, told attendees at Friday’s opening of the new Cost Right Warehouse Club location that - while many businesses raise prices following investment in expansion - the BISX-listed food retail and franchise group had done the reverse and reduced those for members.

She was echoed by Franklyn Butler, AML Foods chairman, who reiterated: “Prices have gone down, not up. Yes, prices have gone down, not up.” He added: “The past few years has been on upgrading our facilities, increasing our product offerings and selection, leveraging technology, driving value, investing in learning and development and growth opportunities for our associates.

“Because our associates are key to that success. The buildings are only the way we do it, but people’s lives are ultimately what we are trying to focus on. Opening this new Cost Right and its upgrades is obviously our commitment to our team and to our country.”

Mr Butler said the new 55,000 square foot store will offer consumers greater shopping options and an “enhanced overall grocery experience for customers, convenience and shopping in a new, modern spacious facility offering an even greater selection of brand names and private labels and extremely low prices”.

Ms Bastian, meanwhile, said the opening of Cost Right’s new store coincides with its introduction into the Bahamian market of a new private label, Member’s Selection, which she billed as a “well-recognised and trusted” brand throughout Latin America and the Caribbean.

Cost Right will occupy of the former Solomon’s SuperCentre, and will be immediately next door to the remodelled 25,000 square foot Solomon’s Old Trail outlet. AML Foods has invested $22m in acquiring the 80,000 square feet that both its retail formats will occupy, along with the remodel and renovations.

Gavin Watchorn, AML Foods chief executive and president, previously said Cost Right’s new space compares favourably to the 30,000 square feet it occupied at Town Centre Mall. He added that the investment represented “a little bit of consolidation” for the Solomon’s brand, which will no longer employ the ‘big box’ SuperCentre format but instead focus on its two ‘Fresh Market’ outlets and neighbourhood store concept.

“When we looked at it, Solomon’s SuperCentre and Cost Right, particularly in Nassau, having them so close to each other, a mile-and-a-half apart and selling the same product, we felt it was not the best use of space,” he explained of the remodel. “The team has done an excellent job of staying best in class with what we’re trying to do and use space more efficiently.

“It’s about creating efficiencies for our team, it’s about creating the right experience for our customers, and we’ve been able to do that with a lesser footprint which means a smaller capital investment upfront.” The new Cost Right store is a complete remodel with a new roof, flooring, shelving, equipment and solar-powered refrigeration and air conditioning systems.

Ms Bastian added: “We are happy to unveil this new and improved experience to our customers. After a long and much anticipated wait, Cost Right members will now experience the joy and convenience of shopping in a new modern, spacious facility, offering an even greater selection of brand name and private label products at the lowest prices on island.”

The store is a ‘members only club’ so customers will need to own a membership card in order to access the deals offered. “I want to reassure customers that our new all-member pricing structure and expanded assortment offers great savings, and the value in being a member is evident from the minute you step inside the door,” said Ms Bastian.

“It is a true US club experience. We have invested millions of dollars to bring our customers this new state-of-the-art club store, and also lowered prices. Along with all of the great brands that we always sold we have introduced a new exclusive private label – Member’s Selection..... For those who are not currently members and wish to test the membership programme, we are currently offering a $5 one-month trial membership.”