In a matter of days, popular department store Cave Shepherd is expected to sport a new name and a new look as officials embark on a rebranding exercise.
This comes as Cave Shepherd & Co. Ltd. reveals that the legal requirements for divestment of shares in Duty Free Caribbean Holding (DFCH) have been completed.
In a release yesterday, the company announced that effective January 30, 2021 DFCH will start a rebranding process of all stores currently trading as Cave Shepherd.
“During July 2020, we announced to our shareholders, business partners and the wider public, the tough but necessary decision to exit our partnership with Duty Free Caribbean (Holdings) (DFCH), which operates retail stores in Barbados and across the region. We can now confirm the completion of all legal requirements to divest of our shares in this company,” Cave Shepherd & Co. Ltd. announced in the statement.
“Effective January 30, 2021, DFCH will start the rebranding process of those stores currently trading as Cave Shepherd, including the main department store on Broad Street and the Airport Arrivals store, as well as the stores located at Sunset Mall, Vista Worthing, Sheraton Mall and the Crane Resort,” it added.
Cave Shepherd will now be known as Bridgetown Duty Free.
Chief Development Officer of DFCH Maureen Davis told Barbados TODAY the new branding will not have an immediate impact on the stores’ operations or employment.
“The new branding of ‘Bridgetown Duty Free’ by Duty Free Caribbean Limited will not have any immediate impact on employment, store layout or day-to-day operations. However, Barbados is the only Duty Free Caribbean territory where local retail is still very much a part of the retail model, particularly at the Broad Street location. Since Dufry model is focused on travel retail, further changes can be expected in the range of categories being carried in the future,” Davis explained.
As a result of the divestment, a comprehensive restructuring of DFCH’s business operation, which is led by Dufry, is expected to take place over time.
Since 2000, all Cave Shepherd’s retail assets have been sold to DFCH, which was a joint venture partnership between Cave Shepherd & Co. Ltd and Dufry (formerly Weitnauer). And since 2006, Dufry has owned 60 per cent while Cave Shepherd & Co. Ltd. held the remaining 40 per cent.
Officials said that since Cave Shepherd retail was the legacy business serving customers for over a century, they were anticipating that the rebranding of the department store in particular “may trigger an emotional response”.
“However, the transition signals the commitment of DFCH’s Shareholder, Dufry, to reinvest and take the business forward following the catastrophic impact of the pandemic. In a world where many businesses have not recovered, this is indeed very good news and we would like to congratulate Dufry for stepping up in this way,” Cave Shepherd & Co. Ltd. said in its statement Monday.
Chief Executive Officer of Cave Shepherd & Co. Ltd John Williams told Barbados TODAY that the rebranding will result in no change whatsoever to the company’s listing on the Barbados Stock Exchange (BSE).
“The listed company is and remains the parent and holding company for the various group companies/business – Fortress Fund Managers, Cave Shepherd Card, SigniaGlobe Financial Group, DGM Financial Group and GSC Limited (Ganzee),” said Williams.
Cave Shepherd & Co. Ltd said its divestment from retail “turns the page to a new chapter and will allow management to focus its attention on growing our other businesses, which continue to perform well”.
Williams noted that Cave Shepherd & Co. Limited remained committed to changing and growing to the benefit of shareholders, employees and the communities it serves.
“We, therefore, look forward with anticipation to opening the doors of our new corporate office at Haggatt Hall by the middle of the year. Our Cave Shepherd Card and SigniaGlobe Financial teams are also very excited about the move and we all look forward to welcoming you to our new location,” he said.
Williams further added, “We will continue to act in the best interest of the people of Barbados in keeping with our legacy of trust, respect and innovation acquired over the last 114 years. We pledge our commitment to continue supporting our youth and identifying other areas where we can continue to support our country’s future development.”