The supermarket battle to win over the growing price-conscious segment of the market is about to intensify.
Having shelved its plan a few years ago to construct a megastore in the Kendal Hill, Christ Church area, having been beaten to it by the hugely successful Popular Supermarket, sources say, Massy Barbados is about to respond with the opening of its budget brand Price Lo about a mile away from Popular.
According to well-placed sources, Massy, which operates superstores in Warrens, Holetown, and Oistins, will be taking over Montrose Supermarket, a family-owned, community supermarket that has operated for almost four decades.
However, it is understood, that Massy will be rebranding Montrose into a Price Lo operation. Massy closed its Sargeant’s Village Supermarket and rebranded it Price Lo five years ago to cater to bargain hunters. The Montrose Supermarket, which has been operated by the King family is expected to become the second Price Lo on the island.
Reflecting on what could be viewed as an aggressive manoeuvre to gain a greater foothold in the budget shopping segment, sources told Barbados TODAY, “Popular Supermarket has a tight grip on that market in the south of the island since setting up the Kendal Hill supermarket.”
In a statement to its customers this week, Montrose’s co-managers and sisters Sharon and Deborah King informed of the planned closure of the supermarket next Saturday.
“From the very humble beginnings of a small mini-mart, we grew Montrose Supermarket into the community supermarket it has become. We provide a service not only for the immediate community but for shoppers from across the length and breadth of this island.”
Of the May 29 closure, the King sisters said: “Although it saddens us to take this step, it is however, a step that must be taken at this time. We are cognizant of the many of you who have patronized us over our 37 years of business and are hopeful that our closure will not cause you undue inconvenience.
“Our closure, however, does not create a vacuum in this space as the supermarket will be rebranded and reopened under new management.”
The business was started by their father, and the Kings called on their customers to “patronize and support the new company” the same way they supported the family.
In its recent half-year financial report, the Massy Group, which is headquartered in Trinidad and Tobago, reported significant profit growth despite the uncertain conditions created by the COVID-19 pandemic.
According to the recent financial statement, the regional company recorded a TT$50. 28 million (BDS$16.76 million) increase in profits from continuing operations, for the six months ending March 31.
Massy chairman Robert Bermudez said in an accompanying statement the performance was “commendable” and the strategy to manage its operations as an investment holding company had “paid off”.
He also hailed the success achieved through the new style of management which gave greater autonomy to the leadership of various portfolios. He said this was “unleashing the creativity and ambition of executives and professionals” resulting in an improvement in portfolio performances. (IMC1)
