Trinidadian conglomerate Massy yesterday opened its Massy Stores Supermarket at Providence, East Bank Demerara, where Minister of Business Dominic Gaskin welcomed the investment, while making an appeal to the local private sector to develop value-added products for export.
Speaking at the opening of the 16,000 square foot supermarket, said to be the largest in Guyana, President and Chief Executive Officer of the Massy Group Gervase Warner said that his company’s US$4M investment was not only illustrative of the confidence it has in the Guyana market but that it will also offset the impact of the economic downturn in Trinidad and Tobago on the company.
“With the downturn that has happened in Trinidad, we have found that we are getting more profit from outside of Trinidad. So investments in places like Guyana, Colombia, [and] St Lucia serves as a balancing to the negative growth that we have been experiencing in Trinidad,” Warner posited.
He said that Massy’s expansion was also part of the company’s overall diversification plan.
