(Trinidad Guardian) Despite recently opening its flagship Miniso store at the Falls Westmall, found-er and CEO of First Retail Inc, Omar Hadeed, says the company’s local growth will “now be slowed” as the foreign exchange (forex) problem continues to be very challenging.
“We can no longer supply ourselves with adequate forex and we are focusing on regional growth. It is not something I would have wanted to do. I love T&T and this is where I have always seen my attention, my passion, my drive. But unfortunately ,at this point in time, I now have to focus on the regional growth to continue to feed local growth,” Hadeed told the Sunday Business at the opening global, lifestyle-brand store in west Trinidad.
That location welcomed customers on April 26, but was supposed to be opened since February of this year.
“This was because but we did not have enough product to do so because of forex restraints,” Hadeed explained.
A young entrepreneur with 17 plus years of operational experience, Hadeed has been recognised for several start-up businesses and pioneering the growth of many international retail brands and quick service restaurants in T&T.
First Retail Inc opened 11 new stores during COVID-19 and in total has 18 franchises-15 in retail and three in food.
During the pandemic, the retail conglomerate expanded its footprint throughout the country with additional openings of Bath and Body Works, Victoria’s Secret, fashion brand Aldo, footwear giant Skechers, European accessory brand Parfois, the introduction of a gym named Live Life Fitness, a new Sports and Games fitness-related concept, as well as rapid expansions into its quick-service restaurant businesses of Domino’s and Pita Pit.
However, with the difficulty in sourcing foreign exchange, establishing more outlets in this country will be slowed with greater gravitation towards regional growth.
As part of this thrust, First Retail Inc has been signing on a lot of its brands to regional markets. This involves selling wholesale as well to continuing to feed local growth.
“…We are focussing less on expansion of new stores in Trinidad and more expansion regionally. For instance, we are opening Skechers in Barbados,” Hadeed said, adding that his company will continue to evolve in the Guyanese, Jamaican and St Lucian markets.
He said he hopes to have “significant presence” in those countries in the next three to four years.
First Retail Inc has 1,000 plus employees throughout its organisation.
The Miniso brand currently has over 6,000 stores across the globe in cities such as New York, Dubai and Paris.
Miniso caters to many different needs and offers an array of products including cosmetics, skincare, perfume, toys, electronic appliances as well as collaborations with global companies such as Marvel, Disney and Sanrio.
Miniso Trinidad, was recently awarded “Best Performing Global Franchise Store Opening” by Miniso International Co, Ltd.
Hadeed, who received this award on stage in China, said it was a very special moment for him, putting his team at First Retail and country on a global stage.
