basically store everything,” Thomas notes. With BVI construction costs averaging $350-500 per square foot and the government investing $2.6 million in road improvements for 2024, demand for specialized materials continues despite broader market challenges. AUTOMATION AND DIGITAL TRANSFORMATION CTL has embarked on an ambitious modernization program designed to streamline operations and eliminate manual processes that have long characterized traditional hardware retail. The initiative encompasses everything from pricing systems to customer interaction platforms, positioning the company for enhanced efficiency in an increasingly competitive marketplace. “We’re trying to make this business as efficient as we possibly can. We’re working feverishly trying to make sure that we get all these things implemented,” Thomas explains. The transformation timeline is aggressive, with most automation systems expected to be operational within months.“I think within the next year and a half, we should be pretty much where we want to, where most everything for us would be practically automated.” Electronic price tags are one of the most visible changes. “We’ve added pricing electronic tags throughout the stores or gotten rid of all those paper tags that you see all over the place in hardware stores or any store supermarkets and things of that nature,” Thomas notes. The pricing system updates multiple times daily, automatically adjusting when new inventory arrives or costs change. “Our price systems are updated three or four times a day. Once prices change, once we receive a product, the prices are automatically updated.” The company’s website development focuses on creating fully interactive e-commerce capabilities while maintaining the importance of physical locations. CTL has also implemented customer relationship management systems and artificial intelligence tools to reduce administrative burdens. Despite these technological advances, Thomas believes brick-and-mortar retail will remain essential in the Caribbean market, with online 44 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 08
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