VOLUME 11, ISSUE 12 | DEC 2024 UNICOMER GROUP POWERING CARIBBEAN RETAIL WITH LOCAL INSIGHT AND GLOBAL REACH Errol Le Blanc, Managing Director
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EDITOR’S NOTES For those who dream of getting away from the dreary winter weather during the holiday season and head to the breathtaking beauty of the Caribbean Islands, a coastal Christmas vacation awaits as well as a tangible sense of economic rejuvenation that will greet the visitor. Dynamic organizations across the region continue to grow as economic prospects rise with the tides surrounding the islands. Business View captured this economic vitality for our December issue. We had the opportunity to sit down with the Unicomer Group. A powerhouse retail giant with operations that span across Latin America and the Caribbean, this organization’s sunny relationship with the islands began in 2006 and continues to soar as we look ahead to 2025. It is as clear as the crystal waters surrounding the islands that continued growth is on the Caribbean horizon, as are the progressive initiatives of those we were fortunate to chat with. With sustainability in mind, best business practices up front, and a resilient economy at their fingertips, the undeniable draw of the Caribbean islands remains tangible. As with every issue, my hope as editor-in-chief is that our valued readers continue to learn something new with each issue we produce for you and that December treats you well as you look forward to celebrating the festive season wherever that may be. Karen Surca Editor in Chief Dear Readers, 2 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
VOLUME 11, ISSUE 12 15 UNICOMER GROUP Powering Caribbean Retail with Local Insight and Global Reach COVER UNICOMER GROUP 2 EDITOR’S NOTES 7 OPENING LINES BEST PRACTICES IN BUSINESS AND ECONOMIC DEVELOPMENT UNICOMER GROUP 15 3 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
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CARICOM SECURITY MINISTERS TO MEET IN ST KITTS https://thecaribbeannewsnow.com/, News Editor, First Published Nov 26thm 2024 When Caribbean Community (CARICOM) security and law enforcement ministers meet later this week in St Kitts and Nevis, they will discuss the development and implementation of measures to improve collaboration and coordination and effectively address the challenges posed by transnational crime. Dr Terrance Drew, Prime Minister and Minister of National Security, Citizenship, and Immigration, will lead the two-day 28th meeting of the Council of Ministers of National Security and Law Enforcement, which begins on Thursday. According to a government release, Prime Minister Drew has made regional crime reduction a key priority, and this conference is an essential step toward that goal. Opening Lines 7 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
provide a coordinated and robust response to illicit activities that cross national borders. “Our collective security relies on our ability to collaborate and share resources, information, and best practices. “This meeting demonstrates our commitment to protecting our citizens and ensuring a safe and secure Caribbean,” Drew added. “As part of CARICOM’s commitment to ensuring the safety and security of its member states, the council will gather to discuss and develop comprehensive strategies to combat transnational crime, which continues to pose a significant threat to the region,” according to a statement. It stated that the two-day summit will focus on boosting intelligence sharing, bolstering border security, and promoting legislative frameworks to 8 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
Source:https://thecaribbeannewsnow.com/, New Editor, Nov 15th, 2024 The Government of Dominica recently held a groundbreaking ceremony for its first International Airport in Wesley. The mega-project, which is now 28% complete and progressing steadily, is set to transform Dominica’s connectivity with the world. Montreal Management Consultants oversees the development with China Railway No. 5 as the main contractor. Cal Murad, Operations Director of MMC Development, said completion is expected in 2027, with construction DOMINICA INTERNATIONAL AIRPORT BREAKS GROUND OPENING LINES advancing approximately six percent ahead of schedule. “The airport will boast a 2,850-meter runway, capable of handling primary and secondary landings, a 165,000 square-foot terminal as well as state-ofthe-art navigation and air traffic control systems, redefining travel in the Caribbean”, added Murad. Prime Minister Roosevelt Skerrit explained the decision to break ground during construction, stating he did not want anybody to think that the government was kidding since it had been promised but had never happened until today. 9 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
Skerrit added that Hurricane Maria had taken away a significant portion of the funds saved for the airport in 2016 towards rebuilding efforts. Fidel Grant, Parliamentary Representative for the Wesley Constituency, has emphasized the holistic, transformative potential of Dominica’s International Airport project. “Some of you have asked me whether the airport’s presence in Wesley will assist Wesley. My response is yes. Indeed, the airport will provide opportunities for future generations. This international airport will transform our rural areas into an economic powerhouse.This airport has the potential to change your lives for the better,” said Grant. The country’s highly acclaimed Citizenship by Investment Programme funds the Dominica International Airport project. 10 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
Source: https://thecaribbeannewsnow.com/ Caribbean News Editor, First Published Nov 25th, 2024 The Commonwealth of Dominica is working hard to improve the resilience and sustainability of its agriculture as it waits for wealthier nations to fulfill their financial aid commitments under the Paris Agreement. Roland Royer, Minister of Agriculture, Fisheries, and the Blue and Green Economy, stated at COP29 that the country was pursuing that objective with assistance from the Inter-American Institute for Cooperation on Agriculture (IICA) and other global institutions. DOMINICA’S AGRICULTURE MINISTER HIGHLIGHTS RESILIENCE EFFORTS AT COP29 OPENING LINES Royer underlined the significance of the nation’s agricultural industry, which employs 6,000 farmers. Since a large portion of Dominica’s output has been shipped to nearby islands for decades, Royer said, “the resilience of our agriculture sector is crucial not only for Dominica but for the entire Caribbean region.” At COP29 in Baku, Azerbaijan, Minister Royer participated in events at the IICA-run Home of Sustainable Agriculture of the Americas exhibit. Despite their low carbon emissions, he emphasized how vulnerable the region’s developing nations are to harsh weather. “We emit virtually no carbon or other greenhouse gases, like other developing nations in the region, but we are very vulnerable to 11 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
more frequent and extreme weather events,” Royer stated. Royer addressed his audience about the devastating effects of Hurricane Maria in September 2017, which severely ravaged Dominica. He demanded assistance from the world community, especially developed nations, adding,“Even though we are not responsible for climate change, we had to rebuild not only the agriculture sector but the entire country, and we had to do it with our resources.” The minister also emphasized Dominica and IICA’s 40-year partnership. Regarding technology transfer, farmer assistance, and enhancing the quality of life for rural people generally, IICA has been a close friend of Dominica for the past forty years.Additionally, IICA has given women in the villages a lot of assistance and encouraged young people to pursue careers in agriculture,” he stated. Royer told IICA about his experience attending a training course in Costa Rica in 2019. “I think this program inspired me to stay in the industry and work for improvement. Organizations are crucial for farmers to gain expertise and become more competitive. We therefore appreciate IICA’s assistance over the previous four decades and look forward to our continued collaboration,” he said. 12 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
UNICOMER GROUP POWERING CARIBBEAN RETAIL WITH LOCAL INSIGHT AND GLOBAL REACH best practices IN BUSINESS AND ECONOMIC DEVELOPMENT 13 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
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POWERING CARIBBE LOCAL INSIGHT AND UNICOMER GROUP AT A GLANCE UNICOMER GROUP WHAT: L eading Caribbean and Latin American retail and financial services provider WHERE: O perating in 21 countries across the Caribbean, Central America, and South America WEBSITE: www.unicomergroup.com REIMAGINING THE RETAIL EXPERIENCE ACROSS THE CARIBBEAN, BLENDING BRICK-AND-MORTAR ROOTS WITH A MODERN DIGITAL EDGE. 15 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
EAN RETAIL WITH D GLOBAL REACH Established in 2000, Unicomer Group has grown into a powerhouse in the Caribbean and Latin America, making an impact across diverse sectors, from household goods and electronics to financial services and optics. Known for its signature brand, Courts, Unicomer is more than just a retailer—it’s a lifeline for customers who rely on credit options to improve their quality of life. With operations in 21 countries and a workforce of over 13,800, Unicomer is a dominant player in the region. 16 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
“Our purpose is to bring well-being and opportunity to our customers, whether that’s through the products we offer or the financial services we provide,” says Errol Le Blanc,Vice President of Unicomer Caribbean. He explains that Unicomer’s financial services are particularly significant. The company helps customers who might not qualify for traditional banking loans by offering credit for household items, business equipment, and even motorcycles. “We’re especially focused on supporting micro and small entrepreneurs, giving them access to credit they might not otherwise have,” she says, describing this service as a critical component of Unicomer’s mission. The group’s footprint in the Caribbean began with the acquisition of Courts, a well-established brand in the region.“When we bought the Courts operation in 2006, it was a big step for us,” Le Blanc recalls. This acquisition marked the start of Unicomer’s expansion across the Caribbean. This journey continued with a significant move in 2014 when the company acquired several well-known brands in Aruba, including AMC, Unicorn, and Price Hacker.These strategic purchases allowed Unicomer to solidify its presence in the English- and Dutch-speaking Caribbean. Le Blanc, describes the company’s growth since entering the Caribbean market. Originally focused on furniture and appliances with credit sales, Unicomer has diversified to include optical stores and financial services like cash loans. “We introduced optical stores and now offer a variety of financial services, including cash loans,” he says. Unicomer now offers loans for in-store purchases and personal use, which has become a key part of its business. Felix Siman, Caribbean Vice President & Managing Director, highlights Courts’ longstanding presence in the region.“Courts has become a staple and a strong brand,” he notes, customers using its credit services for over 30 years. Unicomer has also launched store and credit cards in markets like Guatemala and Costa Rica.Another major milestone was Unicomer’s acquisition of RadioShack, initially in Latin America and recently expanded to the U.S. market; the company also operates Ashley Homestore franchises, supporting its strategy to serve diverse income levels and market needs. EXPANDING IN TRINIDAD With a solid foundation in the Caribbean, Unicomer is doubling down on its investment in Trinidad and Tobago, focusing on expanding its retail presence, developing real estate projects, and growing its consumer finance offerings.The company has a new Courts megastore under construction in Port of Spain, a 40,000-square-foot retail space designed to elevate 17 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12 UNICOMER GROUP
the shopping experience with expanded categories in gaming, electronics, and home furnishings. The new Courts megastore is part of a broader mixed-use development strategy that Unicomer is implementing in Trinidad. The project includes additional retail spaces that Unicomer will lease to well-known fast-food and coffee franchises, creating a comprehensive shopping and leisure destination. “We’re building a retail experience that goes beyond Courts,” Siman notes, describing plans to feature other popular brands operated by third parties. In tandem with its retail and real estate projects, Unicomer is also scaling up its consumer finance operations in Trinidad. As demand for quick, accessible loans grows, Unicomer’s financial services have found a niche, especially among customers who may struggle to access traditional banking products. “The credit business is very cash-intensive, and we’ve been able to grow our portfolios significantly,” Siman says. For many Trinidadian consumers, applying for a bank loan can be a slow, complex, and sometimes discouraging process. Unicomer, by contrast, offers a streamlined, efficient loan option that allows customers to access funds quickly and at competitive rates. MARKET KNOWLEDGE AND ADAPTABILITY Unicomer’s success in the Caribbean hinges on its deep understanding of the local market and its ability to adapt to the specific needs of its customers. “When Unicomer came to the Caribbean, we saw there was no structured way for consumers to get credit for household durables,” recalls Le Blanc. At the time, people often relied on layaway systems or personal relationships with shop owners to make large purchases. By offering flexible credit, Unicomer provided a new way for everyday consumers to afford the essentials for their homes. Today, Unicomer’s customer base has grown beyond its original demographic, with an increasingly diverse range of offerings to appeal to different segments. “We still serve the ordinary working-class person, but we also cater to aspirational young professionals,” says Le Blanc. This shift is partly driven by rigorous market research. Every year, Unicomer conducts extensive market studies, gathering insights across categories like furniture, appliances, credit, and optical services. This data informs a tiered retail strategy, where stores in smaller towns carry a more limited selection, while flagship stores in larger cities offer a full range of high-end products, from top-of-the-line refrigerators to premium televisions. Unicomer’s decentralized structure allows local 18 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
In a competitive and ever-evolving business landscape, having the right partners on your side can be critical to success. At Republic Bank, we understand that every company is unique. That’s why we make getting to know you and your business needs our priority. It’s also why we create tailored financial solutions with the aim of supporting your resilience, profitability and growth. From commercial loans to working capital, credit facilities to equipment financing, we provide the resources necessary for you to start up and scale up. Our Corporate RepublicOnline and RepublicMobile digital platforms have been enhanced to enable easy management of your finances anywhere and at anytime, giving you more time to focus on what matters most – growing your business. As part of our commitment to sustainability, we’re not only wholeheartedly supporting companies and industries seeking to create a better future, we’re dedicated to providing financial and nonfinancial guidance for the individual success of each and every business we serve. For us at Republic Bank, you are so much more than a customer. You’re our partner, and we’re fully invested in you. UNICOMER GROUP
teams to make market-specific decisions, enabling the company to adapt to regional differences across markets like Guyana, Trinidad, and Latin America. “We really try to drive decision-making from the bottom up,” says Siman, emphasizing this approach’s flexibility. A prime example is Unicomer’s optical division, which was introduced to the Caribbean after successful trials in Latin America. By allowing customers to finance eyewear, Unicomer extended its credit model to cover a new consumer need. STRATEGIC INVESTMENTS AND PARTNERSHIPS ACROSS KEY CARIBBEAN MARKETS The recent oil boom in Guyana has rapidly transformed the economy, drawing global attention and catalyzing unprecedented growth. Le Blanc points out that Unicomer has been operating in Guyana since 1993 when it was among the poorest nations in the Caribbean.“Now, Guyana is poised to be one of the wealthiest countries in the region,” he notes, highlighting Unicomer’s proactive approach to seizing the new economic potential.The company has secured land in an industrial area to build a large distribution center and logistics park. “The distribution center will serve our own needs, but the logistics park will offer services to third parties, supporting industries like energy and trade,” he says. Unicomer is investing heavily in Trinidad and Tobago, repurposing a mega-store site into a flagship retail space with facilities for third-party tenants. “We’re redeveloping several acres of land to create a new flagship store, with agreements already in place for outside tenants,”says Le Blanc.Additional commercial development at the Freeport campus, which houses Unicomer’s head office and distribution center, will transform the area into a commercial hub. Unicomer is also expanding in Jamaica, with projects in Montego Bay, Spanish Town, and Mandeville. “We’re also looking to build a new corporate headquarters in Jamaica,” he adds. Partnerships are central to Unicomer’s regional growth.“Our partnerships with regional banks have Felix Siman 20 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
been essential,”says Siman,facilitating capital projects and expanding finance offerings. Collaborations with suppliers, like Ashley HomeStore and local mattress manufacturers, ensure product quality and cater to regional demand. Unicomer’s partnership with Spanish lens manufacturer Prats strengthens its offerings in optical services. Local contractors support logistics and technical services, enhancing customer service and creating jobs. Government partnerships are also key, streamlining development processes and aligning Unicomer’s investments with national goals across the Caribbean. SUSTAINABILITY AND SOCIAL RESPONSIBILITY Unicomer’s sustainability and social responsibility entails a comprehensive approach that spans environmental initiatives, employee welfare, and community engagement. The company has strategically invested in renewable energy solutions and energy-efficient products, recognizing the Caribbean’s high energy costs and outdated power infrastructure. Several years ago, Unicomer began installing photovoltaic systems across its stores, a move aimed at reducing costs and lowering its environmental footprint.“We’ve installed almost two megawatts of solar capacity across the Caribbean, focusing on markets like Jamaica, Guyana, Saint Lucia, and Barbados,” says Siman. Unicomer promotes energy efficiency by offering high C-rated inverter air conditioners and refrigerators and educating customers.“We educate our customers about the cost savings that come with replacing old appliances with more efficient models,” says Siman. The company has retrofitted stores with LED lighting and sells smart home products through RadioShack, including LED lights to enhance household energy efficiency. “Our goal is to integrate energy-saving technologies throughout our operations and product lines,” he adds. Employee welfare is another critical focus for Unicomer, which offers financial aid for personal challenges and a continuous learning platform, 21 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12 UNICOMER GROUP
Republic Bank (Guyana) Limited has established itself as a cornerstone of financial stability and innovation in Guyana, catering to the evolving needs of individuals, businesses, and communities. The Bank also blends an impressive legacy with modern banking solutions, positioning itself as a leader in customer service, digital transformation, and community engagement. Over the years, it has been instrumental in promoting economic growth, particularly through supporting small and medium-sized enterprises (SMEs) and major infrastructural projects. As Guyana experiences unprecedented economic growth driven by its burgeoning oil and gas sector, Republic Bank remains an essential partner, adapting to the new landscape and supporting the country’s path to prosperity. Republic Bank’s commitment to corporate social responsibility shines through its Power to Make a Difference programme, which has made significant contributions to youth development, education, and environmental sustainability initiatives across Guyana.
Unicomer University, in partnership with Coursera. “Our employees can develop their skills and knowledge...for their overall career growth,” Siman notes. Mental health support includes regular health fairs and scholarships for employees’ children, emphasizing a supportive work environment. “We are creating a workplace with equal opportunities and a positive environment,” adds Alfaro. THE NEXT 18 MONTHS: ENHANCING CUSTOMER EXPERIENCE “Our top priority right now is completing the capital projects in Jamaica,Trinidad, and Guyana,” says Siman. He emphasizes that the brick-and-mortar experience remains crucial in the Caribbean while online shopping grows. “These new stores will deliver a revitalized shopping environment for our customers,” he adds, pointing to the importance of physical retail in markets where customers value the in-person shopping experience. Each new location is designed to elevate the customer journey, offering a blend of convenience, service, and product variety that meets local needs. Unicomer is also making significant investments to improve its e-commerce platform. Siman notes that online shopping in the Caribbean is rapidly evolving, with the company dedicating resources to create a faster, more user-friendly experience.“We’re revamping our online platform to provide a better, more agile shopping experience,” he says. This push towards digital aligns with broader consumer trends, as more Caribbean shoppers turn to online options for convenience. However, Siman remains clear that Unicomer’s approach is balanced—strengthening its digital channels while enhancing the in-store experience that Caribbean customers continue to value. Another top priority involves streamlining the import of high-quality goods into markets with unique regulatory and logistical challenges. “There are challenges with imports in the Caribbean, especially in Trinidad and Guyana,” Siman acknowledges.These challenges sometimes include ethics issues and 23 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12 UNICOMER GROUP
PREFERRED VENDOR/PARTNER n Republic Bank) www.republictt.com Founded in 1837, Republic Bank’s 187year history is testimony to growth through innovation as a leader in the Caribbean financial services industry. Operating in 15 territories in the Caribbean as well as Ghana, we offer personalised and competitive banking products and services, including credit and debit cards, leasing, trustee services, mutual fund and investment management, and merchant banking. n Republic Bank (Guyana) www.republicguyana.com Republic Bank (Guyana) Limited, a subsidiary of Republic Financial Holdings Limited, provides innovative banking solutions in Guyana. Committed to growth and community development, Republic Bank offers personal, business, and digital banking services, while prioritizing corporate social responsibility through initiatives that promote education, healthcare, and environmental sustainability across the nation. regulatory hurdles, making securing the best brands in consumer electronics more difficult. However, Unicomer leverages its multinational structure and longstanding supplier relationships to deliver toptier products consistently. “We work hard to import the best brands for our customers, even under challenging market conditions,” he adds. The final pillar of Unicomer’s strategy over the next year and a half is employee engagement and development. Unicomer has implemented an eNPS (employee Net Promoter Score) system to measure satisfaction across its workforce and conducts indepth studies on employee engagement to ensure a positive workplace culture.“Investing in our people is essential,” Siman stresses. “Raising employee engagement levels is a critical part of our success.” By prioritizing its workforce, Unicomer seeks to build a loyal, motivated team that will continue to drive the company’s growth and maintain the high service standards that customers rely on. 24 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 12
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