The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A MAJOR owner of Freeport International’s Bazaar said it was unaware that the Association controlling it had placed the property up for sale, but told Tribune Business: “We welcome anyone who would want to buy it.”

The Bahamas Hotel Catering & Allied Workers Union (BHCAWU), which owns the Straw Market area and a significant amount of rental space in the Bazaar, confirmed it did not know the Grand Bahama attraction was on the market.

Darren Woods, its vice-president,said: “I only heard someone say that the Bazaar Association had dissolved and it is up for sale. I don’t know how the property could be up for sale when we don’t know anything about it.”

According to a press release forwarded to Tribune Business by Chris Paine, president of the International Bazaar Owners Association, the decision to put the property on the market came following a “long-standing series of disputes” between the 14 owners, mainly regarding the collection and payment of service charges.

He added that the Bazaar has also been forced to terminate its staff as there is a major owner who is six months delinquent in its payments, two more in excess of 12 months behind, and another 22 months in arrears. There is nothing to suggest the hotel union is one of these.

Mr Woods said the union would have to look into the matter to ascertain what was going on, but added: “We welcome anyone who would want to buy it. There is not really anything happening in Freeport right now.

“Everything went down when the 965-room Royal Oasis closed down. A lot of those spots in the Bazaar aren’t even rented; very few shops are rented. There’s absolutely nothing happening down there. We have to check into that to see what’s happening.”

It is the International Bazaar Owners Association that is dissolving. This does not mean the Bazaar is closing, and there is likely to be no immediate impact on the retail tenants. The uncertainty, though, relates to the medium and long-term, for if a sale is achieved, the intention of any buyer - and whether they see it continuing as a retail location - will be key.

A major blow to the popular market and attraction came when the road was closed between the two Royal Oasis Hotels, enabling the then-owner, the Driftwood Group, to build a small water park that subsequently diverted traffic around the perimeter of the Bazaar.

When the Royal Oasis closed its doors following Hurricane Frances in 2004, the Bazaar suffered tremendously and has been in a steady deckline ever since.

In 2009-2010, with incentives forom the Grand Bahama Port Authority and the owners reducing rent for tenants, there was an increase in business with the amount of leased stores reaching the 60 per cent range.

One former shop owner told Tribune Business: “There is a general lack of interest on the part of the Bahamian government for the island of Grand Bahama. This is the most neglected island in the Bahamas, and if this trend continues the Port Lucaya Marketplace will go the same way as the International Bazaar and we will all end up closing down. It’s an absolute economic disaster.”

Anita Cooper, owner of Bahamian Illustrated, said all the rumours regarding the Bazaar were bad for business. “The property is up for sale as I understand, but it isn’t shutting down. Business has been Ok for me. With all of the rumours going around, that’s kind of hurting some of the merchants’ business,” she said.

One retailer expressed concern over the recent developments, questioning the future of the property. “I don’t know what to say right now. I’m still trying to wrap my head around what’s going on here. I don’t know what’s going on,” they said.

“I’m hearing that the Bazaar is up for sale but I really don’t know what the situation is. You have some of the owners who aren’t doing what they are supposed to do. Business hasn’t been good, business has been struggling, and now hearing something like this, you don’t know if someone will even buy the place or if they will have to shut it down and that would mean the end of my business.”

“To be quite truthful, we are in the dark. We know as much as you do. Business here hasn’t been great,” said Mrs Gee of Goldilock’s Jewellery.