The Tribune

The Bahamas Agricultural & Industrial Corporation (BAIC) cut its financial bleeding by more than $1m during the first nine months of 2018, with revenues from its Pop-Up Farmer’s Market growing five-fold.

Michael Foulkes, the agency’s executive chairman, yesterday said the initiative has enjoyed a major jump in earnings over the past seven months following a slow start.]

“On Saturday, January 27, 2018, we launched the first Pop-Up Farmers Market at our Gladstone Road site. We have been there from 8am to 3pm, as we have always been to date, and only took in $1,111.63, but we were not discouraged,” Mr Foulkes said during a press conference at BAIC headquarters.

He added that BAIC only took in 7,727.86 over the four Saturdays during February 2018, but in September revenues from the Pop-Up Farmer’s Market amounted to $39,939. From January to October 31, 2018, the facility has generated a total gross income of $230,566.

“About 73 percent of that amount represents direct payments to Family Island farmers of approximately $176,629.84. Further, based on our plan for the remainder of the year, we expect that our total sales will be in excess of a quarter of a million dollars,” Mr Foulkes said.

“In terms of the Corporation’s finances more broadly, we are pleased to announce that through the first nine months of 2018 on a cash basis the loss has been just under $12,000. Compare that with the loss for the same period of 2017, which was over $1.042m.”

Mr Foulkes said the remaining pop-up locations for 2018 will include:

• Friday, November 30 – The University of The Bahamas

• Saturday, December 1 – Seabreeze

• Sunday, December 9 – Seventh Day Adventist Church (location to be determined)

The Pop-Up Market will continue operations every Saturday at Gladstone Road through to, and including, Saturday, December 8.

Mr Foulkes said there will be a Customer Appreciation Day, where customers will get a five percent discount on all items based on regular prices throughout the year at Gladstone Road.

There will also be a Farmers Appreciation Day tomorrow when there will be a luncheon held for the farmers.