The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net’

Bahamian apparel retailers yesterday predicted an increase in their prices over the remainder of 2021 if supply chain disruptions and backlogs are not resolved.

Margo Farrington, chief marketing officer for Lorene’s Department Store, told Tribune Business the retailer is having “issues” securing sufficient inventory for customers.

She said: “The factories are backed up where we order from in the US. I just had a lady in yesterday waiting on one of our shipments, and they were telling us that they’re short staffed in their warehouse and they can’t get the goods out. So that’s an issue.”

Forecasting price increases over the coming months due to these supply chain issues, Ms Farrington added: “I’ve had some of our companies already send me e-mails saying that their prices will be going up because of the dollar value against the yuan, and the shipping costs from China to here, in addition to the rising price of oil and everything along with that.”

While it was too early to determine the extent of the price increases, she acknowledged that based on what suppliers were telling Lorene’s, come July 1 consumers will “probably see about a three to five percent increase in apparel”.

Erica Adderley-Gardiner, operations manager at BATCO, confirmed the business is also “definitely” having supply chain challenges and shortages in inventory.

“Our suppliers are having shortages in inventory, and they also have a lot of manpower issues with persons either not working or not choosing to work. So they are short-staffed,” Ms Adderley-Gardiner said.

“Containers, freight and truckers are moving now, so it’s a lot of different issues. We’re seeing price increases right now. The thing is your regular suppliers are being stretched trying to get products. Obviously we’re having to source from other persons, and their prices are higher anyway because a lot of people are trying to find product. So they are already jumping prices on us.”

Ms Adderley-Gardiner warned that if there is no change prices will steadily increase for the remainder of the year.

Charlise Curry, general manager of Shayne’s department store, said supply issues dating from last year have been resolved and they are “back to where they started from”.