Thursday, March 28, 2024

Flexing for customers

Date:

Share post:

As companies across the globe continue under difficult economic conditions, one of Barbados’ leading furniture and appliance retailers is using this period for innovation and introspection.
Trisha Tannis, managing director of Unicomer (Barbados) Ltd, trading as Courts Barbados Ltd, told BARBADOS BUSINESS AUTHORITY the recession has negatively affected turnover.
“However, we have used this period to innovate and to expand our thinking not only in terms of product offering but also as it relates to appreciating the impact of the recession on consumer spending patterns and the psychological imprint that the recession will leave on the consumer after it has lifted,” she said.
Tannis, who is Unicomer’s first female managing director, said this type of introspection had already proven rather successful since “it has driven the company towards a level of creative thinking and consumer interaction that has been extremely well received in the midst of the downturn”.
“We are therefore very optimistic about the prospects for the post-recession future as the economy slowly climbs out of the downturn,” she said.
Tannis added that Courts has increased the flexibility of its credit facilities over the past few years since it was not in the company’s interest “to place consumers under any form of economic hardship”.
She noted that although there has not been a notable increase in “genuine delinquency”, there has been a significant increase in the number people with shorter work hours.  
“This category of consumer has therefore taken a reduction in income but still unfortunately has to service the same level of debt as previously.
“In these cases we have entered into arrangements with the consumers to refinance or renegotiate the terms of their financing as long as the current circumstance prevails,” she said.

Previous article
Next article

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Beyoncé shares ‘Cowboy Carter’ tracklist

Yeehaw! Beyoncé’s new album is almost here. The singer revealed the tracklist for “Act 2: Cowboy Carter” on Instagram...

Four killed during stabbing spree in Illinois

Illinois, USA - Four people have been killed and at least five injured after a man armed with...

Guilty of having sex with minor

The St Michael man who was earlier this month on trial in the No. 4A Supreme Court, accused...

Disgraced ‘Crypto King’ to be sentenced

Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will...