By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
Rival Bay Street retailers have expressed concern that the John Bull Group of Companies will be acting as the master leasor of all retail space at the $2.6 billion Baha Mar project.
While no retailer would speak to Tribune Business ‘on the record’, fearing they could lose a lucrative opportunity to become a tenant at the Cable Beach development, this newspaper understands several feel the John Bull-Baha Mar deal creates a potential ‘conflict of interest’ that may act against their own businesses.
Tribune Business was unable to obtain specifics of the agreement between Baha Mar and John Bull, but one source suggested it involved “managing the process” of the developer’s retail outlets.
Sources said the main concern among other retailers, especially John Bull’s rivals in the luxury goods segment of the market, was that this could place the company in charge of negotiating/arranging all retail leases and outlet locations at Baha Mar.
This, the company’s direct competitors are understood to fear, could lead to them being ‘shut out’ from Baha Mar, or possibly facing unfavourable terms and locations, with John Bull snapping up the best spots.
One source, speaking on condition of anonymity, told Tribune Business: “They [John Bull] have the whole concession for retail. It’s a potentially massive conflict of interest.
“John Bull can’t take all the space. Do retailers have to go to a company to lease space in a hotel?”
Retail sources, also speaking on condition of anonymity, also confirmed they had “heard” of the master leasor agreement, while others added that they “would not be surprised” if such a deal had been reached.
None of these concerns could be verified, since it is unclear exactly what John Bull will be responsible for at Baha Mar.
However, Tribune Business was able to confirm that Baha Mar has indeed signed a ‘master leasor’ agreement with John Bull for retail at the $2.6 billion project.
Robert Sands, Baha Mar’s senior vice-president of governmental and external affairs, yesterday confirmed to Tribune Business: “We have entered into an agreement with the John Bull Group of Companies to act as the master leasor of our retail outlets.” He declined to comment further.
John Bull is owned by the Pritchard family. It has 12 stores in the Bahamas, and houses nine boutiques for luxury brands such as David Yurman, Cartier, Coach, Gucci and Bvlgari.
Comments
shortpants 11 years, 1 month ago
Same bull all the time only the rich get's richer .
TalRussell 11 years, 1 month ago
Sir Stafford I ain't know if your behavior on earth sent you up or down deaths ladder, but pretty damn sure either way you must bee's laugh'in your ass off, at all the go'in on's in we Bahamaland?
Comrades same today as he days in power when the rich Bahamian get richer and the poor buggers get poorer.
It doesn't seem to be much variations in how's this in-e-quality of the wealth be work'in, regardless be it them gold or red shirts in power.
The gold and reds is bad enough, all by themselves. Now, we got's the red communist government pushing the small business owners Bahamians around?
Sir Stafford, I still wanna believe that one day Bahamaland will say, enough is enough. No more closing off of our beaches and all them other things is be go'in on for far too damn long?
http://thetribune.media.clients.ellin...">Sir Stafford he may be dead but he ways lives on by TalRussell
Philosopher_King 11 years, 1 month ago
This is one of those sweet deals that I eluded in an earlier post; where the monopolistic/oligopolistic established merchant class got the whole hog under the last regimes watch that is now causing so much fiction between former bosom buddies Christie and Izmirilian. The usual suspects who dominate the local business environment are now to be trusted to give new upstart entrepreneurs a fair shake of competing for the tourist dollars? You who don't already have better start polishing up your resumes and applying for jobs as waiters and maids no new retail business opportunities here for you. Effectively like most choice strategic retail space the realtor is usually your biggest competitor thus why our economy is stagnant and lacks real new wealth generation.
concernedcitizen 11 years, 1 month ago
who else has the where with all ,proven track record ,ability to aquire and stock high end goods , money to build out the shops to high end standards ,,,john bull , little switzerland ,colombian emeralds ,,,the little man doesn,t have the finaces or credit to stock stores with a million in inventory ,,or maybe P King you would suggest the goverment finance some one w/ no track record to run high end shops in one of our main industries
Philosopher_King 11 years, 1 month ago
Concerned, In many more enlighten nations a certain percentage of space is reserved for new and smaller local business ventures in projects that have received tremendous government concessions and subsidies. It helps drive new wealth creation or do you believe in just trapping your younger upstart entrepreneurs in a never ending battle they can't win against the establish entities. For some like you I guess it is just the natural order of things no need for new blood to aspire to anything more than a job, Besides this is different the hotel isn’t inviting tenders to lease space from them; they have given a major market competitor the right to choose who it’s competition will be and first dibs on best locations that’s what you call “free enterprise”.
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