Although seasonal shopping got off to a slow start last month, storeowners in downtown Port-of-Spain are now reporting an encouraging flow of business. "We would say despite a slow start in the month of November, there has been an encouraging steady flow (of business) during the month of December," said President of the Downtown Owners and Merchants Association (Doma) Gregory Aboud. "Most downtown businesses, including furniture, appliances, footwear, clothing and home furnishings, have reported improving results."
Comparing last year's sales to this year's, Aboud said: "It was no surprise to anyone, including the business community, that business at the end of this year would be somewhat reduced from last year. "Our observation is that the entire world economy is in an adjustment phase and hopefully we are seeing a re-steadying of values and that realistic expectations will be the result," he said. "The business community and citizens at large could not, and should not, expect that the excessive spending of the past several years could have been sustained.
Jerome Jones, of Laventille, lounges in his tent at the Salvatori site yesterday.
"There was once talk of a barrel of oil going to $300. That type of thinking had infected our value system and distracted us from the basic values of being thrifty, sensible and seeking value with each expenditure."
Aboud said with the nation having gone through a recession, people had now reverted to the practices of spending wisely. He said although people were not spending as wildly as they had in previous years, businesses in downtown Port-of-Spain had seen encouraging signs of a profitable Christmas season.