Roberts says improved grocery store sales indicate the economy is recovering
NASSAU, BAHAMAS — Super Value’s owner said yesterday that sales this Christmas were better than each of the past two years, noting that with a significant inventory stock, the food store chain hopes to hold back on full-scale price increases at least until March.
Rupert Roberts told Eyewitness News: “I think this year we jumped ahead of our 2019 performance. That is telling me that the economy is improving.
“The economy is coming back and people are catching up on their past due bills, mortgages, rent and keeping the lights on.
“People were back to buying regular budgeted groceries this Christmas.
“We would have liked it to have been better, but this Christmas was better than 2019 and 2020. We are not complaining. We are just trying to do better.
“I think part of the reason we did well this Christmas was because we didn’t have to pass on all the price increases.”
Roberts added: “We are well stocked and that is why we are going to be able to maintain prices until about March. We [have] a three-month supply of inventory.
“The new inventory coming in next year, however, is going to be at higher prices.
“Come January, breadbasket items are going up because of the VAT (value-added tax).
“We don’t like what we are hearing. We knew there was inflation but now we realize there is going to be further inflation. China is going into lockdown and that’s going to disrupt the supply chain even further.”
The Davis administration is following through with its campaign pledge to reduce VAT from 12 percent to 10 percent and will reintroduce VAT on breadbasket items as of January 1, 2022.
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