MegaMart Portmore to shut down after 27 years in St. Catherine

MegaMart’s Portmore branch in St. Catherine is set to close on June 30, bringing an end to 27 years of trading at the chain’s first store, which opened in 1999. Cost Club, operator of MegaMart, says the shutdown forms part of a strategic consolidation of its retail business.

The decision has surprised some shoppers in the Sunshine City. Chairman Gasan described the move as difficult, while long-time customers said the store’s location was convenient and that its closure would affect both shopping routines and people who depended on activity around the outlet.

MegaMart says the closure follows a wide review of the company’s operating conditions and is intended to support long-term sustainability and growth. The Portmore operation will be folded into the Waterloo Road and Mandiva locations.

The company pointed to several pressures on the retail industry, including stronger competition, changes in consumer spending, more online shopping and direct importing by customers. It also cited the impact of Hurricane Melissa in October last year, which forced the closure of its Montego Bay branch.

In regional banking news, Butterfield Bank is moving to acquire a 91.7 per cent controlling stake in CIBC Caribbean Bank in a transaction valued at about US$1.79 billion. The deal includes roughly US$1.09 billion in cash and about US$73 million in Butterfield shares.

Butterfield, a full-service bank and wealth manager based in Hamilton, Bermuda, says the merged operation is expected to become the largest independent bank serving island economies in the region, with a wider footprint across Bermuda and the English-speaking Caribbean.

The combined group says the transaction should strengthen cross-border payment processing and support further investment in technology, digital banking and cybersecurity. After the acquisition is completed, Butterfield intends to purchase the remaining minority shares in CIBC Caribbean, forming a regional banking and wealth management group with approximately US$29 billion in assets.

On the stock market, the JSE Index gained 1,435 points to close at 340,627, while the Junior Market Index rose eight points to 3,100. Advancers included Elite Diagnostic, Lumber Depot, Kingston Properties, Caribbean Producers and Sterling Investments. Decliners included First Rock Real Estate Investments, Brighton and Suns Holdings 6% Preference Shares, Paramount Trading, First Rock Real Estate Investments US Dollar Shares and Innovative Energy Group. Fourteen stocks traded firm.

At the close of foreign exchange trading, banks and cambios sold the US dollar for an average $158.28. The Canadian dollar sold for $1159, the pound for $212.13 and the euro for an average $18848.