The new warehouse store called Priced Right, opened last week at the Airport Foster’s Food Fair building.
Operated by the Foster’s Group, Priced Right emulates the widely successful warehouse stores in North America like Costco, Sam’s Club and BJ’s Wholesale Club.
The store sells a wide variety of goods, including foods, beverages, paper products, office equipment, cookware, electronics, appliances, health and beauty aids, household items and outdoor goods.
Managing Director of the Foster’s Group Woody Foster said that buying in bulk is the concept behind warehouse stores.
‘People might think they don’t need so much of one item, but when they realise they can significantly lower the unit price of that item, it makes sense for them to buy in bulk.’
Unlike warehouse clubs stores in North America, Priced Right will not charge an annual membership fee.
‘We want everybody to be able to shop here,’ said Mr. Foster.
Priced Right, however, will not offer a lot of frills most consumers are used to in Cayman. For instance, it will not extend credit or take cheques.
Also, because bulk-packaged items take up a lot of shelf space, the variety of brand names is less than a supermarket or home store.
Fewer employees will be stationed on the floor to answer questions, as well.
‘The whole idea is to keep our costs down so we can offer customers the best possible price,’ said Mr. Foster.
Mr. Foster said prices could go down even further.
‘We’re hoping we can get better deals with our purchasing in the future, and we’ll pass those savings on to the customer.’
Store Operations Manager Derek Lee Pack said some items in the store will be carried on a consistent basis, but other items would only come in once.
Seasonal items will also be carried.
‘We’ll have beach stuff all the time though, even though it’s considered seasonal in other places,’ he said.
Mr. Lee Pack said Priced Right had a soft opening without much fanfare because it wanted to settle the new store.
There will be some variations of product lines while the store tries to find the right mix of goods, he said.
‘We’ll have to see what the hot items are,’ he said, noting that especially in the beginning, customer feedback on the carried products will be welcomed.
Mr. Foster said he thinks Priced Right will catch on with Cayman consumers.
Priced Right can even address the storage problems with buying bulk.
‘We have the storage solution right here,’ he said. ‘We sell freezers as well.’
Related Videos
