It’s no secret that Cayman’s economy continues to struggle.
Indeed, figures released by the Economic and Statistics Office last week reflecting key economic indicators show a Cayman economy in serious decline. And the prediction is for the pain to continue for a while.
Yet despite this and despite the government’s highly publicised budget woes, some businesses here in Cayman continue to expand, while new ones are coming.
Last week, A.L. Thompson’s celebrated the opening of a new section of the store called The Galleries. This new section, which carries various housewares and appliances, rivals anything similar in the United States. Added to the fact that A.L. Thompson’s also carries a huge selection of hardware and building materials, the store is truly unique. And it’s right here in Grand Cayman.
It takes vision to make an investment like that in uncertain times, and it shows that the good folks behind A.L. Thompson’s believe in the long-term success in the Cayman Islands.
But they’re not the only ones. Last month, Ogier moved into offices in Camana Bay’s new building and Fidelity opened a beautiful new branch near the Galleria Roundabout.
Several restaurants have recently reopened after extensive renovations or re-brandings.
Downtown, the AALL Building is going through a much-needed major renovation.
Car City has rebuilt its location in the Industrial Park and will reopen it next month.
A new canal subdivision called Newlands Sound breaks ground next week.
There are also new businesses popping up in various places on the island.
All of this shows that despite the economic challenges, things are happening here.
Wise businesses people know that times of economic downturn are often the best times to invest. Those who have made the investments during this slow time will likely find themselves well-positioned for success in the future.