are usually a slow time for most Cayman Islands business owners. There are
fewer tourists here in the summer compared to the high season and it’s also a
time when many residents take vacations. The drop off in business is expected
and business owners prepare accordingly.
most summers, business owners have had the financial benefit of a good high
season just past to get them through the slow time. However, this year, the
global financial downturn, especially in the United States, impacted tourism
spending here. Compounding the economic situation is a declining resident
population in Cayman, and lower consumer spending.
a result, many businesses entered this year’s low season in a less than ideal
financial situation and are now facing a long, difficult summer and autumn. Undoubtedly, there will be a number of business
failures of companies that just don’t have the cash reserves to make it until
these difficult times, many businesses are running special offers to try and
entice business, especially from residents. Although companies might not make
as much profit when transact business at a reduced rate, it still creates much
needed cash flow, something that is vital if a commercial entity is going to
quick glance at some of the advertisements running in the Caymanian Compass
will show a number of good deals being offered in the community, from
percentage discounts at retail stores to special promotions at restaurants.
residents looking for a bargain, this can be a great time to buy a needed item
or to enjoy a night of dining out. With
the recent duty increases on many food items, residents would have a hard time
buying their own food and cooking it for less than the price of some of the
specials being offered by local restaurants.
here in Cayman need the support of residents now more than ever. Ultimately,
when any business fails, it has an impact on the wider community because it
costs jobs and reduces commerce. We encourage all residents to do what they can
to patronise local establishments in whatever way they can afford.