Courts’ confidence in economy leads to opening of another East Bank branch  

Georgetown, GINA, September 14, 2012 -- Source -GINA

In a continuing display its confidence in the local economy, the commercial furniture giant, Courts Guyana today launched a second outlet of its operation on the East Bank Demerara, at Diamond. An outlet of the business was earlier established in nearby Grove community in October 1999.

President Donald Ramotar with Minister of Finance Dr. Ashni

Singh, Minister of Housing and Water Irfaan Ali and Managing

Director, Courts Clyde de Haas at the launch of the Courts

Diamond branch

President Donald Ramotar cut the ribbon and unveiled the plaque, signalling the opening of the business. He was joined by Minister of Finance Dr. Ashni Singh and Minister of Housing and Water Irfaan Ali.

The President said that the opening of the Diamond branch and, the many other Courts branches across the country is “an expression of the growing confidence that Courts has in our country and the growing environment that we have established here in Guyana.”

The new Courts Diamond Branch

He said that commercial entities’ confidence in the country’s business environment is interesting to note as there was a time when major stores, instead of expanding were closing, downsizing operations and reducing their investments.

“Fortunately we have put those days behind us and more and more businesses are expanding in ever new areas,” the President said.

The Diamond/Grove Housing scheme has been steadily transforming and expanding. New infrastructure and facilities distinguish it from the other housing schemes, having benefitted from billions of dollars in infrastructure which propelled its development.

There is a modern secondary school, water supply system, police station, three branches of commercial banks, a hospital, market tarmac and a new primary school recently opened its doors.

“Diamond is abuzz, it is an expanding area for residential housing and new businesses,” the President said

President Donald Ramotar speaking at the launch of the Courts

Diamond branch

In time Diamond, one of the largest housing schemes in the country will be granted township status and to this end, President Ramotar said that it was wise of Courts to expand its investment in the area.

He expressed confidence that “the investment will bring great rewards to the company because it is contiguous to what will eventually become one of the largest housing settlements in Guyana.”

President Donald Ramotar cutting the ribbon to open the new

Courts Diamond branch

The Head of State noted that, “Courts is positioning itself to be able to grasp the opportunities provided by the demographic shift that will be taking place here on the East Bank Demerara.”

Commending the company for its decision to bring business closer to the people, the President called on its management to view the investment in Diamond as more than just a business opportunity, one that allows them to become involved in, and, aid the social development of the community.

President Donald Ramotar and Managing Director, Courts

Clyde de Haas unveil the plaque and cornerstone of the

Courts Diamond branch

Minister Singh in his address saluted the contribution of the furniture giant to the lives of Guyanese. He said that entry of the Courts operation in Guyana enables two important things: in the first instance important linkages have been established along the entire production chain as in its earliest days, the company aided in nurturing and the growth of the furniture manufacturing industry in Guyana and, the application of stricter standards for furniture production.

Most importantly, the Minister said that Courts brought with its easy financing to commercial life.

“Courts brought from its first days in Guyana, not only retail of household appliances and furniture but very importantly brought mass access to financing, an innovation at the time in the Guyanese market,” Minister Singh said.

President Donald Ramotar in the company of Managing

Director, Courts Clyde de Haas checks out some of the

appliances at the store

He noted that prior to Courts, “the concept of financing for the acquisition of household appliances was one, while it existed, did not exist in a mass access fashion in the way that Courts introduced it.”

Minister Singh said that before Courts there were a few businesses that offered hire purchase but, their standards were very strict and  the majority of Guyanese customers either had to have had cash, a fixed asset for their home or save up for a long time or take a loan from the bank.

President Donald Ramotar with some of the management

officials of the Courts subsidiaries

“Courts made the average Guyanese family …the lower income family comfortable, that you can walk into Courts with just the most basic proof of income and walk out of Courts with an important asset with which to adorn your home,” Minister Singh said.

He urged the entity’s management to look at ways in which it can extend the business reach.

Minister Ali spoke of integrated relationship between Courts and the Ministry of Housing and Water and the Central Housing and Planning Authority. In fact, the Minister revealed that the ministry is in advanced discussion with the furniture company on a project that will see the development of the company’s largest state-of-the art distribution facilities in Guyana, an investment that is earmarked to cost more than US$6M.

Minister Ali said that Government is collaborating with the company to ensure the completion of this facility in the next three years. Minister Ali also revealed that one of the key features of the facility will be its focus on the Brazil market as Guyana seeks to integrate its infrastructure with that country.

Managing Director, Clyde de Haas, said that the Diamond store was a must in delivering the brand promise of ‘Bringing value home’ in a striving and expanding East Bank community corridor,  propelled by the Government’s housing effort that has outpaced the scope of operations of its Grove operation.

Courts will celebrate its 19 year in existence later this month.

As part of the grand opening of the store customers are being offered a five percent discount on all items this week.