| Mon 12 Jun 2006, 10:00 | | Tourvest Expands Offshore To Calypso Beat |
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TRT
TRT
Tourvest Expands Offshore To Calypso Beat
Tourism Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/008144/06)
Share code: TRT
ISIN: ZAE000012472
TOURVEST EXPANDS OFFSHORE TO CALYPSO BEAT
Johannesburg, 12 June 2006 - Tourvest has acquired a 60% interest in Ganzee, a
leading souvenir store operator in Barbados for R13 million, subject to
regulatory approval. This is the first step in the planned international
expansion of its destination retail business.
Ganzee - Caribbean slang for T-shirt - has thirteen stores in Barbados,
including outlets at the cruise ship terminal and the international airport, as
well as two outlets in Granada and one in Tortolla. It was previously owned by
the Cave Shepherd group, one of the largest travel and duty free retailers in
the Caribbean, which remains a shareholder and will play an active part in the
development Tourvest plans for Ganzee.
Managing director of Tourvest"s retail merchandising division Eric de Jager said
today that Tourvest was acquiring not just a successful business in Barbados but
a beachhead into the entire Caribbean, one of the world"s premier tourism
destinations. The region attracted 36.5 million visitors in 2005, many times
the South African figure of 7 million for that period.
"We see the Caribbean as a single market in terms of the retail potential
opportunity. Ganzee has a good infrastructure with effective logistics, IT,
personnel and financial management, and this will serve as a solid base for the
rapid expansion we have in mind. Our aim is ultimately to grow into the leading
destination retailer in the Caribbean," de Jager said.
De Jager noted that Tourvest was already Southern Africa"s dominant destination
retailer, with 60 specialist stores located at all key tourism hubs from Cape
Point to the Victoria Falls.
"Given the size and spread of our presence here, opportunities for local growth
are limited, hence our decision to expand beyond our existing borders by
leveraging our truly world-class skills in destination retailing," de Jager
said.
While the Caribbean was a major tourist shopping destination, the current
destination merchandise offering was largely undifferentiated, with most of it
being sourced from the same wholesaler in the United States.
"Tourvest, on the other hand, has extensive retailing resources, which include
access to a huge pool of suppliers and merchandise. This will enable us to
offer consumers a better and wider choice, as well as to provide those who visit
a number of islands with differentiated products. Another area in which we can
add considerable value to Ganzee is in the development of distinctively
attractive store design themes," de Jager said.
"Our first priorities will be to introduce new ranges of merchandise - with a
strong emphasis on the current international trend to lifestyle gifting and
homewares - into the existing stores and to develop an expansion strategy in
conjunction with our partners Cave Shepherd. At this stage our intention is to
grow the store network from 16 to 35 within five years."
For further information call Eric de Jager on 082 900 3416
Issued by du Plessis Associates on behalf of Tourism Investment Corporation.
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547,
Mobile: 082 330 2034 or e-mail: tourvest@dpapr.com
Sponsor : Investec Bank Limited
website : www.tourvest.co.za
Date: 12/06/2006 10:00:07 AM Produced by the JSE SENS Department
