Private sector banking on FNO for economic stimulus

BY JULIAN RICHARDSON Assistant Business co-ordinator

Thursday, September 06, 2012    

Print this page Email A Friend!

PRIVATE sector leaders are banking on today's Jamaica Observer celebration of Fashion's Night Out (FNO) to provide a much-needed boost to a fragile retail sector.

The celebration will see hundreds of stores across the island offering discounts of up to 70 per cent on merchandise from 5:00 pm to 10:00 pm. It is a tremendous boost to a retail market hammered by the weak domestic economy, said Private Sector Organisation of Jamaica (PSOJ) President Christopher Zacca.

"This is the kind of approach we need to find ways to boost spending in a very tight economic situation," said Zacca,

The PSOJ president said retailers have generally reported flat sales this year against the background of weak consumer purchasing power.

"My sense is that there is some concern creeping into the retail sector which, if the trend continues, could lead to retailers having to make decisions as to how they manage their costs etc," he said.

Following a contraction in the first quarter, the economy saw 0.1 per cent year-over-year growth in April to June, reported the Planning Institute of Jamaica. What's worse is that the planning agency is projecting that the economy could contract by as much as 0.5 per cent for the current quarter, which ends in September 30, albeit, with the possibility of 0.5 per cent growth on the more optimistic side of the forecast.

Jamaica Chamber of Commerce (JCC) President Milton Samuda anticipates a massive turnout for tonight's event.

"We expect it to be another roaring success and have encouraged our members to participate," said Samuda.

The JCC president lauded the initiative as "a shining example of innovation".

"When you have a government that is constrained to provide the stimulus that the economy needs, the private sector has to come with innovative ways of doing this," he said.





1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper – email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus


Do you think an increase in JUTC bus fares is justified at this time?

View Results »


Today's Cartoon

Click image to view full size editorial cartoon