After more than a year of setbacks, FosRich Company Limited is pressing ahead with plans to officially open its new super centre at 76 Molynes Road later this year.

Managing Director Cecil Foster, speaking with the Jamaica Observer this week, said that the facility — originally slated for a December 2024 debut — is now much closer to completion following the recent handover of the building by contractors.

“We have now been given the facility, so we are going to be doing our retrofitting and installation of shelves, systems and so on. We couldn’t have moved in before now as the building wasn’t fully completed, but we have it now and we are looking at having it ready for opening toward the latter part of the year, likely in the period leading into the Christmas season,” Foster said.

“It’s going to take a couple of months to put the shelves, displays and some other things in place, so we expect to have it ready by late this year,” he added.

The near $2-billion development built by GraceKennedy Pension Fund and operated by FosRich under a lease agreement, spans more than 40,000 square metres. Located adjacent to the company’s flagship store, the complex is being positioned as a major commercial hub anchored by the new electrical superstore and showroom.

Beyond retail, the multi-use facility will incorporate rental spaces for a range of businesses. Approximately a dozen tenants are expected, spanning beauty, food, medical and other service-oriented enterprises.

“Rentals have been going well and some people are moving in already… we have hairdresser, food, gift and flower shops,” Foster said. “Some tenants have not yet started to move in, but right now we have about four or five that have done so. The shops are not yet open — they’re preparing to welcome customers in another few months.”

He noted that announcements regarding more prominent tenants will be made closer to the official opening.

The multi-storey complex, which is expected to generate hundreds of jobs, features underground parking, a ground floor dedicated to FosRich’s superstore operations and upper levels that will house administrative offices, business service providers, and the company’s new corporate headquarters.

The superstore forming a central part of FosRich’s growth strategy is also tied to the more than 25-year-old company’s work toward its 2027 Pinnacle targets through which it seeks to realise a fivefold increase in revenue over a three-year period.

While declining to comment on delayed fourth-quarter results ahead of their release, Foster indicated that upcoming financial disclosures will provide further insight into the company’s performance trajectory. In a note posted to the Jamaica Stock Exchange website, the company’s management indicated that it is working expeditiously with its auditors to submit the audited financial statements on or before April 30, 2026.

In an update on its planned expansion into the US, Foster said this remains on hold. This, as the company continues to take a cautious approach amid geopolitical and socio-political uncertainties, including tightening immigration policies that have affected minority business enterprises (MBEs). With this sector touted as a lucrative area, FosRich has sought supply construction products for infrastructural projects for these enterprises which often benefit from mandatory federal, state and city contracts.

“We remain in wait-and-see mode as we continue to monitor all that is happening on that side. In the meantime, we are looking at other opportunities for how we can supply from here,” Foster further stated, while noting that focus remains firmly on completing the Molynes Road superstore, which is expected to significantly expand FosRich’s retail footprint and strengthen its position in the local market.

FOSTER…we have now been given the facility, so we are going to be doing our retrofitting and installation of shelves, systems, and so on