MegaMart's first world shopping experience comes to central Jamaica with the 'soft' opening of MegaMart Mandeville on Wednesday, January 23, 2013. The grand official opening ceremony will take place at a later date.
The newly constructed J$1.2 Billion superstore, sited at Lot No.2, Bloomfield, Mandeville, provides a convenient one-stop shopping experience offering a wide range of goods and services in similar fashion as the three other superstores in the chain, located in Portmore, Kingston and Montego Bay.
Customers will be able to shop for a variety of goods including groceries, freshly baked products from the on-site MegaMart Bakery, liquor, household items, furniture, electronics, gym equipment, clothing and footwear, pet supplies as well as auto care products. There is also a food court where patrons can relax and enjoy tasty meals and snacks in a pleasant setting or make take-out purchases, and a Digicel outlet.
The store will be open every day 9:00 a.m. to 10:00 p.m. and everybody is welcome to shop at MegaMart as a shopper does not have to be a member of the MegaMart Wholesale Club. However, only members can benefit from MegaCash to buy more goods.
MegaMart Mandeville, like the other stores in the chain, provides economic opportunities for its host community including 300 full-time jobs and spin-off employment for hundreds of local producers who are required to supply an estimated $500 million in local produce annually.
The establishment of MegaMart Mandeville has been made possible through Scotia Investments' Capital Markets Unit, which used a Build-Own-Lease (B.O.L.) structure to raise the financing. Representing a first for Jamaica, this structure was used to raise the entire sum required in equity financing from investors to construct the property according to MegaMart's specification. MegaMart now has a 20-year lease on the property and the option to renew the lease every five (5) years.
The B.O.L. Financing arrangement offers attractive benefits to both MegaMart and the investors. The company accesses long-term financing, which it might not have been possible to secure in the debt market and is able, therefore, to allocate its cash resources to core business instead of tying them up in real estate. At the same time it allows the company to widen its funding base to include new investors and is able to reduce the use of leverage.
Since the establishment of its first superstore in Portmore in 1999, MegaMart has developed a large, loyal and ever-growing customer base. The MegaMart culture has also been maintained as evident in a wide range of high quality consumer goods at affordable prices in an attractive, spacious and comfortable shopping environment and excellent customer service.
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