In spite of the downturn in the T&T economy, the local franchise holder for Chuck E. Cheese’s has made a multi million dollar investment in San Fernando.
Company directors Kristine Thompson and Joanna Rostant, who opened their second franchise of the family styled restaurant at C3 Centre, San Fernando, said they have faith the economy will rebound in no time and the investment would reap the desired rewards.
So optimistic are they about the economy turning around, Thompson said they are expanding into a third franchise in 2017, to be located either in the Port-of-Spain or Trincity/Arima area.
“People are investing in a down economy. I say we are Trinidadians and you have to have faith in your country.
“This is your future. This is just a dip. We are going to come out of it stronger,” she said.
San Fernando Mayor Kazim Hosein and San Fernando East MP Randall Mitchell, in whose constituency the restaurant is located, welcomed the investment which has provided 60 new jobs, 80 per cent of which are local.
This brings to 120 the number of people the restaurant employs.
President of the San Fernando Business Association (SFBA) Daphne Bartlett also expressed optimism about the investment boosting the economy but had concerns about the sustainability of the business past the July/August vacation period and about franchise holders having to remit profits in US dollars to their principals.
“From a business and foreign exchange point of view, I am looking at another aspect of it. That is when profits are made, they reinvest locally because at the moment foreign exchange is a big problem in this country.
“We are looking at new franchises coming into the country, where we have to remit some profits to the principals and that is not TT dollars you are remitting, that is US.”
Hosein, who along with Mitchell cut the ribbon to declare the franchise open, said Yay! Entertainment Limited was very smart to invest when the economy is down.
“To me when the economy is down, this is the right time to invest, so when you build back up you would have already had the goodwill.”
In welcoming the new business to his constituency, Mitchell said it means more jobs and greater access to entertainment services.
“It’s really a world class, international franchise,” he said, adding that as a result of the development of the C3 Centre and nearby South Park, property values in the surrounding communities will appreciate.
Mitchell said he is certain spin off support services will sprout up which would be an additional boost to the San Fernando economy.
Explaining the rationale for the investment, Thompson said they felt south Trinidad was becoming a self contained community and they wanted to be part of it.
“We opened in Chaguanas in 2014 and from the time we signed the franchise agreement with Chuck E. Cheese’s in 2012, we knew San Fernando was going to be our second store,” she said.
“We always felt that San Fernando was a very important market, not only in terms of the spending power, but the location on the Solomon Hochoy Highway allows us very good access to the deep south—Fyzabad, Penal, Debe, La Brea, Point Fortin—which we felt were under served communities with a lot of potential.”
The restaurant, which occupies 15,000 square feet, can accommodate 624 guests and has 90 games, including a kiddies bumper car rides and a photo booth.
