Guyana is presenting a golden opportunity for major international brands to tap into its growing retail market. Arick Wierson, a political and business columnist for CNN, Observer, CNBC, and Vice, highlighted this untapped potential in a recent article for The Robin Report on Sept. 12.
Despite its immense promise, Guyana’s retail sector is still in its infancy, creating a fertile ground for pioneering brands to shape its evolution. Wierson emphasized that this early stage represents an unparalleled chance for investors and businesses seeking to establish a lasting presence in the country.
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Wierson stated, “There is still a first-mover advantage across nearly every sector within Guyana’s vast retail landscape, from upscale boutique fashion brands like Coach or Ralph Lauren to kid-focused experiential stores such as Legos or Crayola to grocery, fast food, and beyond.”
The columnist underlined this sentiment with the recent entry of Starbucks into the Guyanese market, making it the first global coffee giant to venture into this uncharted territory. He noted, “This strategic move by Starbucks not only demonstrates the market’s potential but also signals the confidence of international players in Guyana’s future retail landscape.”
While the prospects for Guyana as a new retail hub are undeniably promising, significant challenges lie ahead. He pointed out that the country must balance rapid economic growth with sustainable development, address infrastructure gaps, and ensure that its growth benefits all its citizens and the international community.
Arick Wierson also interviewed Dr. Peter Ramsaroop, Guyana’s Chief Investment Officer, who oversees the Guyana Office for Investment.
Dr. Ramsaroop expressed optimism, saying, “With business tourism exploding, a solid growth trajectory in leisure tourism, and a steadily increasing standard of living for all Guyanese coupled with a very strong legal and political system and a vibrant local private sector willing to look at joint ventures, retailers should all be looking at Guyana as their next major international expansion. We’re really excited about where the retail sector is going here in Guyana.”
Guyana has developed its Invest 55 Initiative, meant to build global partnerships, increase competitiveness, and globalise Guyana’s sectors.
Guyana aims to partner with local and international companies to increase development capacity across all sectors, and it plans to proliferate knowledge transfer for its local workforce through these partnerships.
Investor interest in Guyana is already at an all-time high.
