With the Dominican Republic’s entry in the Free Trade Agreement with the United States, as well as the preparation for opening trade with the European Union it has attracted large department store chains from the States to this county. Some have decided to open stores here, while others want chains through out the whole of the Dominican Republic….Globalization has also piqued the interest of local business’s to expand their operations by acquiring important merchandise companies related to construction.
Dominican Newspaper Diario Libre reports that at least tow large local business groups are negotiating the purchase of the Ochoa Company, especially their hardware stores. Though the transaction is almost concluded the negotiations are strictly confidential.
However it is known that the Wal-Mart, Home Depot and Sears Groups have offered to acquire large local stores like the La Sirena Department stores are among them, also including other supermarket chains around the country.
The proprietors of Plaza Lama(hence photo) have also been contracted to sell their companies and it was reported that even Americana Departments have foreign chains interested trying to close a deal.
Also the Swedish retailer Ikea want to aim to build its own outlet in Santo Domingo and have already located an area in John F Kennedy Street.
The US home furnishing chain Pier 1 Imports will also open in Santo Domingo.
Famous brands which normally would require a trip to Miami to purchase goodies are already available in certain parts of the Dominican Republic. Local entrepreneurs with capital in hand are acquiring the sale and distribution rights of famous brands in the exclusive stores. They are businesses that require fast money and under the present conditions bank credit for those transactions is difficult to come by.
