Samm's stores for sale as Younis retires
Published:Friday | June 11, 2010 | 12:00 AM
Businessman and longtime retailer, Sameer Younis is selling two of his five Samm's departmental store locations and handing over the remaining three to his son, Alan Younis, as he retires from the retail trade in which he has operated for decades.
Younis told the Financial Gleaner that he would be selling the stocks at the Half-Way Tree branch, located at 4-71/2 Constant Spring Road, and at Mall Plaza in the uptown Kingston shopping district.
Younis declined to name the buyer of the businesses, but said he will retain ownership of the 4,000-square foot ground-floor property at Half-Way Tree. The premises at Mall Plaza are rented.
"I'm in the process of completing the transactions (for the sale)," he said, noting that the sale should be wrapped up by the end of June, when he will cease operations at those locations.
son takes over
Meanwhile, his son Alan will take over the operations in Mandeville, Montego Bay and at Silver Slipper Plaza in the Cross Roads area of Kingston.
Younis said the sale of two branches of his business was forced by bad business brought on by the global economic downturn, which he said has negatively impacted his business.
"In the market today, it is difficult to do business," he said.
"Things are so tight, disposable income has declined and sales have been poor."
Younis started his business in the 1970s under the name Fabric de Younis and sold fabrics especially to dressmakers and tailors. The store grew from one to several; but, he said, the business began to be impacted by clothing and fabric imports from China.
Younis said he was forced to diversify into this market, selling ready-made clothing, household and other products under the Samm's name.
The transformation, he said, was slow and occurred within the last 10 years.
"We did well up until 2007, (but) 2008 and 2009 have been disastrous," he said.
Younis, who is also into real estate, said at age 70, it was time to fully retire and hand over the daily operations of the other three branches to his son.
He plans to remain engaged in social work and entrepreneurial outreach, training young persons in the inner-city communities to help themselves through the inner-city programme of the Jamaica Chamber of Commerce, which he once led as president.