As one of Trinidad and Tobago’s most recognisable retail brands continues to expand, the opening of the new Pennywise Plaza in Trincity is expected to create a significant economic boost for the area.
The development, which officially opened on Friday, has already generated more than 200 jobs and is expected to drive further commercial activity, as additional businesses establish operations within the complex.
Pennywise Cosmetics Ltd has officially opened its 11th store, further strengthening Trincity’s reputation as one of the country’s fastest-growing commercial hubs.
Speaking at the opening ceremony on Friday morning, Minister of Trade, Investment and Tourism, Satyakama Maharaj praised the company for its longstanding commitment to locally manufactured products.
He described businesses like Pennywise as critical partners in Government’s efforts to diversify the economy and strengthen the non-energy sector.
“Partnerships with companies like Pennywise are essential as we continue to diversify the economy and strengthen our non-energy sector. I’m particularly pleased that Pennywise continues to support products made in Trinidad and Tobago by local manufacturers, and they have always done that. This alliance with the ministry’s bi-local Bill Trinbago campaign, which encourages consumers and businesses to support local manufacturers, strengthen domestic industries, and create new opportunities for entrepreneurs. Behind every local product placed on these shelves is a story of economic resilience, perseverance and passion.”
Pennywise CEO, Dalvi Paladee reaffirmed the company’s commitment to affordability, saying the Pennywise remains focused on helping customers cope with the rising cost of living, by ensuring competitive pricing across its product range.
“Every single item has to come through me for a final price. Because I am aware of the struggles my customers have, our customers have to make ends meet in this country and we will do everything we can to save people money.”
Minister of Finance, Davendranath Tancoo said investments such as Pennywise Plaza Trincity are a testament to the role entrepreneurs play in driving economic growth; creating jobs and building confidence in the country’s future.
“Far too often when you speak about economic development. We speak in terms of numbers and statistics and balance sheets. But economics and economies are ultimately built by people. People who are willing to take the risks, people who put in the hard work as was done here, as we just who People who invest their resources, create opportunities for others, and think about not only where they are today, but also imagine where they want a country and themselves to be tomorrow. And that is why we must celebrate businesses like Pennywise.”
Customers welcomed the opening of the new location, describing it as a more spacious and convenient shopping destination.
“I’m really excited. Because I used to go to the one in Trinicity Mall and it was so cramped and small so I couldn’t wait for this one to open.”
“This will be plenty people on the East side, favourite store. Personally I feel so because since I passed around and asked customers, they said this is going to be their favourite spot now.”
“They’re gonna see how luxurious it is, for one. The aesthetic and everything is aesthetically pleasing to the ye. I mean no one would say ey I don’t want to go and shop in this Pennywise.”
The new Pennywise Plaza brings together a range of businesses under one roof.