HOUSING Minister Adrian Leonce expects a new $45 million mall for small/micro businesses will serve as an incubator for local entrepreneurs and to help to revitalise Port of Spain, he said on April 9 at the sod-turning for the Port of Spain Shopping Complex on Independence Square, Port of Spain. The mall will offer 22 spaces, each at a monthly rental cost of $500, he said.
"This is not just another building but a commitment by this Government to ensure economic empowerment and urban renewal for residents of east Port-of-Spain."
He related that a fire at the next door Tent City Mall had prevented its planned upgrade, leading to the planned construction of this new mall.
"This event also demonstrates that with great determination, passion and care, we can rise from the ashes like the proverbial phoenix and move on to greater things.
"Some may say it has taken us a while to get here, but we are pleased to finally be here this afternoon, after all the preparatory works have been completed, to turn the sod for this new edifice, which will become a beacon of hope in east Port of Spain for those who will utilise it in the coming years."
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Leonce said the project aligned with the government's Vision 2030, namely the goals of putting people first and delivering good governance and service excellence.
"This investment worth $45 million is a strategic move to incubate and support micro and small entrepreneurs in east Port of Spain, ensuring that they have access to the resources they need to thrive, prosper and to ultimately propel their businesses to a sustainable level."
The facility will help the tenants who occupy it but also benefit the wider community and economy, he said.
"Beyond the opportunities it provides for retail businesses, this project is also a source of employment, both during construction and during operation.
Leonce said the mall will foster entrepreneurship by providing small businesses with an affordable, structured environment in which to grow.
"Over time, these tenants are expected to transition into the open market, making way for a new wave of entrepreneurs to benefit from the same opportunities afforded them."
He envisioned the mall when occupied.
"The businesses envisioned for this space reflect a diverse and vibrant commercial ecosystem, including cafeterias, artisan craft enterprises, clothing and footwear retailers, ICT services, jewellery making, and repair businesses. This mix will not only cater to the needs of the public but also encourage creativity, innovation, and cultural expression within our entrepreneurial sector."
He expected the mall to earn "a significant revenue stream" for the State, with annual earnings of about $528,000.
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Leonce said the $500 rent per store was far below the market rate, which starts at around $3,000 in Port-of-Spain.
"To the entrepreneurs who will soon occupy this space, I encourage you to seize this opportunity. Take advantage of the training, resources, and mentorship available to you.
"Build strong, sustainable businesses that will not only support you and your families but also contribute to the growth and prosperity of Trinidad and Tobago.
Leonce revealed his ministry's plans to build and sell low-cost housing units for $300,000.
"You see approximately 60 per cent of applicants on the our database can only afford a housing unit at cost of $500,000 or less.
"This will benefit the store clerk, the food franchise worker, the security guard and others who earn minimum wages or an average of $7,200 monthly."
He said to help existing home-owners to do critical repairs and improvements to their homes, his ministry in the past five years disbursed over $51 million in home improvement grants, with about 800 people getting the grant this year. Some $30 million was also allocated to the Home Improvement Subsidy programme, he said.
Under the Ministry’s home construction subsidy initiative, 601 persons built their own homes, at a cost to the ministry of $30 million.
"This ministry through the East Port of Spain Development Company Limited, expended over $85 million in infrastructural projects such as latrine eradication, steps rehabilitation, road infrastructure works." Leonce said the company had spent $18 million in the past five years on social and economic programmes for east Port of Spain residents, including contractor skills training, effective parenting, conversational Spanish, business improvement district, youth entrepreneurial programme and various sports programmes.
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"Since 2017, approximately, over 600 plus Housing and Village Improvement Programme (HVIP) houses were constructed by the Land Settlement Agency.
"For this year, the aim is to construct another 500 plus units. These units are allocated free to persons who currently reside in sub-standard houses."
Port of South MP Keith Scotland in his remarks referenced the book, The Tipping Point, by journalist Malcolm Gladwell to say that little ideas can make a big difference.
"We are hoping this project can be a tipping point for Port of Spain."
Downtown Owners and Merchants Association (DOMA) head Gregory Aboud welcomed the initiative but sounded some cautions, noting wider concerns about the capital city's business district.
Looking with hope towards the Port of Spain City Council, he said, "We are looking for changes in policy to try and create that sort of renewal of hope for the downtown city centre."
Aboud said, "A tried and tested method of incubation has been a willingness to recognise the strategies and work models of those who have succeeded before them.
"New buildings alone cannot stimulate entrepreneurship. People should study the rags-to-riches stories that abound in TT."
He said businessmen regularly gathered to share ideas with each other. Aboud said it was important for the wider society to have some idea of the strategies and work models of successful businesspeople, whom he lamented were often vilified in the public forum including on social media.
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"Everyone wants to be successful but they have a healthy dislike for those who are already successful, and that is really not a formula that will ever work.
"We hope the project will be successful and we wish all of its participants the greatest of success."
