AS businesses around the country continue to close their doors, Finance Minister Davendranath Tancoo has blamed the former People’s National Movement (PNM) administration, arguing that its policies led to a 20% contraction in the economy.
Asked what he would say to business owners struggling to stay open, the Finance Minister yesterday declined to respond directly.
In a WhatsApp response to the Express, he said, “In regard to the economy, I have repeatedly publicly stated that the economy inherited by this Government almost a year ago had contracted by 20% as a result of the PNM policies and decisions. I don’t recall any media houses raising similar concerns with the then-minister of finance,” Tancoo said.
He continued to project a resurgence in the local economy
“Nonetheless, I believe that there has been a significant amount of information in the public domain indicating some very positive policies and plans which will facilitate a resurgence of the T&T economy. I remain disappointed that the media continuously seems inclined to comment as if the PNM’s decade of destruction never happened,” he said.
Contacted for a response to Tancoo’s statements yesterday, former prime minister Stuart Young said the UNC Government had hurt the economy.
ECONOMY HURTING: Stuart Young
In a WhatsApp message, he stated: “It is clear that the measures taken by the Kamla Persad-Bissessar Government from their firing of 40,000-plus workers as well as their increases in taxes from their first budget have hurt the economy. People have much less money to spend and the cost of food and general living have gone up. Small businesses are not only hurting, they have been closing down in record numbers. Bars and restaurants have been shutting down due to the inhumane taxes imposed. The economy is contracting as a result of the incompetence of Kamla Persad-Bissessar and her Government. Meanwhile, the Minister of Finance is throwing a fete and rubbing it in our faces and the faces of the tens of thousands of families that do not know where their next meal will come from. It is now clear who is winning and it is not us the citizens.”
More closures
In the past three weeks, several businesses—including Bick’s Auto in Penal, Kristina’s on Frederick Street in Port of Spain, Undercover Garden Centre in Santa Cruz, and Soapmakers Paradise in Tacarigua—have announced closures or major clearance sales via social media.
On Sunday, Bick’s Auto posted, “Bick’s Penal branch is closing down, and a massive sale is going on. Low, low prices. We have truckloads of steel made out of nose cut, bonnet, fender, tail gate, rear panel and many more different things, giving them away for free. Just come with your truck, load the steel and go, no payment. First-come, first-served. You can come (yesterday) morning and pick up how much you want.”
Shoe retailer Kristina’s has also confirmed the closure of its Frederick Street location, describing the branch as “more than just a place of business” after more than 30 years of operation.
In an April 2 post, the company stated, “There are some goodbyes that are harder than others… and this is one of them. For over 30 years, our Frederick Street location has been more than just a store—it has been part of your lives, your style, and your journey. This is where moments were created…where confidence was found…where you came in as customers and became family. We’ve watched generations grow, trends evolve, and memories from within these walls. Every visit, every smile, every step you took with us meant more than words can ever express. With full and grateful hearts, we announce that our Frederick Street location is closing down.”
Kristina’s said April will be its final month at the location, though its other nine branches will remain open.
“It has been part of your story, and ours. From your first visit…to your favourite pair…to the countless memories created within these walls—we are truly grateful. You didn’t just shop with us…you became family. Every smile, every conversation, every step you took here has meant more to us than words can express,” the company added.
The retailer also invited customers to visit before the closure.
“Frederick Street will always hold a special place in our hearts— this is where so many memories began, and where our journey with you grew stronger over the years. Before we close this location, we invite you to visit us one last time…come through, take your final walk inside, and share this moment with us. Thank you for over three decades of loyalty, love, and support. We will never forget Frederick Street…and we will never forget you. With love and gratitude, Kristina’s Shoe Store.”
Undercover Garden Centre in Santa Cruz will also be closing its current location as part of a planned relocation.
In a social media post on March 23, the company thanked customers and the Santa Cruz community, stating, “After an amazing journey, Undercover Garden Centre will no longer be located in Santa Cruz as we prepare for an exciting relocation. Stay tuned for our new location! We are incredibly grateful for the love and support the community has shown us over the years — you made this space truly special.”
The business said its farmers’ market will continue every Saturday under new ownership.
“This isn’t goodbye…it’s see you soon,” Undercover Garden Centre stated.
Soapmakers Paradise, located at True Brands Manufacturing and Distribution Co in Tacarigua, also announced its closure on March 25.
It stated on social media that, after much consideration, it will be closing its doors and selling its remaining supplies at reduced prices.
“After much consideration, we will be closing down and are officially selling out all remaining supplies and stock. We want to thank each and every one of you for your support over the years. It truly means everything to us,” it stated.
The company said the decision was driven by ongoing challenges in accessing foreign exchange.
“We announced a year ago that we were closing down, but because of the influx of customers asking us to remain open, we did. However, accessing US dollars hasn’t been easy! So, we are closing our doors for sure this time. I recently cleared our last container of goods. Whatever stock we have, we are selling out. Everything at drastically reduced prices,” the post read.
‘Focus on survival now’
Meanwhile, economist Dr Roger Hosein said the closures are not surprising, yesterday describing the local economy as being in a state of transition.
He urged businesses to hold on, noting that increased gas production is expected to support a recovery.
“It is slowly rebuilding and in the context of the scarce amount of US dollars, some firms are struggling. What I will say is that 2026 going into half of 2027 will be tough and the Government has to try to keep the economy as afloat as it could for the benefit of all citizens, after 2027 when Manatee comes on stream and other small gas pools come on stream, the economy is going to slowly turn around,” Hosein said in a WhatsApp response to the Express.
He said the International Monetary Fund (IMF) recently concluded a visit to T&T and outlined possible growth scenarios in its closing statement.
“When you correspond the IMF growth rates from what they have on the world economic output data, you see that 2027-2030 are buoyant years. In other words, the economy is making a slow but steady turnaround. In this context, US dollars will become increasingly more available, certainly not as available as in 2010, but definitely more accessible than say in 2024 and 2025,” he said.
Hosein noted that, alongside improved foreign exchange availability, firms are likely to see increased demand as economic activity strengthens.
He advised businesses to focus on survival strategies in the near term.
“Where possible, cut costs, hold on, try to expand sales by networking and marketing and wait for the greener days ahead which would be compounded if Dragon gas and some of the other Venezuelan gas fields were to become part of the pipeline feeding into our petrochemical and LNG sector,” Hosein said.
