Derek Chin considering Jamaica as a lucrative market for growth

Businessman and owner of MovieTowne Derek Chin says Jamaica may be a lucrative market for expansion, given that country’s growing economy.

During an interview with Loop News, Chin said the plans are still very much in the preliminary stages, noting that the entertainment industry is still reeling from the negative effects of COVID with MovieTowne being no exception.

“We have to pick up the pieces and rebuild and consolidate. This year that is exactly what we are doing, strengthening our position in the market and improving our technology and we will see how it pans out for the rest of the year,” Chin explained.

He said following that, negotiations can start to establish a MovieTowne in Jamaica.

Regarding Movietowne Tobago Chin said that the location has not been profitable but he’s still hoping that business will improve.

Until then, Chin said restorative work will continue in that location.

“Tobago has not been the best for us but it got a little bit run down and we are doing some upgrades within the next couple of months,” Chin added.

However, he said if he does get a good deal for MovieTowne Tobago he is willing to sell that business.

In sharing how MovieTowne Port-of-Spain and the entertainment industry have been generally performing Chin said sales are still not up to pre-COVID levels.

“The Port-of-Spain branch has been holding but not anything to talk about. We are about one-quarter per cent of what we used to be,” Chin said.

For instance, he added if about 1000 people came to MovieTowne, Port-of-Spain on a Saturday that figure is now around 400 people and during the week instead of registering 500 people as it previously did before COVID, that figure is now around 200 people.

Apart from the pandemic, Chin attributed this to inflation, people having less money after
being laid off from their jobs and the high crime rate which makes people afraid to go out at nights.