In Panama everything is growing in line with the economy, and consumption of products for building, decorating and furnishing are no exception. This opens up huge opportunities for new businesses here in Panama.
Local businesses as Cochez, Doit Center and Novey are taking full advantage of the extraordinary opportunities presented by the development and construction boom in Panama.
Their product range includes bricks, paint, appliances, tools, materials for electricity, bathrooms, accessories and garden products.
Cochez y Cía. -Founded in 1963 by Raul Cochez – is the only public company of the three brands, to be registered on the Panama Stock Exchange. According to a 2011 annual report, Cochez’s net earnings were $5.01 million, up from the $3.21 million achieved in 2010. In 2012, total revenue were $160.7 million, representing growth of 18.5% compared to 2011.
“Panama is no longer a country with a major city, it is a developing country and we have identified several cities whose populations had unmet needs. Our company owes everything to its customers and for this reason, we have decided to expand our distribution network”, said Cochez’s vice president, Raul Cochez Maduro.
There are 16 Doit Center stores In the country, which entered the market in 1990 – three of which opened in 2012: Tocumen (December 24), Chitre and Plaza Centennial en route to the Centennial Bridge in Panama City. The portfolio of Doit Center consists of 17 product categories, reports Capital.com.pa.
In regard to the Novey shops, the first of which was founded in 1934 by the Novey family, they have revealed a new image. In 2004, Cochez y Cía. acquired a 100% stake in the business but kept the name. In 2012, Novey has opened three new stores: Coronado, Versailles and Nuevo Arraiján. The 13 stores employ an average of Novey 500 employees and their range of products covers the areas of finishes, electrical, plumbing, home goods, painting and recreation.
Source: Capital.com.pa
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