Yachting
Yachting Industry
n these tough economic times, in which the movers and shakers within Grenada’s yachting world see a bright future for the industry, this is not to be taken lightly. In fact, Nicholas George, Store manager at Budget Marine for the last ten years, says he is heartened that Grenada’s leaders are ‘listening to’ feedback on how very vital the yachting industry is to the island’s economy. “I believe that yachting is at a crossroads right now in Grenada. We have the choice. We can be # 1 or very close to #1. We have the right destination, the right people have come in to Grenada with a vision of making Grenada a yachting Mecca and have invested millions in the destination. If we keep the momentum going then there is no reason why we cannot become the best yachting destination in the world.”
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there is no reason why we cannot become the best yachting destination in the world
Budget Marine, title Sponsor of the annual Budget Marine Spiceisle Billfish Tournament, has been doing business in Grenada since 2001. From humble beginnings with two full time employees, the company now employs nine fulltime workers and numerous contractual employees, the chandlery estimates to control about fifty percent of the marine chandlery business on the island. Budget Marine operates 10 stores in 12 locations across the Caribbean with Curacao and St Maarten operating two shops each. Its
Budget Marine are title sponsors of the annual ‘Spice Isle Billfish Tournament’. IMAGE: Sport fishing fleet leaving at dawn
Grenada branch has seen double digit growth since opening its doors for business. “We try to grow with the market and constantly check on our products and services to meet a growing client demand.” George, who is also a standing Board Member of MAYAG and Board member of Grenada sailing Week, believes it is important to constantly quantify the benefits of the industry to the local economy. Studies estimate that Grenada’s Yachting sector is estimated to be worth 140 million dollars a year, up from $70 million per year 4 years ago. “MAYAG are the single voice that represents the industry. Because we have www.businessgrenada.com
access to international funding from Europe for instance, it enables us to embark on studies such as Economic impact studies and shoreline studies, that can directly monitor the industry and come up with hard facts that both the industry and Government can use. As a result of our efforts, the Grenada Board of Tourism is now doing a monthly statistical review. These numbers will serve to be either our ammunition to press further or an early warning system if we are going wrong.” George believes all this collaborative work with the government is paying off and that Yachting as a sub sector within tourism has come as something as a shock to the country. “For many years people thought of tourism
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