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Keith Woolford

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Keith Woolford last won the day on October 28

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About Keith Woolford

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    the CAR guy

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  • Full Real Name:
    Keith Woolford
  • Reason for registering:
    Live and/or work in Chiriqui
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    In Chiriqui
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  1. No Cableonda signal again this morning. This is starting to get annoying.
  2. The big outfits certainly have an identifiable target. "55% of the market is dominated by small grocers" while "45% is in the hands of supermarket chains". Smaller grocery stores operated by Chinese seem to be in every corner of the Panamanian landscape. Good supply chain management is critical. Anyone else remember when Rey and Romero were struggling with the implementation of an "order-to-shelf" system which led to a lot of empty shelves? I suspect it was after that debacle that Grupo Rey went looking for strategic partners with more expertise. News>Retail & Financial Why more retailers are using an order-to-shelf system to manage inventory This old practice is gaining new attention thanks to Whole Foods and Target Gloria Dawson | Jan 23, 2018 Whole Foods Market Last week a Business Insider story took a close look at Whole Foods shelves across the country. And they came up empty. Or at least with empty shelves. The story revealed food shortages that employees blamed on a recently implemented inventory management system known as order-to-shelf. Essentially, order-to-shelf is a “pretty old practice of the distributor replenishing the inventory at the retailer,” said Fangruo Chen, a professor at the Columbia Business School who studies supply chain management. It’s a practice historically carried out in manufacturing where it’s often called vendor-managed inventory. Distributors and suppliers usually deliver small batches of product and retailers keep little to no inventory on hand. Whole Foods announced it was rolling out this “order-to-shelf” initiative in an earnings call last February. Order-to-shelf has the potential to reduce store labor and inventories, said John Mackey, then-CEO of Whole Foods. Target has also said it would implement a similar system. “Fundamentally, we are changing how we move product,” said Target CEO Brian Cornell during an analyst meeting also in February. “In the future, we know we’ll still have to move cases. But to move product faster and to manage the growing digital demand, we have to start moving individual items.”This inventory system was popularized by Toyota, said Chen. They called Just-in-Time manufacturing because suppliers sent small batches of components just in time to get them on the assembly line.embly line. Now retailers are trying out this system with mixed results. “In order to make it work, it really [requires] a lot of coordination, and the retailer supply chain might not be used to this kind of close coordination,” said Chen. “So there's some learning that needs to be done.” When there’s a communication breakdown between retailer and distributor, you can end up with the food shortage and empty shelves that have customers and employees up in arms. While retailers embrace the order-to-shelf inventory system because it can save space and the time it takes to organize and manage inventory, “if you run out of stock that potentially is much more damaging than keeping inventory,” said Chen. Retailers need a sophisticated supplier to work with, and a small supplier might not be up to the task. But the trend toward order-to-shelf is growing in retail for a number of reasons, said Chen. For one, retailers are seeing how well the system works for manufacturers. “There's nothing really very different here,” said Chen. “The only thing different, I would say, is that retailers are facing customers directly and therefore the demand could be more volatile and unpredictable.” Another reason for the move to order-to-shelf: Retailers are looking to compete with on-demand groceries, which often have the luxury of remote, low-cost warehouses. Suppliers have also been affected by on-demand services. “I think the other aspect is [due to] these on-demand deliveries, the logistics industry became much more sophisticated,” said Chen. “[Suppliers] learned how to do small batch delivery and that kind of capability makes it possible for the retailers to move to something like order-to-shelf.” There are challenges ahead for retailers trying order-to-shelf, but reorganizing and eliminating costs can help retailers in the long run, said Chen. “I think basically what we're saying here is that retailers have eventually woken up to the idea of supply chain management. And I think that's a good thing.” https://www.supermarketnews.com/retail-financial/why-more-retailers-are-using-order-shelf-system-manage-inventory
  3. Ah! Then I've got the closing reversed. Thanks. The branch which remains open is in a difficult, busy location, although there is lots of parking. It's a bit odd that services offered there weren't the same as every other SB branch after the merger was completed June 30th.
  4. Pretty sure that Scotiabank still has a branch in David just off the PanAmerican Highway near Super Baru. 'Scotiabank Transformandose', the branch which closed downtown, was a discard which had been gained in the acquisition of Citibank Panama. My account there became incorporated into the regular Scotiabank system on June 30th.
  5. This article provides some insight into why changes are occurring in the retail grocery business. To my mind, prices can only increase as a result. Supermarkets are in change mode Retail Moves Sales, mergers, turns in the business model and more competition. The Panama that is transformed. Yolanda Sandoval 11 Nov 2018 - 00: 00h They bill close to $ 8 billion a year. They are indispensable and are present in everyone's life. If you need to buy a razor, a pound of cheese, a dozen eggs, a card to recharge the cell phone, the medicine to calm the pressure; everything and for all exists in grocery stores and supermarkets. This week it was officially known that Grupo Rey is being sold. At least 60% of its shares will pass to the Ecuadorian Corporación Favorita, through a public offering of shares. The value of the transaction, including the $ 287.6 million in liabilities of the company, would be $ 560.6 million. What's going on? Grupo Rey, of the Tagarópulos family, is not the only business in the league of changes. It was preceded by Super Xtra, which partnered with the investment fund Southern Cross Group. Founded in 1998, Southern Cross Group is announced as a private equity fund with investments in the Chilean company Gas Atacama, the Brazilian company Solaris and the Argentine company Ultrapetrol. Panama, specifically through Xtra, was constituted in the last regional move of this group. The supermarket of the Harari family is part of the investments of Southern Cross since 2017. The details of this transaction and the influence that Southern Cross could have on Xtra are unknown. Meanwhile, Super 99 drives a turnaround in its business under the advice of the US consulting firm Kroll, which began by assuming changes in the direction of the chain. Kroll specializes in risk mitigation, which has visibly increased with the legal status of the chain's founder, Ricardo Martinelli. For its part, the chain El Machetazo, of the Poll family, decided to do the same and right now it is dealing with what they have called a transformation in its management model. They face this new stage in the hands of the local consultancy ABCO Global, in which the ex-administrator of the Canal, Alberto Alemán Zubieta, participates. This newspaper learned that El Machetazo is working on the restructuring of its debt with the banks in the plaza, something that is paying off in agreement with the executives of the financial sector. "It is a business with solid guarantees and a guaranteed clientele, which is changing its model to be more efficient," said a banking source. What is driving this change in direction? Each of these businesses was born as small family stores and they are facing what they call the "pains of growth". Whether by will or forced by a fierce competition, they are taking a leap to be more corporate. They look for ways to be sustainable, invest in their processing centers to get a name linked to quality and be more efficient in their operations. The service they provide is fundamental in this adult stage of their lives. Clients seek, in addition to good prices, satisfactory experiences in the midst of important changes in their consumption habits. To make the improvements, some need external help. The consultants try to change, in many cases, an inefficient culture of purchases and inventory management. Business lines are sacrificed that were maintained without being profitable and focus on areas with greater potential. Others, after stumbles and mistakes that cost millions of dollars, have already been part of that in-house work, but to keep growing they need the financial and operational muscle of a big brother. The arrival of a partner can shorten the path to face the competitive market. They have access to less expensive raw material. And when they sell only part of their shareholding, they receive an incredible amount of capital, with the advantage that they will continue to savor the future successes of the business. Competition The competition with each other and with the grocery stores, combined with the arrival of new players, would paint a scenario of more options for consumers. All supermarkets have embarked on a process of expansion to serve the suburbs of the city and the growing demand in the provinces. Riba Smith is a good example of this strategy. Until more than a decade ago they only had two branches, one in Bella Vista and another in Transístmica, and now they operate more than eight stores and a huge production center in Capira. Colombian Justo y Bueno, which represents a choice between grocery stores and supermarkets, quietly arrived in Panama and already has 45 points of sale, ranging from Penonomé to Colón, according to its website. The table is served! https://impresa.prensa.com/economia/movidas-retail_0_5165483417.html
  6. Keith Woolford

    Final Performance Yella & Tom at Big Daddy's


    Leaving Boquete in January
  7. A regional giant arrives in Panama Elisabel Marivit Fermín 08 Nov 2018 - 00: 00h The shareholders that control the Grupo Rey agreed to sell 60% of their shares to the Ecuadorian Corporación Favorita, through a public offering of shares (OPA). It is the most important local transaction in the supermarket business, assuming a value of $ 560.6 million, including the liabilities of the group. With the price of $ 8.58 per share, the Ecuadorian group is offering a premium of 1.5% over the current market value. Yesterday, at the time the agreement was known, Rey Holdings' stock had a value of $ 8.45 on the Panama Stock Exchange. For months the agreement was coming to fruition, which was finalized on November 6. "This is a strategic transaction that seeks to strengthen the position of the company in Panama," Grupo Rey said in response to a questionnaire sent by this newspaper. Once the transaction is perfected in its entirety, the control of the company will pass to Corporación Favorita, who will assume the role of majority shareholder of Rey Holdings, which includes Supermarkets Rey, Romero, Mr. Price, Metro pharmacies and Zaz convenience stores. , in addition to its production and distribution centers. The beginning of the changes The last two years have been a kind of roller coaster for Grupo Rey. In 2017, the supermarket chain had faced dramatic losses, due to failures in its computer systems and a drop in sales, which gave way to changes in the executive level. It was in June of 2017 when the board of directors appointed Hernán Muntaner as general manager and executive president. Muntaner, known colloquially as "the Argentinean", replaced Nicholas Psychoyos, who after 34 years at the helm of the company went on to play a more passive role as member of the board of directors. The mission of Muntaner just arrived at REY was to raise the billing and give more value to a fully positioned brand. In 2018, supermarkets began to show signs of recovery. Sales accumulated to the third quarter of fiscal year 2018 totaled $ 523 million, generating a growth of 10.2% compared to $ 470 million in sales recorded in the same period of the previous year. This growth in sales caused the gross profit to increase by $ 20.5 million, according to the latest report published on the Panama Stock Exchange. In the nine months of fiscal year 2018, completed in June, a net gain of $ 6.1 million was observed, in contrast to the net loss of $ 7.7 million in the same period of fiscal year 2017. This better operating and financial scenario would have helped Grupo Rey to be attractive, with potential and imposing against the purchase appetite of the Ecuadorian group. An Ecuadorian empire in Panama Corporación Favorita, recognized by its supermarket chain SuperMaxi, is an Ecuadorian company founded in 1952 by the Wright family. In 1976 it became the first Ecuadorian company to open its capital to the investing public. Currently, it has 15,348 shareholders, including individuals, legal entities, institutions and foundations. In 2017, it closed the year with a net worth of one thousand 197 million dollars, obtained revenues of $ 2 thousand 433 million and generated a net profit of $ 148 million. It is present in other South American countries through the brands Tatoo (sportswear), Nuá (baby clothes) and Juguetón (toys), in Peru, Paraguay, Colombia, Chile and Costa Rica. In Panama, the total closing of the transaction is scheduled for January 2019. No change of name is expected in the brands of the stores operated by Grupo Rey, and it was learned that Corporación Favorita will seek greater efficiency without sacrificing the human factor. This note was modified at 12:25 p.m. Thursday, November 8, 2018 ... Export of Ecuadorian products 08 Nov 2018 - 00: 00h Corporación Favorita informed its suppliers yesterday that Grupo Rey's purchase transaction was one of the most important in its history of more than 65 years. The acquisition "will consolidate our presence abroad, open new doors and generate multiple benefits for those of us who make this company," the company said in a note. The company told the suppliers that they are facing new opportunities, since the operations in Panama will allow them to increase their local production and export Ecuadorian products and services, especially the industrialized ones. https://impresa.prensa.com/economia/gigante-regional-llega-Panama_0_5163233727.html#.W-WhAxgkonA.twitter
  8. Keith Woolford

    Earth Quake

    Preliminary auto report pegs it near Golfito, C.R.
  9. Keith Woolford

    Corporate Arrogance Or Incompetence?

    Interesting. 07/26/2018 | 09:42am CET By Alberto Delclaux Naturgy Energy Group SA (NTGY.MC) said Thursday that it slid to a loss in the second quarter, due to the impairment of assets, even though sales increased. The Spanish company, previously known as Gas Natural, recorded a loss of 3.60 billion euros ($4.21 billion) in the period compared with a net profit of EUR252 million a year earlier. Net sales rose 5.3% to EUR5.79 billion, due to higher volumes and prices in the gas business, Naturgy said. Earnings before interest, taxes, depreciation and amortization fell 5.4% to EUR951 million, under analyst expectations of EUR1.04 billion, according to FactSet. Naturgy's results were affected by the impairment of assets amounting to about EUR4.9 billion, mainly related to conventional-generation assets in Spain, as announced during the presentation of its strategic plan in late June. Write to Alberto Delclaux at alberto.delclaux@dowjones.com
  10. Keith Woolford

    El Rey bought out -- Romero's also???

    According to the Panamanian press the story from NP is factually inaccurate.
  11. Keith Woolford

    El Rey bought out -- Romero's also???

    The NP story is factually incorrect. Corporacion Favorita is an Ecuadorian company which purchased 60% of the shares of Grupo REY. https://es.wikipedia.org/wiki/Corporación_Favorita https://impresa.prensa.com/panorama/Grupo-Rey-vendera-acciones_0_5163233731.html
  12. The post is prefaced by "just for fun" and no point of view was expressed.
  13. Just for fun, here's a look at a few other construction projects that missed the deadline. The Sagrada Familia Basilica - Barcelona, Spain Easily one of the world's most drawn-out modern construction projects. Construction of the still uncompleted gothic and art nouveau–style church commenced in 1882 with Catalan architect Antoni Gaudi taking over its design in 1883. When he passed away in 1926, less than a quarter of the project was complete (Gaudi once said this was partially because of his client "not being in much of a hurry"). Sydney Opera House; Sydney, Australia Bad weather and other unforeseen woes slowed construction almost immediately. Then, in 1966, a clash between Utzon and Australia's new government led to the architect's resignation. He vacated the country with his family and left behind an incomplete shell. A team of new architects eventually completed the opera house and it officially opened in 1973, albeit 10 years after its initial completion date and at a cost of $102 million—more than 14 times the original budget. The Big Dig - Boston, MA By the time of the CA/T's completion in December 2007 (surpassing its initial completion date by nine years), it had become America's most expensive highway project, costing $14.6 billion—$22 billion including interest. San Francisco–Oakland Bay Bridge; California The 1989 Loma Prieta earthquake set into motion the construction of a new self-anchored suspension bridge, one that would eventually surpass its initial $1.1 billion budget by more than $5 billion and take five years longer to build than planned. After work on the 2047-foot span began in 2002, welding issues, political battles over its design, and the failure of dozens of bolts connecting portions of the bridge deck to concrete columns plagued its construction. Finally, the Bay Bridge's new eastern span opened for traffic on Sept. 3, 2013. Second Avenue Subway; New York New York City's Second Avenue Subway has been a bane in Gotham's side since 1929, when the idea for a rapid-transit line beneath Second Avenue first came to fruition. Often referred to as the line that time forgot, it has incurred a series of starts and stops—mostly due to low funds and construction issues, such as the delayed delivery of a tunnel-boring machine—for nearly a century.
  14. U.S. Secretary of State Mike Pompeo suggested on Friday that China is bribing senior leaders in Panama. "SECRETARY POMPEO: I think if you go look at President Xi’s stated intentions, you can clearly see that China has a plan that is different than the one that they had five years ago or even two or three years ago. You see this in their ability to use their money around the world. And I’ve spoken to this. I spoke to it when I was in Panama and I travel the world. I remind countries we welcome commercial competition with China on a fair and reciprocal basis, but when China shows up with bribes to senior leaders in countries in exchange for infrastructure projects that will harm the people of that nation, then this idea of a treasury-run empire build is something that I think would be bad for each of those countries and certainly presents risk to American interests, and we intend to oppose them at every turn." https://www.state.gov/secretary/remarks/2018/10/286926.htm
  15. Solely for financial reasons, I don't see any indigenous mothers using Pampers, not to mention that rivers and streams are often used as toilets by all ages. My daughter was also raised with cloth diapers, I personally believe that alternatives to anything 'disposable' should be discouraged. People have been using cloth for this purpose for thousands of years. A friend who regularly 'plalks' with others on the highway told me that diapers are a major trash item they pick up. The big paper companies are loving the upswing in volume. Forests, landfills, and roadsides are the biggest losers.