Fashion Retail Opportunities

An Expert's View about Textiles, Apparel and Accessories in the Dominican Republic

Posted on: 19 Jun 2012

During 2010, major retailers began emulating hypermarkets operators by offering credit facilities in order to reach a higher volume of consumers.

Fashion Retail Opportunities in the Dominican Republic Why the Dominican Republic? The country with a population of 10.1 million constitutes an emerging market that has recently experienced significant expansion in retail with three large malls currently under counstruction. Luxury land mid-level retailers are entering in Santo Domingo as it becomes de Caribbean’s shopping Mecca. An open economy with global rules, the structures of the Dominican government changed in order to allow a clear judicial framework appropriate for investment. This strategy has started to reflect on the global rankings. Find general information on the Dominican market conditions on UKTI’s website. The Doing Business Guide for the Dominican Republic gives an overview of Dominican Republic’s economy, business culture, potential opportunities and an introduction to other relevant issue. UK Trade & Investment Sector briefing: Fashion Retail Opportunities in the Dominican Republic Opportunities Retailing continues to record stable value sales growth While most of the major high street retail chains from Spain, France, Italy, and the The Dominican Republic is highly influenced by United States as well as from such noted independent formal retailing due to the high Dominican designers as Oscar de la Renta have proportion of low income consumers in the moved into Santo Domingo, the capital city. country. Large retail shops can be found at smaller cities like Santiago and Punta Cana. Low income segments represent the vast majority of the country’s population. The sales Most popular retailers include: recorded by independent retail outlets channels remain highly significant and serve to limit the MNG, Diesel, Stradivarius, Benetton, Armani development of modern retailers. Exchange, Bossini, Adidas, Nautica, Tommy Hilfiger, Kenneth Cole, Desigual, Puma, During 2010, major retailers began emulating Quicksilver, Zara, Lacoste, Swarosky. hypermarkets operators by offering credit facilities in order to reach a higher volume of There are high-end retailers such as Louis consumers. The commercial strategies of Vuitton, Carolina Herrera, Cartier, Ferragamo, modern retailers will need to focus on Adolfo Domínguez. expanding the extent of their target consumer groups. British brands like Paul Smith and Clarks are available in the local market. Chained retailers, focus more on offering product diversity, credit opportunities and Trade agreements that benefits retail other services. It is these added services which will continue to allow modern chained retailers The Dominican Republic authorities are making to develop over the forecast period. every effort to broaden its trade relations. These efforts have allowed the signature of important trade agreements. The DR is one of the signatory countries of the Economic Partnership Agreement (EPA) that includes trade in goods, services and investment, government procurement, competition policy, environment and social aspects. Since 2009 all exports in goods and services originating from within the Dominican Republic receive duty-free and quota-free access in Europe. Eighty percent of the goods produced in Europe will receive duty free access to the Caribbean markets within the next 15 years. The Dominican Republic signed the Partial Scope Treaty with Panama, the Free Trade Agreement with the Caribbean region, the Free Trade Agreement with Central America, the DR-CAFTA which includes the United States and the letter of intent for a Free Trade Agreement between Dominican Republic and Taiwan, in order to promote trade and investment between both nations. UK Trade & Investment Sector briefing: Fashion Retail Opportunities in the Dominican Republic Major events and activities This can include: Find full details of all events in this country and sector on the UKTI website. • Provision of market information New export events are added daily to the site • Validated lists of agents/distributors • Key market players or potential and you can register to be alerted to them on a customers in the Dominican market daily, weekly or monthly basis. • Establishment of interest of such contacts in working with you UKTI’s Tradeshow Access Programme (TAP) • Arranging appointments provides grant support for eligible Small & • Organise seminars or other events for Medium Sized Enterprises (SME's) to attend you to meet contacts and promote your trade shows overseas. Find out more about company in the Dominican market UKTI support for attendance at overseas events. This work is available via our Overseas Market Introduction Service (OMIS) a chargeable UKTI contacts service which assists British-based companies wishing to enter or expand their business in Leonora Dipp overseas markets. Director of Trade & Investment British Embassy Santo Domingo To find out more about commissioning this Tel: (809) 472 7054 work, or accessing other UKTI services and Email: specialist advice, please visit the UKTI website to find contact details for your local UKTI office. Claudia Fulgencio Trade & Investment Advisor British Embassy Santo Domingo Tel: (809) 472 7111 ext.2032 Email: Next steps - How UKTI can help British companies wishing to develop their business in the Dominican market are advised to undertake as much market research and planning as possible in the UK. UKTI’s team in Santo Domingo, with its wide local knowledge and experience, can provide a range of services to British-based companies wishing to grow their business in global markets. This can include: Whereas every effort has been made to ensure that the information given in this document is accurate, neither UK Trade & Investment nor its parent Departments (the Department for Business, Innovation & Skills, and the Foreign & Commonwealth Office), accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned. Published 2011 by UK Trade & Investment. Crown Copyright © UK Trade & Investment Sector briefing: Fashion Retail Opportunities in the Dominican Republic
Posted: 19 June 2012